On November 9, 2024, a new regulation for real estate agents in the Balearic Islands will come into force. The content of this new regulation is, among other things, that real estate agents must now be entered in a register.
The underlying aim is to ensure transparency and better and more comprehensive consumer protection on the market.
To be able to register as a real estate agent in the future, you must either have a degree in social sciences, law, architecture or engineering, have completed at least 200 hours of non-university training related to brokerage, consultancy and management services or have experience in providing real estate services for at least four years immediately prior to the date of application. In the latter case, a "Vida Laboral" from the Spanish Social Security must be presented as proof, confirming affiliation to the real estate sector, status as a self-employed person or a franchise contract in the real estate sector valid for these four years.
Furthermore, real estate agents must have a publicly accessible branch office or at least an accessible postal address and take out liability insurance with a minimum capital sum of 100,000 euros per claim.
