Property valuation Spain: whether the bank lends on the purchase price or the tasación
This is the mistake that derails many Spanish purchases shortly before the notary appointment — and almost nobody plans for it: when the bank sees a valuation less than the price you are paying, the loan is calculated on the lower of the purchase price and the tasación. If the tasación comes in below the price, you must cover the difference from your own equity.
Which figure caps the loan when purchase price and tasación differ?
The bank lends against the lower of the purchase price and the tasación, so the valuation caps the loan. If the tasación comes in below the price, the loan falls accordingly and you cover the difference from equity. You pay the tasación yourself, usually from around €300, and should clarify it before the private contract.
What is the tasación, the property valuation in Spain?
The tasación is a valuation produced by a company licensed in Spain, commissioned by the bank and paid for by you. It is the figure the bank calculates the loan with.
- What is the loan calculated on? The lower of the purchase price and the tasación (bank valuation). If the tasación is below the price, you need correspondingly more equity — often noticed only once the private contract is signed. Run the numbers.
- You pay the tasación, from around €300: You, not the bank — usually a low three-figure sum from around €300. A second independent valuation in parallel gives you a counter-report in a dispute.
- The valor de referencia: a Catastro minimum value for ITP: An annual Catastro minimum value for transfer tax (ITP), independent of the tasación; the higher of price, declared value and reference value is assessed.
Does the bank lend on the purchase price or on the property valuation in Spain? The bank does not finance your purchase price but its own property valuation in Spain — the tasación, produced by an independent appraiser.
It lends against the lower of purchase price and tasación, so the financed amount follows the valuation, not the negotiated price.
If the valuation comes in below the agreed price, the amount you can borrow falls accordingly, and you must cover the difference from equity — exactly what derails many purchases just before the notary appointment.
The valuation differs because appraisers assess conservatively and from market data, while the price is a matter of negotiation. That is why the tasación should be clarified before the binding private contract (the contrato de arras), not after.
Buyers who know the valuation early plan their equity share realistically and do not walk into the notary appointment with a financing gap.
The tasación is a valuation produced by a company licensed in Spain. It is commissioned by the bank, paid for by you, and it is the figure the bank calculates with. The price you agreed with the seller matters only insofar as it lies below the valuation.
The rule: loan = percentage × the lower of purchase price and tasación.
What happens when the valuation comes in below the price?
Say you buy as a non-resident at €400,000 and expect 70 % financing. The valuation comes back at €370,000.
Purchase price — Expected: €400,000; After the valuation: €400,000. Basis for the loan — Expected: €400,000; After the valuation: €370,000. Loan (70 %) — Expected: €280,000; After the valuation: €259,000. Cash needed for the price — Expected: €120,000; After the valuation: €141,000. Purchase costs on top (roughly 10–13 %) — Expected: from own funds; After the valuation: from own funds.
A gap of €21,000 — in cash, at short notice, on top of the purchase costs. And it only becomes visible once the private contract has long been signed.
Why do valuations come in low?
Valuers work from completed sales, not from today's asking prices. Fittings are often only partly reflected, undeclared building work does not exist for the bank, and non-arm's-length sales make the valuation more conservative.
Overheated micro-locations. Valuers work from completed sales, not from today's asking prices. Fittings nobody pays for. High-end interiors, a pool, furniture — included in the price, often only partly reflected in the valuation. Undeclared building work. Extensions or pool houses that were never registered do not exist for the bank. Non-arm's-length sales. Anything that did not come about at market terms makes the valuation more conservative.
Purchase price, tasación: what is the reference value in the Catastro?
The purchase price and the tasación are not the only values that count. Since 1 January 2022, the Catastro has also been setting an annual valor de referencia (reference value) for each property — the legal basis for this is Law 11/2021 of 9 July 2021. This serves as the minimum basis for assessing the land transfer tax (ITP): the tax is always calculated on the basis of the higher value of the purchase price, the declared value and the reference value.
If the reference value is higher than your purchase price, you will still pay the ITP on the higher value — regardless of the outcome of the bank’s tasación. The value is derived from actual sale prices in the region and is reduced across the board by a coefficient of 0.9 so that it should not exceed the market value — in areas where the market is weak or data is scarce, it may nevertheless exceed this figure.
On 12 February 2026, the Tribunal Constitucional unanimously confirmed that the system was in accordance with the Constitution; however, it remains expressly possible to challenge it on a case-by-case basis if the reference value does not accurately reflect the actual property.
You can check the reference value free of charge on the Sede Electrónica del Catastro website before committing to a deposit. Find out more about the ITP calculation in general: Purchase costs when buying a property in Spain.
