Law 3/2024 of 3 May, published in the Official Gazette of the Balearic Islands (BOIB) no. 61 on 9 May 2024, establishes a series of obligations for real estate agencies in the Balearic Islands. The main obligations are summarised below:
Register of Estate Agents
The Official Register of Estate Agents of the Balearic Islands is created, where all estate agents must register in order to be able to operate legally in the region. This measure aims to ensure that all agents comply with the training and professionalism requirements established by law.
Transparency and Publicity
Estate agents must provide clear and truthful information about the characteristics and legal status of the properties they offer. This includes details of the cédula de habitabilidad and any other licences or permits required for occupancy.
Warranty and Insurance
Agents/agencies must have a guarantee for the fulfilment of their obligations of at least €60,000 and have liability insurance with a minimum coverage of €100,000 per claim and €600,000 per year.
Professional Training
Real estate agents must demonstrate appropriate professional training, including courses and continuing education on topics related to the real estate market and current regulations. This course can be substituted in case of possessing certain university degrees or being able to demonstrate experience of at least 4 years in the sector.
These measures are part of a wider effort to improve the transparency and accessibility of the property market in the Balearics, ensuring that all parties involved, from landlords to tenants and buyers, operate within a framework of legality and fairness.
For more information please contact Global Consulting.