How the industry is changing
The real estate industry in Mallorca is characterised by a multitude of players who call themselves “agents”. The exact number is difficult to say, but these figures fluctuate between 1,000 and 7,000. Unfortunately, this high number is often accompanied by a lack of professionalism.
Consumer protection representatives are often receiving complaints about misadvise and fraud in connection with real estate transactions in the Balearic Islands. In some cases, there are even criminal proceedings against “agent” who have negligently disregarded the basic standards of the profession.
These abuses cause mistrust and resentment among clients who are looking for a property in Mallorca. There is and has been an urgent need for action to professionalise the industry in Mallorca and create more trust and transparency.
More Security and Transparency for Buyers and Sellers
The most important points:
Registration obligation: All real estate agents in the Balearic Islands must now register in the public register and make their number visible in all advertising and external presentations
Strict admission requirements: In order to register, real estate gents must provide proof of an academic degree, proof of further training or at least 4 years of professional experience, amongst other things.
Financial security: Real estate agents must also prove that they have no debts to the tax authorities or social security, have professional liability insurance and have deposited a security deposit of 60,000€
Consequences of violations: Anyone who acts as a real estate agent without registration or the required qualification can expect fines and penalties.
Let Sandberg Estates Guide You to Your Perfect Home at the Right Time
At Sandberg Estates, we understand the importance of timing in the home buying process. With our team of experienced real estate professionals and in-depth knowledge of market trends, we're here to guide you every step of the way.
Whether you're searching for your dream home in the city centre or a tranquil retreat in the countryside or a luxury villa with sea views, we'll work alongside you to find the perfect property at the right time for you. Contact us today to start your home buying journey with confidence and peace of mind.
At Sandberg Estates we are experts in buying and selling properties in the most exclusive areas of Mallorca.