Why the estimated value differs: Overheated micro-locations. On the Costa del Sol, in Mallorca and Ibiza, purchase prices at times outstrip comparative values. The valuation company bases its calculations on completed purchase contracts from the past, not on current asking prices — what was actually notarised is published on the portal of the Chamber of Notaries.
Features that nobody pays for. High-quality fittings, a swimming pool, furnishings — included in the purchase price, but often not, or only partially, reflected in the valuation. Structural discrepancies. Unregistered extensions, terrace canopies or pool houses can reduce the part of the property that can be valued — and, in extreme cases, completely rule out a mortgage.
Sales between relatives or involving special arrangements. Anything that does not take place on an arm’s-length basis makes the valuation more conservative.
Property valuation Spain: what does the tasación cost, and who commissions it?
You pay for the tasación, not the bank — around 0.10 % of the property value is usual, with a minimum of roughly €300. The bank works from a panel of licensed valuation firms and will have a preference, but it cannot compel you to use a particular one.
That leaves room to move: anyone who commissions a second, independent valuation in parallel holds a counter-report if it comes to a dispute — on top of the option of approaching a second lender.
Since 1 January 2022 the Catastro has additionally set an annual valor de referencia for every property, under Ley 11/2021 of 9 July 2021. It serves as the minimum tax base for transfer tax (ITP): the higher of purchase price, declared value and reference value is always assessed.
The value is derived from actual sale prices in the region and reduced by a flat coefficient of 0.9 so that it should not exceed market value — in weak or data-poor locations it can still sit above it.
The reference value can be looked up free of charge in advance at the Sede Electrónica del Catastro, before you commit to a deposit. More on the ITP calculation as a whole: purchase costs in Spain.
Which five things should you settle before the private contract?
Set the valuation in motion before you commit, check the nota simple, budget a buffer, keep a second lender in reserve and check the Catastro reference value in advance.
Valuation before you commit. Anyone who only sets the tasación in motion after signing the contrato privado has no negotiating room left. The order decides.
Check the nota simple. What is in the land register is the basis — what was built but never registered does not exist for the bank. Budget a buffer. Do not plan on the maximum.
A deviation of 5–10 % between purchase price and valuation is routine, not an exception. Keep a second lender in reserve. Valuation firms reach different results.
A second valuation through another institution is possible — it costs time, and you only have time if you started early.
Check the reference value in advance. Even with a fair tasación, ITP can fall due on a higher Catastro figure — free to look up beforehand at the Sede Electrónica del Catastro.
Buying off-plan? There the tasación runs differently — it happens on completion, not at the point of purchase. More on stage payments on a new build.
More resources: What was actually paid in this area. Portal prices are what sellers ask. What was recorded at the notary is published by the Spanish notaries themselves: the Portal Estadístico del Notariado — free, no registration, and searchable down to postcode level.
In the first quarter of 2026 the prices paid ran 29 per cent below asking prices, the widest gap since 2007. For a mortgage that is the figure that counts: the bank's valuer works from completed sales, not from listings. → Portal Estadístico del Notariado · What that means for your financing · Where the numbers come from
Model calculations without guarantee. Not binding offers. Terms vary depending on credit profile, property and bank. No tax or legal advice.
Frequently asked questions
Who pays for the tasación?
You do, not the bank — around 0.10 % of the property value is usual, with a minimum of roughly €300.
Can I choose the valuation firm myself?
The bank works from a panel of licensed firms and will have a preference, but it cannot compel you to use a particular one. Commissioning a second, independent valuation in parallel is possible and gives you a counter-report if it comes to a dispute.
What if the tasación comes in below the purchase price?
The bank lends against the lower figure. At 70 % loan-to-value and a deviation of, say, €30,000, you need correspondingly more of your own funds — on top of the purchase costs, and usually only noticed once the private contract has already been signed.
What is the Catastro's valor de referencia, and how does it differ from the tasación?
The valor de referencia is a minimum value set annually by the Catastro for transfer tax (ITP), independent of the bank's tasación. The higher of purchase price, declared value and reference value is always assessed. It can be looked up free of charge in advance at the Sede Electrónica del Catastro.
Does the tasación work differently on an off-plan new build?
Yes — there it happens on completion, not at the point of purchase.
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Content by Siegfried Perini — local brand representative since 2019, active in real estate since 1992, entered in the German intermediary register (§ 11a GewO) as a person directly involved in brokerage and advice. Point of contact for German-speaking buyers in Spain and Portugal. Brokerage by Olga Nikushkina, mortgage credit intermediary under § 34i German Trade Regulation (GewO); in Portugal through a locally licensed intermediary.