At a glance
Key facts
Figures reviewed:
- Who can carry it out
- Bank of Spain registered valuation company (sociedad de tasación)
- Governing regulation
- Orden ECO/805/2003
- Typical cost
- €300–€600 for a standard home; €800–€2,000+ for large or rural assets
- Typical turnaround
- 5–10 working days from instruction to report
- Validity
- 6 months from the date of issue
- Loan basis
- LTV applied to the lower of tasación value and purchase price
Indicative figures for guidance only, correct as at August 2026. Rates, costs and timelines vary by lender, borrower profile, asset and jurisdiction, and are not an offer of finance. How we derive these figures.
Methodology and assumptions
- Figures are compiled by Clifton International specialists from live lender term sheets, indicative quotes and completed transactions arranged over the preceding 12 months.
- Rates and costs are stated as ranges rather than a single number because pricing is set case-by-case on borrower profile, residency, asset type, location and loan-to-value.
- Timelines assume a complete document file from the outset; valuation, legal capacity and (in Spain) NIE and notary availability drive the critical path.
- Costs exclude any lender, broker or third-party fees not stated on the page, and exclude currency movement between agreement and drawdown.
- Figures are reviewed at least quarterly and re-checked against lender pricing whenever a material market change occurs.
Last reviewed . Read the full Key facts methodology, or speak to our team for a quote based on your circumstances.
What is a tasación in Spain?
A tasación is the official Spanish mortgage valuation, produced by a Bank of Spain registered valuation company under Orden ECO/805/2003. It costs roughly €300–€600, takes five to ten working days, is valid for six months, and sets the value the lender applies its loan-to-value percentage to.
- Lenders lend against the lower of the tasación value and the price paid.
- The buyer pays for the tasación, and it belongs to the buyer.
- One tasación can usually be presented to several Spanish lenders.
- A down-valuation increases the cash deposit rather than the loan.
Key takeaways
- The tasación must come from a Bank of Spain registered valuation company — a private survey or estate agent appraisal is not accepted.
- Budget €300–€600 for most homes, paid by the buyer, with five to ten working days for the report.
- Reports are valid for six months and can usually be reused across several Spanish lenders.
- A valuation below the agreed price reduces the loan and increases the cash you must put in.
- Reservations for unregistered works, missing licences or occupancy issues are the most common cause of a lender declining an otherwise good file.
What a tasación actually is
A tasación is a regulated valuation, not a condition survey. Its purpose is to give the lender a defensible figure for the value of the security under Orden ECO/805/2003, the same standard used for the bank's own capital reporting. It records the registered description, the built and usable surface areas, the state of repair and the comparables used, and concludes with a market value and a mortgage value.
It will not tell you whether the roof is sound, whether damp is present, or what a refurbishment would cost. Buyers wanting that comfort commission a separate building survey alongside it.
Who instructs it, who pays, and who owns it
The buyer pays for the tasación, typically €300–€600 for an apartment or standard villa, rising to €800–€2,000 or more for large coastal villas, rural fincas and land. It is usually the first non-refundable cost of the mortgage process, paid before underwriting completes.
Because the borrower pays, Spanish law gives the borrower the report. You are entitled to a copy and, in practice, you can present the same report to other Spanish lenders during its six-month validity, provided the valuation firm sits on that lender's approved panel. That matters: it means a rejected application does not automatically mean paying twice.
How the value is arrived at
For residential property the dominant method is comparison. The valuer selects at least six recent transactions or credible asking prices in the same micro-market, then adjusts each for surface area, floor level, orientation, sea view, condition, parking and community facilities. Coastal markets such as Marbella, Mallorca and the Costa Blanca can show wide dispersion street by street, so comparable selection is where most disputes arise.
Where a property produces income — a licensed holiday rental, a commercial unit, a block — the valuer may also apply an income capitalisation approach and take the lower or a weighted result. For land and development sites, the residual method is used: gross development value less build costs, finance, professional fees and developer profit.
Reservations — the quiet deal-killer
A report can carry condicionantes (conditions) or advertencias(warnings). These are the most common reasons an approved-in-principle case stalls:
- Built surface on site exceeds the surface registered at the Land Registry — typically an unregistered extension, closed terrace or basement conversion.
- A pool, garage or annexe that never appeared in a declaración de obra nueva.
- Missing licencia de primera ocupación or cédula de habitabilidad.
- Rural property partly outside the registered plot boundary, or classified as non-developable.
