Spain’s Mortgage Valuations Hit Record Highs in 2024

With Spain’s property market heating up, 2024 has marked a historic milestone: mortgage-related home valuations are at their highest ever, both in volume and value. According to fresh data from the Spanish Association for Value Analysis (AEV), this surge reflects renewed momentum in the housing sector—driven by internal migration, improved buyer confidence, and slightly softer interest rates.

More Homes, Higher Values

AEV members completed nearly 461,000 residential appraisals for mortgage purposes last year—an impressive 16% increase from 2023. The total value of these homes also rose by 20%, underlining both higher property prices and a growing appetite for larger or more premium homes.

On average, a mortgage-appraised home in Spain is now valued at €247,127, marking a 3.6% increase. This steady rise, consistent since 2014, suggests shifting buyer preferences toward better-located properties and areas with higher purchasing power.

Mortgage Market Drives Valuation Growth

In 2024, nearly 639,000 appraisals were mortgage-related, bringing the segment close to the highs of 2021 and making up 61% of all property valuations. This represents a 23% jump in appraised value year-on-year—an indicator that financing activity is still buoyant despite broader economic uncertainty.

In contrast, valuations commissioned by financial institutions for internal reporting fell by 6.4%, showing a divergence in activity based on purpose.