Mortgage valuations of homes have stalled in Spain: around 260,000 in the first half of 2026, practically the same as a year earlier, according to the Spanish Valuation Association (AEV). In the province of Malaga the number of valuations is down 3.1%, but the appraised value per square metre is up 13.8%, to €3,084/m², according to the Ministry of Housing.
In other words, buyers are taking out almost the same number of mortgages, but every home that goes through a valuation comes out considerably more expensive. For anyone buying with finance, the valuation is what sets how much the bank will lend, so it is worth understanding what is going on.
What do the AEV figures for the first half of 2026 show?
The AEV brings together 21 valuation companies and published its half-year report in early October. These are its headline figures for Spain as a whole:
| Indicator (Spain) | H1 2026 | Annual change |
|---|---|---|
| Mortgage valuations of homes | 259,964 | +0.5% |
| Full home valuations, all purposes | Over 372,000 | +5% |
| Mortgage-purpose valuations, all property types | 347,000 | −1.5% |
| New-build valuations for mortgages | 5,200 | −27% |
| Renovation projects | 575 | +7.5% |
| Mortgage share of all valuations | 64% | 67% a year earlier |
What matters is not so much the record, beaten by barely 1,200 valuations, as the slowdown. A year earlier mortgage valuations of homes had grown by 10%; now they are up just 0.5%. The AEV itself describes a stable level of activity, held up mainly by the big cities.
The most striking figure is for new builds: valuations of developments for mortgage purposes are down 27%, to around 5,200. The AEV puts this down to a structural stagnation in development activity, with little new supply and general difficulties in accessing housing.
Where are valuations rising and where are they falling?
The regional picture is very uneven. The Madrid and Barcelona metropolitan areas are driving the market with 14.2% more valuations, and the other municipalities with more than 500,000 inhabitants add 3.4%. By region, the Canary Islands soar by 71.4% and La Rioja and the Basque Country rise by 8.8%, while Galicia falls by 8.7%.
Andalusia is among the regions going backwards, along with the Balearic Islands, Cantabria and Navarre, with falls of between 5% and 6% according to the AEV. The Ministry of Housing statistics, which measure valuations of open-market homes in a slightly different way, point the same way: 3.8% fewer in Andalusia and 3.1% fewer in the province of Málaga in the first half.
How much is the appraised value per square metre on the Costa del Sol?
Every quarter the Ministry of Housing publishes the average appraised value of open-market homes in municipalities with more than 25,000 inhabitants. These are the figures for the second quarter of 2026 on the Málaga coast, together with the number of valuations in the half-year:
| Municipality | Appraised value Q2 2026 | Annual change | Valuations H1 2026 | Annual change |
|---|---|---|---|---|
| Marbella | €4,528/m² | +15.6% | 1,463 | −2.5% |
| Benalmádena | €3,783/m² | +12.8% | 777 | −3.6% |
| Fuengirola | €3,758/m² | +14.8% | 784 | +22.1% |
| Torremolinos | €3,758/m² | +7.9% | 616 | −11.0% |
| Estepona | €3,518/m² | +12.1% | 877 | −11.6% |
| Rincón de la Victoria | €3,506/m² | +14.1% | 407 | −15.2% |
| Mijas | €3,365/m² | +11.6% | 1,260 | +14.8% |
| Málaga city | €3,321/m² | +14.8% | 3,327 | −3.2% |
| Vélez-Málaga | €2,788/m² | +20.8% | 581 | −0.7% |
| Málaga province | €3,084/m² | +13.8% | 13,765 | −3.1% |
| Spain | €2,355/m² | +12.5% | 343,383 | −0.4% |
The pattern repeats along almost the whole coast: fewer valuations and values clearly on the rise. Only Fuengirola and Mijas are appraising more homes than a year ago. Marbella remains by far the most expensive municipality in the province and one of the fastest-rising, while in Torremolinos the appraised value is growing by less than 8%.
How much higher are new homes appraised?
The same statistics separate homes up to five years old from older ones. The gap helps explain why the shortage of new builds is such a concern:
| Municipality (Q2 2026) | Up to 5 years old | Over 5 years old | New-home premium |
|---|---|---|---|
| Marbella | €5,955/m² | €4,477/m² | +33% |
| Málaga city | €4,140/m² | €3,283/m² | +26% |
| Fuengirola | €4,547/m² | €3,711/m² | +23% |
| Estepona | €4,046/m² | €3,453/m² | +17% |
| Mijas | €3,761/m² | €3,339/m² | +13% |
In Marbella a recent home is appraised a third higher than a resale one, and only one in ten valuations in the quarter was for a home less than five years old. With mortgaged new builds down 27% across Spain, that premium is unlikely to shrink in the short term: new supply remains scarce relative to demand.
What does it mean for anyone buying with a mortgage?
The bank calculates the loan on the lower of two values: the purchase price or the appraised value. That is why these figures have very practical consequences:
- If the valuation comes in below the price, you cover the difference. With an 80% loan for residents, or the 60-70% usually granted to non-residents, every euro of the gap comes out of your savings.
- Appraised values rising at double-digit rates keep pace with rising prices and support borrowing capacity, but they do not remove the risk on homes with a very ambitious asking price.
- The buyer pays for the valuation and you can bring your own: the bank must accept a valid valuation by an approved company, although it may review it. It is valid for six months.
- For off-plan new builds the bank appraises the project, and with so few developments being financed it pays to confirm early which bank is backing the developer and on what terms.
- Getting a valuation before signing the deposit contract, not afterwards, avoids surprises once you have already committed a deposit.
What these figures tell us
The mortgage market is not cooling for lack of buyers but for lack of product: almost the same number of homes are being appraised, at ever higher values, and new builds are barely moving. On the Costa del Sol this translates into appraised values rising by between 7.9% and 20.8% depending on the town, and an ever larger premium for recent homes.
If you are thinking of buying with finance, at EVS we help you compare each home's price with appraised values in the area and with our Costa del Sol market report, so that you reach the valuation without surprises.
Frequently asked questions
What is a mortgage valuation and who pays for it?
It is the official valuation of the home carried out by a valuation company approved by the Bank of Spain, following a regulated methodology. Since the 2019 mortgage law it is paid for by the buyer applying for the loan.
What happens if the valuation comes in below the purchase price?
The bank lends a percentage of the lower value, so you will need more savings to cover the gap. You can also renegotiate the price with the seller or ask another approved company for a second valuation.
Can I take my own valuation to the bank?
Yes. The lender must accept a certified valuation by an approved company that has not expired, although it may carry out checks. A valuation is valid for six months.
What is the appraised value per square metre in Marbella?
In the second quarter of 2026 the average appraised value of open-market homes in Marbella was €4,528/m², 15.6% more than a year earlier, according to the Ministry of Housing. Homes up to five years old were appraised at €5,955/m².
Why are new-build valuations falling?
Because few developments are being started and financed. The AEV describes a structural stagnation in development activity, linked to the shortage of new supply and the difficulties in accessing housing.
What next? The most useful thing after reading is to look at the real market: browse properties by city or tell us on WhatsApp what you are looking for — area, budget, timing — and we will prepare a tailored selection, with no obligation.
You may also find useful: sell your property invest on the Costa del Sol free valuation monthly price report
