Property and mortgage valuations in Spain
Property valuations, or ‘tasaciones’, play an important part in the Spanish property market.
For a start you always need an official valuation to get a mortgage, and the mortgage lender will then loan you a percentage of the valuation (normally no more than 70% for foreign borrowers).
Valuations are also sometimes used in negotiations over price.
That said, valuations aren’t terribly reliable, as the methodology often used leaves a lot to be desired, and comparables are hard to come by.
How do you get a valuation? From one of the officially registered appraisal companies (tasadores). When taking out a mortgage, the bank will normally appoint the appraisal company.