The Bank of Spain Asks for the Method for Valuing Homes to be Changed during the Pandemic

21 April 2020 – Brainsre.news

The institution believes that the absence of transactions due to the shutdown of the market is preventing realistic valuations and advises against applying the comparison method.

The Bank of Spain has sent a letter to AEV and Atasa, the trade associations of the appraisal companies, in which they make several recommendations to be applied in the situation generated by Covid-19.

In the letter, which was disclosed by Expansión and confirmed by the trade associations to Brainsre.news, the institution assures that “in the current situation, given that transactions have practically disappeared, there are no up-to-date comparables that reflect the market. In the not-too-distant future, when transactions begin to recover, we can expect to see the new price level. ”

Original Story: Brainsre.news

Translation/Summary: Carmel Drake

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