Practical Guide: “Tasación” in Spain – The Essential Property Appraisal for Your Real Estate Purchase

The tasación is the Spanish word for real estate valuation. It is carried out by an accredited expert (tasador) to determine the market value of a property.

This essential step secures the investment and ensures that the purchase price is in line with the actual market value. 

Why is the tasación essential?

• It is necessary to obtain a mortgage. Banks require it to ensure that the property covers the loan amount. Otherwise, the personal contribution must be increased, or the property price renegotiated.
• It protects the buyer, who is assured of paying the fair price for the property.
• It is useful for inheritances, donations, and tax calculations (in the case of capital gains tax, for example).  

How to obtain a tasación? 

1. The buyer or the bank requests a valuation from a tasador accredited by the Bank of Spain.
2. The professional inspects the property: they analyze the surface area, the general condition, the quality of the construction materials, the energy efficiency, the location, the services available nearby, the equipment (swimming pool, garden, etc.), and compliance with urban planning regulations.
3. They carry out a comparative analysis and study recent sales of similar properties in the area.
4. They submit a detailed report specifying the estimated value, the method used, and the criteria analyzed.

Practical aspects 

• A tasación has a validity period of 6 months.
• In Spain, a real estate valuation costs on average €400. The buyer is responsible for this cost.
• It is important to have this tasación carried out before signing the contrat d’arras which allows the buyer to reserve the property.
• The real estate valuation is provided within two weeks of the expert's visit.

What errors should be avoided when requesting a tasación? 

• Choosing a non-certified tasador and not checking customer reviews online to ensure the professional's reliability. 
• Not comparing quotes from several tasadores would be a mistake. This allows for cost optimization.
• Underestimating the necessary renovation costs that influence the property's value.
• Ignoring the impact of the property's location.

FAQ: The tasación in the real estate purchase process in Spain

What is the tasación?

The tasación is a property valuation carried out by an accredited expert to determine the actual value of a property. It is essential to secure the investment and guarantee a fair price.

Why is it essential?

• Mortgage loan: a tasación is required by banks to verify the value of the property.
• Buyer protection: a tasación allows the buyer not to pay more than the market price for the property.
• Tax procedures: the property valuation is useful for inheritance, donations or capital gains calculations, for example.

What are the practical points to remember?

• Validity: 6 months.
• Cost: €400 on average, payable by the buyer.
• To avoid: choosing a non-certified tasador, ignoring the cost of necessary work and signing the arras contract before the tasación.

Sources: Ing

FAQ — Property Valuation in Spain

FAQ –Property Appraisal in Spain: What You Need to Know for Your Real Estate Project

Which companies do you need to pay for yourproperty appraisal?

If you apply for a mortgage with a Spanish bank, the bank will automatically commission an independent appraisal company, known asa “Sociedad de Tasación.”
The bank will then bill you for the cost of this appraisal.

However, there’s a strategy that many people aren’t aware of 👇
👉You can request aproperty appraisalyourself in advance, even before you’ve chosen a bank.

Why is this interesting?

• ⏱️ You save time in your purchasing process
• 💪 You'll strengthen your case with the banks
• 📊 You get a clear and objective picture of the property's value

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What are the leading appraisal firms in Spain?

Here are some companies recognized and licensed by the Bank of Spain:

• Tasalia – Appraisal Company
• Valum – Appraisal Company
• CBRE
• Global
• Tinsa

These companies are authorized to provide official appraisals accepted by financial institutions.

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💡Real-life case: Terreta

We love sharing real-life examples 👇

A client whom we assisted with the purchase of an apartment in Gandía for€85,000received avaluationfromValumof€142,000.

➡️ That’s€57,000 more
➡️ A valuation increase of 67%

Why is this such great news?

• The bank uses the lower of the purchase price and theappraised valueto determine the loan amount
• A highappraisal valueenhances the security of your investment
• You're buying below market value: an immediate way to build wealth

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In summary

✔️ Aproperty appraisalis required for bank financing
✔️ You can arrange one in advance to speed up your project
✔️ A thorough appraisal can reveal an exceptional investment opportunity

FAQ — Property Valuation in Spain

What is a real estate appraisal in Spain?

A tasación is an official appraisal of a property’s value conducted by a certified appraiser. It is used to determine the property’s market value.

Why is a property appraisal important when buying a home?

A property appraisal ensures that the property’s price matches its estimated value. Banks also require one when a buyer wishes to obtain a mortgage.

Who performs the appraisal of a property?

The appraisal is conducted by a licensed real estate appraiser, known as a tasador, who evaluates the property and the local market.

What factors are considered during an appraisal?

In particular, the appraiser examines the property’s floor area, its overall condition, its location, the property’s features, and the prices of comparable properties in the area.

How much does a property appraisal cost in Spain?

The cost depends on the property and the appraisal firm, but it is generally around 400 euros.

How long is a property appraisal valid?

A property appraisal is generally valid for 6 months.

How long does it take to get the appraisal report?

After the appraiser’s visit, the appraisal report is usually provided within a relatively short period of time, typically within two weeks.