Tasación (Valuation)
The tasación is an independent property valuation carried out by a licensed appraisal firm — Spanish banks require it before any mortgage approval, because it's the tasación value, not the agreed purchase price, that ultimately sets the financing amount.
Who prepares the tasación, and how
Only state-authorised appraisal companies (sociedades de tasación) may issue valuations for bank financing — the assessment follows standardised, legally regulated methods that account for location, condition, size and comparable local sales. Unlike an informal market estimate, the tasación is a formal, legally binding document.
Why it directly sets the financeable amount
Spanish banks don't lend against the agreed purchase price — they lend against the lower of the purchase price and the tasación (see LTV para no residentes). If the tasación comes in below the purchase price, the financeable amount drops accordingly, regardless of what buyer and seller actually agreed. This can create an unexpected funding gap, especially in emotionally driven purchases.
How to cover a low tasación
If the tasación comes in noticeably below the purchase price, the difference has to be covered from additional equity — planning for this possibility early avoids being caught under time pressure when the valuation only arrives shortly before the planned signing. Commissioning the valuation early creates certainty, rather than treating it as a late-stage formality.
Related glossary terms
Spain Mortgage LTV for Non-Residents
The maximum loan-to-value (LTV) for non-residents in Spain is usually significantly lower than for residents; the lower of purchase price and appraised value (tasación) generally applies. Accordingly, more equity is required.
Buying Costs Spain (Gastos de compra)
The Gastos de compra are the total transaction costs in addition to the purchase price: taxes (ITP or IVA), notary, land registry, tasación and, where applicable, a lawyer. They are generally paid from equity.
Non-Resident Mortgage Spain (Hipoteca no residente)
A Hipoteca no residente is a Spanish property loan for buyers without tax residence in Spain. Banks assess foreign income, employment and country of origin and tend to apply stricter conditions than for residents.
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