Dynamics of Mortgage Appraisals in Spain
During the first six months of 2025, 355,000 mortgage property appraisals were carried out in Spain. This figure is 11.4% higher than during the same period last year and represents the second highest on record. The appraisals were conducted by 22 companies belonging to the Asociación Española de Análisis de Valor (AEV). Despite a notable rise in mortgage appraisals, the overall number of all types of appraisals dropped by 1.2% compared to 2024, totaling 527,000 operations. At the same time, the combined value of appraised properties exceeded 250 billion euros for the first time—24% more than a year earlier.
Market Structure Changes and Average Indicators
The share of mortgage appraisals in the total volume of operations rose to 67%, up from 60% a year ago. This growth is linked to a 21% drop in the number of appraisals for accounting purposes, confirming the ongoing shift in market structure that began at the end of 2024. The average value of appraised residential property reached 267,000 euros, 10% higher than last year’s figure. The number of mortgage appraisals for housing also increased by 10% and amounted to 259,000 operations—a new record for this period.
New Construction and Renovation Segments
The growth is especially notable in the new construction segment: the number of mortgage appraisals in this sector rose by 85%, reaching 7,100 operations in six months. Reconstruction projects also show a positive trend, with 547 appraisals recorded—an increase of 44% year-on-year. The average cost of a single reconstruction project was €6.5 million. Although both segments started from low base figures, their growth points to a revival in construction activity and an update of the housing stock.
Regional differences and trends
In cities with populations over 100,000, mortgage appraisals increased by 11% compared to the first half of 2024. The largest metropolitan areas—Madrid and Barcelona—saw a growth of 3.5%, while municipalities with more than half a million residents recorded a 10.8% rise. Among the autonomous communities, the strongest growth was registered in País Vasco (5.5%), La Rioja (5.1%) and Extremadura (4.7%). Meanwhile, Navarre and Murcia saw declines in activity, down by 11.6% and 8.3% respectively.
Overall conclusions
An analysis of data from the first half of 2025 indicates continued recovery in Spain’s mortgage market. The rise in both the number and value of mortgage appraisals, along with a higher share of new builds and reconstruction projects, reflect strong activity from both buyers and developers. Regional variations highlight the uneven pace of market development, but overall the trend remains positive.