- Tenants in occupation, or a long-term lease that survives the sale.
Most reservations are fixable — regularising an extension via an obra nueva antigua declaration, or obtaining the missing certificate — but each adds weeks. Identify them before arras, not after.
What to do if it comes in low
Suppose you agree €800,000 with a 70% LTV facility, expecting a €560,000 loan and €240,000 deposit. The tasación returns €740,000. The lender now lends 70% of €740,000 — €518,000 — so your cash requirement rises by €42,000 before purchase costs. The loan follows the valuation, not the price.
Four routes are available, in order of how often they work:
- Renegotiate the price. A regulated valuation is credible evidence with a seller, particularly on a property that has been marketed for some months.
- Re-broker to a lender with a different panel. Valuation firms differ in comparable selection; a second opinion of 3%–6% higher is common and often enough.
- Challenge the report. You can submit better comparables to the valuation firm, but only factual errors — wrong surface area, wrong build year, wrong comparables — realistically move the figure.
- Bridge the gap. Where the cash shortfall is temporary and a sale or liquidity event is coming, short-term finance covers the difference and is refinanced onto the term mortgage afterwards.
Where the tasación sits in the timeline
The valuation is instructed once the lender has issued indicative terms and your documents are with underwriting — typically weeks two to four of an eight to twelve week purchase. The report then feeds the credit decision and the FEIN binding offer, which starts the statutory ten-day reflection period before signing at the notary.
Frequently asked
Questions from readers
How much does a tasación cost in Spain?
Expect €300–€600 for an apartment or standard villa. Large coastal villas, rural fincas, land and commercial assets commonly cost €800–€2,000 or more, because the valuer must measure a larger property and, for land, run a residual development appraisal.
How long does a Spanish tasación take?
Five to ten working days from instruction to report is normal, assuming access to the property is arranged promptly. Remote rural properties, land and commercial assets can take two to three weeks.
How long is a tasación valid for?
Six months from the date of issue. Within that window the same report can usually be presented to other Spanish lenders, provided the valuation company is on that lender's approved panel.
Can I choose my own valuation company?
You can instruct any valuation company registered with the Bank of Spain, and Spanish law obliges lenders to accept a valid report from a registered firm. In practice, using a firm already on your lender's panel avoids review delays.
What happens if the tasación is lower than the purchase price?
The lender applies its loan-to-value percentage to the lower figure, so your loan falls and your cash deposit rises by the difference. The usual responses are to renegotiate the price, obtain a second valuation via a lender with a different panel, correct factual errors in the report, or bridge the shortfall short term.
Is a tasación the same as a survey?
No. A tasación is a regulated valuation for lending purposes and reports value, surface area and legal description. It does not assess structural condition, damp, services or repair costs — for that you need a separate building survey.
Do I need a tasación if I am buying in cash?
Not legally, but many cash buyers commission one anyway. It provides an independent evidence base for price negotiation and is required later if you refinance or release equity against the property.
Who pays for the tasación in Spain?
The buyer pays, and since the 2019 mortgage law the report belongs to the buyer rather than the bank. That means you can take the same valid report to another lender, which is useful if the first lender's terms disappoint after the valuation is done.
What is the difference between market value and mortgage value?
The report states a valor de mercado, the price the property should achieve in an open sale, and for lending purposes a valor hipotecario, a more conservative sustainable value stripping out speculative elements. Lenders size the loan on the mortgage value where the two differ.
What are reservations or condicionantes on a tasación report?
They are qualifications the valuer records where something is unresolved — unregistered extensions, a surface area that differs from the registry, a missing first occupation licence, or restricted access for the inspection. Most lenders will not release the loan until the reservation is cleared or the value is restated without it.
Does a tasación differ for rural property or land?
Yes. Rural fincas and building land are valued using a residual or cost approach rather than pure comparables, which takes longer and costs more. Lenders also apply lower loan-to-value limits to rural and land assets because the resale market is thinner.
Can I appeal or challenge a tasación?
There is no formal appeal, but you can ask the valuation firm to review the report where a factual error exists — wrong surface area, an ignored garage or plot, or comparables from a different micro-location. If the figure stands, instructing a second registered firm through a lender with a different panel is the practical route.
Is a new tasación needed to remortgage in Spain?
Almost always. A report older than six months is out of date, and the new lender will require a fresh valuation from a firm on its own panel, at the same €300–€600 range for a standard home. Budget for it alongside the new lender's arrangement fee.