What is a property valuation (tasación) in Spain?

What is a property valuation (tasación) in Spain, and how does it differ from the average appraised value?

A property valuation, tasación in Spanish, is the value of a home worked out by an approved valuation company, or a bank's valuation service, under the rules of Order ECO/805/2003; it is the figure a Spanish bank uses to grant you a mortgage. The valuation report expires six months after it is issued.

Essential limit. Preliminary screening: it does not replace an inspection, a diagnosis, a test, a certificate or a safety report.

Who values and under which rules

Only approved valuation companies and the valuation services of credit institutions entered in the Bank of Spain's special register can carry out valuations with financial effect, for example for a mortgage. Order ECO/805/2003 sets how the value is calculated, what the report must contain and the principles the valuer has to apply, such as prudence and transparency.

The valuer visits the property before issuing the report. Under article 62 of the order, the report and the certificate expire six months after they are issued.

The Ministry of Housing's average appraised value

Using the valuation companies' appraisals, Spain's Ministry of Housing and Urban Agenda publishes the Housing Appraised Value Statistics every quarter: the average value per square metre of open-market housing by province and municipality, separating homes up to five years old from those over five.

It is not the valuation of your flat but an average of many. It helps you place the asking price: if the price per square metre in the listing is well above the average for resale homes in your town, find out why before you make an offer.

What the HOUSINGFAX report tells you

Check 07, «Price and market», brings together the Ministry of Housing's appraised value for the province, for resale homes and, where published, for the municipality, with its change over one and five years, and applies it to the home's floor area as an orientative estimate. It adds the reference rent for the area and minimum buying costs.

Look through the sample report and check your home for free.

What the report is not

The report is not a valuation: it does not visit the home and cannot be used to apply for a mortgage, and it does not replace an on-site technical inspection of the building or the bank's valuation.

Short answers

Who can value a home for a Spanish mortgage?

Approved valuation companies and the valuation services of credit institutions entered in the Bank of Spain's register, under the rules of Order ECO/805/2003.

How long is a valuation valid?

The valuation report and certificate expire six months after they are issued.

What is the difference between a valuation and the appraised value?

A valuation is the value of one particular home, worked out by a valuer. The Ministry of Housing's appraised value is an average per square metre of many valuations in a province or municipality.

Is it the same as the Cadastre's reference value?

No. The reference value is a tax value set by the Cadastre from notarised sales and is the minimum base for the purchase tax; a valuation is done by a valuer on your home.

Official sources you can consult

The links let you review the primary source. Their inclusion does not widen their purpose or turn a piece of context into a diagnosis.

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