17 Nov 2022

Canary Islands Estate Agent Registry Encourages Transparency And Professionalism

Published in Buyer tips, Seller tips, Legal & Tax, News

The Canary Islands Government has started an official registry of estate agents known as the Registro de Agentes Inmobiliarios de Canarias (RAIC).

The RAIC sets a standard for all agents and agencies offering real estate services in Gran Canaria and the Canary Islands. It is open to all agents and agencies on a voluntary basis but has strict entry requirements.

The registry is open to all estate agents and agencies with premises open to the public in the Canary Islands. Online agencies must be fiscally registered in the Canary Islands and have a local address.

Real estate agents and / or agencies must meet at least one of the following requirements in order to sign up to the RAIC:

Professional qualifications and training

a) Be registered with the traditional association of real estate agents “Colegio Oficial de Agentes de la Propiedad Inmobiliaria”.

b) Have experience in providing mediation services and real estate advice in the four years immediately prior to the application for registration.

c) Possess an official university degree belonging to one of the following branches: Social and Legal Sciences, Engineering or Architecture. It will be accredited by means of the corresponding university degree.

d) Possess non-university training of at least 200 teaching hours in real estate, taught by centres approved by the competent Public Administrations.

Professional insurance and financial guarantees

To join the registry, agents and agencies must also fulfil one of the following economic solvency requirements:

a) Have insurance or a guaranteed fund of a minimum amount of 30,000 euros per establishment, valid for as long as they carry out the activity of real estate agents to respond for the amounts received in the exercise of their activity until they are made available to the recipients.

The funds must be in the form of a guarantee or surety insurance and must be constituted in credit entities or insurance companies established in Spain or any Member State of the European Union. The guarantee document will be deposited in the Caja de Depósitos of the Autonomous Community of the Canary Islands.

b) Have a civil liability insurance policy to respond for the damages that may be caused in the exercise of their activity, with a minimum capital to be insured of 30,000 euros per establishment.

A positive step for Gran Canaria real estate

As stated by the Gobierno de Canarias, the registry serves to “stimulate the professionalisation of real estate brokerage services in the Canary Islands, contributing to the improvement of their quality and transparency. It also strengthens the defence and protection of the rights of those who contract these services”

Cardenas Real Estate is proud to be one of the first Gran Canaria estate agencies to sign up to the registry. We see it as a positive step in the right direction. While it is voluntary it is a big step towards making the real estate market as professional and transparent as possible.

When you choose a Gran Canaria estate agency, we encourage you to look for the certificate that shows that the office has signed up to the RAIC. You can check the latest version of the list here.