Record-Breaking Mortgage Appraisals in Spain: Demand and Average Value Surge, According to AEV

The Spanish real estate market closed 2024 with record-breaking figures in mortgage property appraisals, both in terms of volume and average value, according to the latest report by the Spanish Association of Value Analysis (AEV). These results not only confirm the market's recovery but also reflect a sustained upward trend driven by increased internal mobility and more favorable interest rates.

Historic Figures: Over 460,000 Mortgage Appraisals in 2024

According to the AEV, the number of residential mortgage appraisals reached 460,922 operations in 2024—an annual increase of 16%. Additionally, the average appraised value per home rose to €247,127, marking a 3.6% year-on-year increase. Both figures represent the highest ever recorded by the AEV.

These statistics highlight not just the dynamism of the housing market but also a shift in the type of properties being appraised—larger homes, located in high-value areas, aligned with changing buyer preferences and purchasing power.

A Market Driven by Demand and Mobility

Jorge Dolç, AEV's Secretary General, noted that this growth “reflects strong demand, driven by high levels of internal population mobility and a period of falling interest rates.” He also emphasized the strategic role of appraisal companies as guarantors of technical rigor and stability in both the financial system and the broader real estate market.

Mortgage Segment Leads the Way

AEV member firms carried out over one million valuations in 2024, a 4.6% increase over 2023. Of that total, 61% were mortgage-related appraisals, with 639,000 operations (+11.9% YoY) and a 23% increase in total appraised value, nearing pre-pandemic activity levels.

In contrast, appraisals for accounting purposes by financial institutions fell by 6.4%, totaling 335,500.

Regional Trends: Asturias, Castilla y León, and the Basque Country Lead Growth

Appraisal activity increased across most Spanish regions. The highest year-on-year growth was recorded in Asturias (+14.9%), Castilla y León (+12.5%), and the Basque Country (+10.3%). On the other end of the spectrum, the Balearic Islands (-3.9%), Castilla-La Mancha (-0.6%), and Canary Islands (0.0%) showed the weakest performance.

At the municipal level, Madrid and Barcelona continue to dominate, accounting for 9.08% of all appraisals. However, activity in larger cities slightly decreased, particularly in municipalities with over 100,000 residents.

More New Developments, Fewer Rehabilitations

The AEV report also indicates a rebound in new development activity, with over 9,200 mortgage-related appraisals of residential projects in 2024—a 17% increase over the previous year. The total appraised value of these developments soared by 30.9%, reflecting a trend toward larger, higher-value projects.

Conversely, rehabilitation project appraisals dropped by 4.1%, though the total appraised value increased by 7.1%, again indicating that current projects are of greater individual value or scale.

Top Property Appraisal Companies in Spain

The appraisal sector also saw notable revenue growth. The 22 AEV member firms generated a combined turnover of €289.2 million in 2024, up 8.7% year-on-year.

Leading companies by revenue and market share:

• Tinsa by Accumin: €65 million (22.5% market share)
• ST Sociedad de Tasación: €42 million (14.5%)
• Gloval Valuation: €25.5 million (9.9%)
• Gesvalt: €19.4 million (6.7%)
• CBRE: €18.2 million (6.3%)

The sector also saw a modest increase in employment (+1.2%), with approximately 1,720 professionals working across these companies.

Conclusion: Mortgage Appraisals Fuel Momentum in Spain’s Real Estate Market

AEV’s latest report confirms that mortgage appraisals are a key barometer of real estate market health. The record-setting numbers in 2024 point to strong demand, an increase in average property values, and a shift toward higher-value developments.

For real estate agents, developers, and industry professionals, these trends represent a golden opportunity to capitalize on a thriving housing market and reinforce confidence in property investment across Spain.