The real estate company, which Paul took over 17 years ago having moved tothe island from Cardiff three years earlier, has just been selected to join ABINI, the Balearic National and International Real Estate Association, which works for the benefit of real estate professionals in the Balearics.
For Paul, Mark and all of the family, who are involved in the business and have three offices in Santa Ponsa, Portals Nous and Palmanova, they are extremely proud to have been the only real estate agency to have been accepted to join the association this year and consider the accolade as a clear indication of the trust the real estate sector has in the family business. Talking to the Bulletin this week, Paul and Mark stressed that ABINI is not only an association which includes the most reputable estate agents in the Balearics but also plays a unique and vital role in helping to regulate the real estate sector and make sure that its members operate in full compliance with the rules and regulations.
“ABINI is constantly on top of all developments and keeps us informed of any changes on a daily basis, What is more, it is proactive, it is involved with lobbying politicians and the authorities on issues and subjects which they consider both important and helpful for the real estate sector.
“For the majority of members, the main market is from overseas, and for many foreign buyers the rules and regulations can be quite confusing because they continue to vary from one autonomous region toanother in Spain.
“We have always been on top of the game with regard to the everchanging small print, but being a member of ABINI now means that we’ve got all of the very latest information we need tomake sure that our clients get the very best service and attention and nothing is overlooked,” they said.
“With Hans Lenz as chairman, integration and professionalism are part of theethically responsible work that ABINI seeks. Housing as a fundamental right is one of the main challenges to be solved in the Balearics and ABINI is committed to collaboration and participation in the search for efficient and realistic models that do not harm the right to private property, free movement of goods and people, and we share that approach,” they added.
Some of that has been challenged as of late with a movement to try and limit and restrict non-residents form purchasing properties in the Balearics on the grounds that this leads to price speculation and higher property prices, while there has also been the fallout from Brexit, such as the 90-day rule.
90-day rule
However, both Paul and Mark maintain that the first is a non-starter, while the 90-day rule has not had a negative impact on the market.
“To start with, as part of a prestigious group of international real estates agents in the Balearics, we’re not property speculators.
Yes, we’re luxury focused but we have an extremely broad portfolio of properties and cater for all markets.
“Under the current global economic climate, some sectors of the market are obviously finding it slightly harder than others due to rising interest rates and the cost of living, but on the whole Mallorca has so much to offer. It attracts so much interest; the market is holding up extremely well.
“For us, the first six months of this year have been better than last year, which was a strong year. What people must remember and take notice of is that the international propertymarket is extremely important for the local economy, so the rights of overseas buyers need to be defended. As members of API, the Association of Estate Agents of the Balearic Islands, we are also very aware of what’s happening at a local level, not just international, so we have all our bases coveredin order to provide our clients with the answers and solutions to all their questionsand potential problems.
Remote working
“The 90-day rule has not had as much of an impact as initially feared. We’ve emerged from Covid into such a more digitally and technologically aware society that remote working has become the norm.
“Moreover, for professional people with families, they probably do not have 180 days’ holiday a year because they are working. So they are able to work out their plans and their timeframe for the year and more often than not they have more than plenty of time to enjoy a second home in Mallorca. That said, many professionals are making Mallorca their family home. Why not? Everything is here. Whether they want to remote work from the islands or the main breadwinner has to commute during the week, then Palma is just a few hours’ flight from most European cities.
British demand is strong
“In the meantime, the family can make the most of the island’s great infrastructure, schools, health service, the wonderful climate - we might find it a bit hot right now but it’s tipping down with rain in most parts of Northern Europe - plus there’s the great combination of the sea and the mountains, not to mention cheap and super fast internet and broadband for business people. So what’s not to love about Mallorca? And we’re seeing that reflected in the market.
"Interest and demand in properties in Mallorca and across the Balearics remain as strong as ever and the three main pillars of the overseas market continue to be the British, the Germans and Scandinavians.
“We have experienced slight growth in the North American market, the Middle and Far East plus from other parts of Europe, but the British market continues as strong as ever.
Properly regulated and protected
“It’s circular in a way. We have a period when Britons are selling to Germans orScandinavians and visa versa, but these are the three main markets and need to be properly regulated and protected, and weare now in an even stronger position to do that with the support of ABINI and its members.
As the market leaders we all work together, share information and experiences, help each other out and also work together with regard to finding the right property for potential clients.
“There is no exclusivity on properties because we are all in the same business and share a common goal and that is meeting demand and providing foreign clients with a premium product and service.
And at Imperial, we offer a highly professional and qualified family approach,” Paul and Mark stressed.
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The point of the article is that Imperial Properties actively supports the regulations and restrictions that need to be in place in the industry. Right now anyone with no experience, competency, capability or professional indemnity can open an agency from their bedroom create havoc and therefore promote the lack of trust in the industry that Piers mentions. The only sensible way forward is to adopt and enforce the local and national regulations that the new law provides, one part of which is the requirement to be a member of a trade group like ABINI and or API, therefore doing the right thing for buyers and sellers.
Estate agents, I wouldn't trust any of them as far as I could throw them. There is effectively no regulation which is why every other shop in Mallorca is an estate agency.