16 · Estate Agents & Property Values When Buying
*What the verified registration requirement for agents in the Balearics means for you — and the three distinct values of a property that you, as a buyer, need to keep apart.*
Who is selling to you: the estate agent (Agente inmobiliario / API)#
The title API (Agente de la Propiedad Inmobiliaria — registered estate agent) was historically a protected qualification. Today, brokerage is in principle unregulated — almost anyone may practise it. What matters for you: in the Balearics, a registration requirement now applies, and it gives you a concrete way to gauge how serious the person across the table is.
What actually applies in the Balearics ✅ — Ley 3/2024#
🔎 A correction worth flagging: you'll often hear reference to a "Decreto 12/2023" — that is incorrect. The norm actually in force is the Ley 3/2024 de 3 de mayo, de medidas urgentes en materia de vivienda (urgent housing measures law; disp. adic. 13ª/14ª; BOE-A-2024-15575) ✅. Its predecessor was the now-repealed Decreto-ley 6/2023.
In practical terms:
- The relevant register is the
Registro de Agentes Inmobiliarios de les Illes Balears(Balearic
register of estate agents), kept by the DG Habitatge (regional housing directorate).
- To be entered in it, one of the following is sufficient: a university degree, or training of
≥ 200 hours, or ≥ 4 years of professional experience.
- Anyone registered carries obligations: professional liability insurance
(€100,000 per claim / €600,000 per year) plus a guarantee/deposit (garantía — €60,000/year).
What this means for you: ask the agent to confirm — and check for yourself — whether they are entered in the Balearic register. As a foreign buyer, this is your first and simplest filter.
What the agent costs (Honorarios — agent's fee)#
The customary fee is 3–6 % + 21 % IVA (VAT). As a rule, this commission is borne by the seller — the party who engaged the agent. Worth knowing if you're used to the German market: the 50/50 split (the German "Bestellerprinzip", where the party who ordered the agent pays) does not apply to Spanish property.
The agency agreement is called a nota de encargo (instruction note); add the word exclusiva and it becomes a sole-agency mandate. Part of the Mallorca market runs through an MLS (multiple listing service) — among others through ABSI, where the agents involved share the commission between them.
The three values of a property — and what each one is for#
A property doesn't have "one" price; it has three legally relevant values. Keeping them apart protects you from nasty tax surprises.
| Value | Set by | Function |
|---|---|---|
valor catastral (cadastral value) | Cadastre (administrative) | Basis for IBI (annual property tax); well below market value |
valor de referencia (reference value) | Cadastre (derived from real sales) | Basis for ITP/AJD/ISD (→ Ch. 04) |
valor de mercado (market value) | Supply & demand | the actual purchase price |
The tax rule you have to know: for ITP/AJD, the tax authority taxes the higher of the two figures — your purchase price or the valor de referencia — not necessarily what you actually paid. If the valor de referencia is above your purchase price, it can be challenged by means of an expert valuation (STC 13/2026 → Ch. 04).
Sources (selection)#
- Ley 3/2024 (BOE-A-2024-15575), disp. adic. 13ª/14ª · CAIB (Registro Agentes)
- Sede del Catastro (valor de referencia) · STC 13/2026 → Ch. 23