Especially today, it is more important than ever to work exclusively with legally registered real estate agents in the Balearic Islands. That is why we are delighted to announce that Engel & Völkers Mallorca is now officially listed in the Register of Real Estate Agents of the Balearic Islands (ROAIIB) – with 19 property shops and a commercial office!
This milestone reflects our professionalism, passion, and commitment to guiding you on the path to your dream property. Whether you are buying, selling, renting, or seeking the perfect investment opportunity, our extensive local expertise and personalized advice will pave the way to your new home on Mallorca. Our experienced team, who know the island inside and out, will help you find the perfect place to fulfill your wishes.
Below, you can find more information about the regulation of the real estate sector in the Balearic Islands..
A step towards greater transparency and security in the sector.
The real estate sector in the Balearic Islands is of fundamental importance for the local economy and has undergone a remarkable development in terms of regulation and professionalisation in recent years. The recent establishment of the Official Registry of Real Estate Agents in the Balearic Islands (ROAIIB), created by Law 3/2024 on urgent housing measures, is an important step towards transparency and security in the sector. This regulation meets the demands of the Balearic Association of National and International Real Estate Agents (ABINI), whose members were pioneers in the adoption of this regulation. The 45 members of ABINI employ more than 450 real estate agents on the islands, which underlines the importance of the sector for employment.
The creation of the official register of real estate agents
Enrolment in the ROAIIB is not just a bureaucratic procedure, but an essential step in the professionalisation of the real estate sector. This measure requires real estate agents to comply with ethical and professional requirements in order to protect consumers and ensure the quality of the services offered. The regulation is a response to the need to combat intrusive and fraudulent practices that have undermined consumer confidence in real estate transactions in the past. This regulation creates a framework that not only regulates the sector but also promotes a more professional environment that respects consumer rights.
Benefits for consumers and professionals
Registration with the ROAIIB offers numerous advantages for both consumers and real estate agents. Firstly, it ensures that registered agents meet the established standards, creating a safer and more trustworthy environment for buyers and sellers. The visibility of the registration number on all agent communications increases transparency and makes it easier to identify approved professionals.
For clients and users, this regulation offers better protection against illegal or fraudulent practices. In addition, brokers must take out liability and surety insurance to increase the security of transactions. This is crucial in a market characterised by high demand and complex supply, where tighter control is needed to avoid abuse and ensure the quality of services.
Consequences of non-compliance: combating intrusiveness
Failure to comply with the registration requirement, as well as the lack of visibility of the registration number on the communications, is considered intrusive and can result in substantial fines ranging from €3,001 to €30,000. In addition, offenders may face the temporary suspension of their registration or exclusion as real estate agents. This disciplinary approach is intended to protect the integrity of the property market in the Balearic Islands and ensure that those working in the sector comply with the regulations enacted for the benefit of consumers.
ABINI: commitment to transparency and professionalism
Since its foundation in 2020, ABINI has been a major player in promoting the regulation of the property sector in the Balearic Islands. The association has worked closely with the Balearic Government and other organisations to ensure that the implementation of the ROAIIB is carried out effectively. According to president Hans Lenz, this registry is ‘a crucial step in the professionalisation of the real estate sector in the Balearic Islands and in the security of users’. This statement underscores ABINI's commitment to ensuring that its agents meet the necessary standards to protect consumers.
ABINI's efforts to promote transparency and improve the sector have been instrumental in achieving this legal breakthrough. The registration of its 45 members in the ROAIIB is a testament to the collective effort to improve the quality of real estate services in the Balearic Islands. This commitment will lead to greater consumer confidence, who can now rely on real estate agents who work ethically and professionally.
Recommendation to users of real estate agents on the Balearic Islands
At ABINI, we want to make an appeal to users of consultancy and intermediation services in the Balearic Islands. It is important to choose regulated consultants who comply with the law and who have a registration number and a badge on their website, offices and advertising. Relying on reputable and responsible professionals is an important assurance when it comes to one of the most important decisions in people's lives: their home.
