The boom in the mortgage market is driving appraisals, which closed the first quarter of the year with unprecedented figures.
According to data from the Spanish Association of Value Analysis (AEV), between January and March, appraisers carried out more than 177,000 appraisals for mortgage purposes, the highest volume for the start of the year in the historical series, after shooting up 19.9% year-on-year.
In addition to breaking records in terms of numbers, mortgage appraisals have also reached highs in terms of activity: their weight in total appraisals is now around 70%, which is the highest value recorded since this statistic was first compiled. This is due to ‘the continued decline in appraisals for accounting purposes, a category that has accumulated a 39.5% drop between the first quarter of 2023 and the first quarter of 2025,’ as explained by the AEV.
The milestones remain in the specific case of mortgage appraisals of homes, both in terms of volume and average amount. The statistics show that 128,943 reports were issued between January and March, representing a 17% increase over the same period in 2024, and that the average amount was around €260,000, representing a year-on-year increase of 8.8%.
On the other hand, the association reveals that during the first quarter of 2025, more than 5,000 mortgage appraisals were carried out on developments in the project phase, an increase of 221% compared to last year. This is another historic high for the start of the year, showing ‘a strong upturn in appraisal activity in new construction’, despite the fact that its volume is historically low.
All these figures ‘confirm a sustained recovery in the mortgage market,’ says Jorge Dolç, secretary general of the AEV, who adds that ‘the historic record in the number and amount of mortgage appraisals could be reflecting high demand mobility and anticipation in purchasing decisions.’ He also anticipates that ‘growth in developments in the project phase - although still with limited production - will consolidate in the coming quarters and contribute to boosting the housing supply’.
Appraisals already peaked in 2024
The upward trend in activity is accelerating after closing 2024 with the best annual balance since records began.
The association confirmed in April that the year ended with annual growth of 16% in the number of mortgage appraisals of homes, with almost 461,000 valuations, and a 3.6% increase in the average value of the homes appraised, with an appraised value of £247,127 per home. If the current trend continues, 2025 could see new highs and exceed 500,000 reports issued.
Source: Idealista
Ana P. Alarcos
22 July 2025, 0:05