A boom in foreign estate agencies in the towns and villages of Mallorca's 'part forana' (away from Palma) appears to be over.
José Miguel Artienda, president of the API association of real estate agents, says that there was a noticeable growth in the number of new offices - "especially foreign and luxury ones". But Hans Lenz of Engel & Völkers, who is the president of the ABINI association, believes that this has led the real estate sector in Mallorca to become "oversized".
The foreign property market certainly grew, but demand is now beginning to fall. "We will have to see if they can adjust and adapt to demand. There are those who will have to close. We can no longer grow."
Lenz admits to not knowing the exact number of agencies, and this stems from what both he and Artienda agree has been "intrusion" into the market. "Currently, nothing is demanded and that is not good," says Lenz. "It's time to do something to maintain the image of integrity that defines us in the Balearics compared to other regions."
In this regard, the associations agree that there is the need for a decree to establish a registry of agencies and agents and to demand a series of requirements for those who work in this sector.