Tasacion (Valuation) — Spanish Property Glossary

A tasacion is an official property valuation carried out by a certified appraisal company (sociedad de tasacion) registered with the Bank of Spain. It is required by banks when granting a mortgage and determines the maximum loan amount. The tasacion assesses the property's market value based on comparable sales, location, condition, size, and other factors. The cost of a tasacion ranges from 250 to 600 EUR depending on the property type and value, and since the 2019 Mortgage Law it is the only mortgage-related fee the borrower must pay. The valuation is valid for six months. If the tasacion comes in below the purchase price, the bank will lend based on the lower value, meaning the buyer needs to cover the difference. For new builds, the appraiser also considers the developer's specification and completion status. Even if you are not taking a mortgage, commissioning a tasacion can be useful to confirm you are paying a fair price. The appraisal company must be independent and cannot be the same entity as the lender. Your bank will usually suggest an approved appraiser, but you have the right to choose your own from the Bank of Spain's registry.