The real estate sector on Mallorca has taken a significant step towards transparency and security with the recent approval of a landmark regulation. This regulation sets clear requirements for practising as a real estate agent in the region, making registration mandatory and ensuring greater protection for consumers. For investors and foreigners interested in buying a house on Mallorca, this regulation is a positive sign promising a fairer and more equitable market.

What is a regulation of real estate market on Mallorca ?

The regulation of the real estate market sets standards and requirements for the profession of estate agent. Its aim is to ensure that intermediaries possess the necessary knowledge and obligations to provide a professional and ethical service. On Mallorca, this new regulation arrives at a crucial time, amidst a housing emergency that has caused tensions in the property market.

Benefits of the new regulation

The new regulation for the real estate market on Mallorca brings multiple benefits for both real estate agents and consumers, including:

Greater Transparency in real estate operations.

Security in transactions, ensuring that agents meet specific requirements.

Professionalisation of the sector, enhancing the reputation of real estate agents.

Requirements for estate agents on Mallorca

To work as a real estate agent on Mallorca, professionals must meet a series of requirements set by the new regulations. These include mandatory registration in the official Register of Real Estate Agents, submission of necessary declarations or communications to the competent authorities, and maintaining civil liability insurance, among other requirements.

Real estate agents’ rights

Under the new regulation, real estate agents on Mallorca have several essential rights:

Practice the Profession freely, while respecting legal limitations.

Receive Information from the regional administration about relevant measures and actions.

Participate in Public Decisions through associations and representative organisations.

Obligations of real estate agents

Alongside their rights, estate agents also have several key obligations:

Register with the Official Register and keep their information up to date.

Provide Accurate Information about properties and their features.

Issue Detailed Invoices for the services provided.

Impact of the new regulation on the real estate market

The implementation of this regulation on Mallorca promises a positive impact on the real estate market. With greater transparency and security, it is expected to increase consumer confidence and reduce fraudulent practices, benefiting both agents and buyers as well as investors.

Expert Opinions

José Miguel Artieda Ferragut, president of the Official College of Real Estate Agents of the Balearic Islands and the ApiBaleares Association, has emphasised the importance of this regulation. According to him, the legislation is an essential step to ensure consumer protection and professionalism in the sector.

The real estate agents registration process

The registration process for real estate agents on Mallorca is clear and structured. Agents must submit the necessary documentation to the relevant authorities, keep the required insurances and guarantees up to date, and display the accreditation signs in a visible place.

How does this benefit foreign buyers

For foreigners interested in buying property on Mallorca, the new regulation provides greater security in real estate transactions. Knowing that estate agents are regulated and registered offers peace of mind and confidence when making significant investments.

The importance of transparency

Transparency in the real estate market is crucial to ensuring fair and equitable transactions. The new regulations for the real estate market on Mallorca require agents to provide accurate and detailed information about properties, reducing the risk of fraud and malpractice.

Tips for Investors

If you are considering investing on the Mallorca real estate market, here are some useful tips:

Research the new regulations and how they affect your rights and obligations as a buyer.

Consult with Registered Agents to ensure they meet all legal requirements.

Review the Documentation to ensure all the information provided is accurate and complet

Casal Mallorqui and its commitment to regulation

Casal Mallorqui, a member of the Official College of Real Estate Agents of the Balearic Islands and the ApiBaleares Association, meets all the requirements to practice as a real estate agent. Our commitment is to provide a transparent, safe, and professional service to all our clients.

Final conclusions

The approval of the new regulation for real estate market on Mallorca marks a significant milestone in consumer protection and the professionalisation of the sector. For investors and foreigners interested in purchasing property on Mallorca, this regulation provides greater peace of mind and security in real estate transactions. If you wish to learn more about how the new regulation can benefit you or need advice for your next investment, do not hesitate to contact us. At Casal Mallorqui, we are here to help you navigate the real estate market with confidence and security.