The housing market in Mallorca and the Balearics is one of limited supply, high demand and high prices. It is also a market being exploited by opportunists - influencers (and others) ignorant of the harm they may cause.
Pedro Munar, a lawyer who specialises in real estate law, warns of the risks of buying a home through people without the necessary training. "Buyers may face poorly drafted contracts or unfair terms that compromise their rights as consumers." He points out that there may be a lack of disclosure, such as property liens. "But the main problem is that by entrusting a transaction of this magnitude to someone who is not a professional, there is no liability insurance to cover it.
"If damage is caused, which is common when someone who doesn't know how to properly formalise a contract is involved, there will be no one to be held accountable. In short, not using qualified professionals can have very serious legal and financial consequences."
The estate agents college (professional institute) in the Balearics and associations - API, ABINI - have been insisting on the need for a mandatory register so that only estate agents who have the necessary qualifications and are registered can engage in the sale and renting of homes.
They thought they had such a scheme. The Balearic Government approved it. There was parliamentary backing from the opposition. It was in fact PSOE who presented an amendment to the government's 2024 emergency housing decree so that it could come into law.
However, the Spanish Government intervened. The regional housing minister, José Luis Mateo, says the regulation would have prevented fraud, but Madrid "threatened" to appeal it to the Constitutional Court on competition grounds. "It is curious and surprising that the Sánchez government has questioned a regulation that had been agreed upon by PSOE and the Partido Popular in the Balearic Parliament. The Balearic Government continues to support an official regional register of estate agents."
As things stand, there is a voluntary register. Since last November, 789 real-estate professionals have registered. "It provides a guarantee for consumers and a professional 'brand' to provide good service to consumers," adds the minister.
At a forum in Palma last week, the president of the college, José Miguel Artieda, made clear his intention to "continue working to achieve the implementation of regulations to combat intrusion and protect consumers".