Mortgage-related home valuations in Spain have reached a historic milestone in 2024, setting new records in both volume and value, according to the latest data from the Spanish Association for Value Analysis (AEV).
Amid a housing market marked by internal mobility and softer interest rates, appraisal firms have seen a 16% annual jump in the number of mortgage-focused housing valuations, and a 20% increase in the total value of the homes assessed.
More homes, higher values
AEV members carried out nearly 461,000 mortgage-based residential appraisals over the past year, driving the total figure to the highest on record since this data began to be monitored. The total volume of all property valuations (across all types and purposes) topped 1,055,000—up 4.6% compared to 2023—with the combined transaction value increasing 10.7% year-on-year.
A key takeaway: the average appraised value of a property for mortgage purposes has risen by 3.6%, settling at €247,127 per home. This gradual but sustained upward trend—dating back to 2014—signals both rising market prices and a shift in buyer preferences towards larger or more premium homes. The increasing value also reflects properties located in higher-quality neighbourhoods or regions with stronger purchasing power.
Sharp growth in mortgage-related valuations
The mortgage segment in particular continues to punch above its weight. Around 639,000 appraisals in 2024 had a mortgage-related purpose, equating to a 23% year-on-year increase in their total appraised value. That figure closely matches the highs of 2021, though remains 4.9% below the peak levels seen in 2022.
Meanwhile, the secondary segment of valuations done for financial institutions—typically those needed for balance-sheet purposes—dropped by 6.4%, with just over 335,000 recorded. Even so, mortgage-related valuations still represent the bulk of valuation activity, accounting for roughly 61% of the total workload for appraisal firms.
Signs of life in new-builds, less so in refurbishments
Appraisal activity for development projects has also rebounded slightly. In 2024, over 9,200 valuations were conducted for housing projects still under construction—a 17% rise in volume compared to 2023, and a 30.9% increase in total valuation value. This divergence suggests a preference for larger or more valuable developments being brought to market.
Conversely, the refurbishment segment is showing signs of fatigue. The number of valuations for rehabilitation projects dipped 4.1%, although the total value of those that were carried out rose by 7.1%, again suggesting a bias towards higher-value undertakings despite lower overall activity.
Uneven trends across the map
On a regional level, most communities experienced growth, led by Asturias (+14.9%), Castilla y León (+12.5%), the Basque Country (+10.3%) and Aragón (+10.1%). At the other end of the scale, the Balearic Islands fell by -3.9%, Castilla-La Mancha slipped by -0.6%, and the Canary Islands showed no growth at all.
Madrid and Barcelona still command a disproportionate share of the total volume; together, they account for just over 9% of all mortgage-based residential valuations. However, activity in large municipalities seems to be dwindling slightly: valuations in cities over 500,000 residents accounted for 5.3% of the total, down from 6.2% last year. Similarly, municipalities with over 100,000 residents dropped from 22.87% to 20.42% of total valuation activity.
A resilient market, despite wobbles
Despite ongoing macroeconomic uncertainty, Spain’s property valuation sector is proving resilient. “The 2024 year-end figures show that the valuation sector has demonstrated remarkable strength and adaptability,” said Jorge Dolç, AEV’s secretary general. “The all-time highs in both the number and value of home valuations for mortgage purposes reflect high underlying demand. That demand is driven by increased internal mobility and a period of falling interest rates. It shows the essential role valuation companies play in maintaining technical rigour and supporting financial stability within the property sector.”
