Official adoption of the law for real estate agents in Mallorca and the Balearic Islands

Official Adoption of the Law for Real Estates in Mallorca and the Balearic Islands

Housing supply in the Balearic Islands is currently one of the biggest concerns in Balearic society, especially for young people and large or single-parent families, among others. Housing prices have skyrocketed in recent years, far outpacing available income.

In recent years, several laws have been passed to facilitate citizens’ access to housing. This legal push has focused particularly on taking measures that allow the government of the autonomous community to increase the public housing stock. This goal is not immediately attainable and requires very long-term continuity to achieve results.

Although this legislation mentioned is necessary, it has not been sufficient to curb the rise in housing prices in the Balearic Islands. Recently, this autonomous community experienced an increase of more than 20.30% compared to the previous year. Since the implementation of the housing law, prices in the Balearic Islands have exponentially risen, as data provided by the INE show, even surpassing Madrid, Catalonia, or the Basque Country.

Since May 9, 2024, the much-discussed law of the Government of the Balearic Islands has been published in the BOIB. The law aims to combat the housing crisis in the Balearic Islands by introducing measures against exorbitant rents and the lack of affordable housing. A key component of the law is the regulation of real estate agents operating in the Balearic Islands. Additional provisions 13 and 14 contain some controversial decisions.

The law consists of three articles, fifteen additional provisions, a transitional provision, a repeal provision, and four final provisions. For real estate agents, provisions 13 and 14 are particularly relevant. A translation of these additional provisions can be downloaded via the following link.

LINK:

Real Estate Agents Law of the Balearic Islands

Source text:

OFFICIAL BULLETIN OF THE BALEARIC ISLANDS

Please note that this is only a rough translation intended to serve as guidance.