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Mortgage Appraisals Fell by 45% During the Pandemic

Between April and June, 45% fewer home appraisals were carried out for mortgage purposes, according to the AEV, whilst the average appraisal amount grew by almost 6% to 213,000 euros.

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During the second quarter of 2020, around 45% fewer home appraisals were carried out for mortgage purposes than during the same period of 2019, up to a total of around 60,000 appraisals including flats and single-family homes, according to AEV (the Spanish Association for Value Analysis).

“The segment for home appraisals with mortgages has suffered one of the sharpest decreases, due to the progressive slowdown in the sale and purchase market that took place during the lockdown. Although operations have not ceased completely, the lockdown has had a significant impact on their volume”, explain sources at the appraisal company.

Read the full article in Spanish.

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