How much is your house worth? Andorra Property Valuation
- elizabethhelenpier
- Dec 17, 2024
- 3 min read
Updated: Mar 8
In most countries you find that estate agencies or realtors will give you a good idea about the value of your property before you place it on the market with them. Some realtors in other countries will try and push for a sale price above the average for property in that region, but these prices will only moderately change by 2-10% approximately. You can of course call for an external appraiser or surveyor to confirm, and in many countries an official appraisal will be necessary to complete the sale. This is not the case in the domain of Andorra property valuation.
Can realtors in Andorra tell you how much your house is worth?
Yes and no. Any official AGIA collegiate can in theory appraise property in Andorra. The problem is that the majority of agents you will come in contact with do not have the AGIA certification, and many of the agents that do have this certification do not have the knowledge or education to understand property appraisal and they are under no ethical regulation either. Their valuations will be dependent on basic figures of theirs, and high prices that go in their favor for high commission rates. Many realtors here have no issue taking on property that is exceedingly over valued by the owner and simply blame the owner if questioned, not taking any responsibility for the price they have advertised. The larger the agency, the more likely the property will be overvalued. We suggest you can end up paying a 20% premium just by using certain larger listing estate agencies. This is where having a buyer’s agent comes in handy.
How to get a property valuation in Andorra?
Property valuators do not exist in the way you would see in the USA, mainland Europe or the UK. There is no specific degree or certification that can be obtained to carry out Andorra property valuation. Instead, it is architectural certification that permits someone to legally appraise a property here. You can pay any architect officially registered in Andorra between 300-900€ depending on the size of the estate to survey. They will often appraise above value for mortgage transactions (to assure you will be approved for the mortgage) and for the benefit of the selling agent also (to assure the sale). If you are looking instead for a real honest appraisal, make sure to search for your own architect and not via the selling agent, and to mention it is not for a mortgage agreement. Even then, we have seen very varied price ranges in official appraisals, telling you even these architectural valuations can be subjective. This is in part due to the lack of ethical regulations in Andorra surrounding property appraisal, so everyone including the architects can be underhand with their appraisals and influenced by third parties.
Are RICS surveyors available in Andorra?
Today no, but in the future very possibly yes through Pierce & Sharp. Spain is only now beginning to recognise The Royal Institute of Chartered Surveyors as some of the most highly qualified valuators globally. In Andorra the story is even more bleak with not one officially qualified RICS surveyor available here. With only three Degree and Master’s courses available in Spain for such qualification they are still hard to come by in the Spanish state which links directly as to why there are no RICS valuators in the Andorran territory. We are hoping to change this in time, through one of our shareholder’s current study and career plan.
What are the legal implications in property appraisal here?
A real estate agency wrongly valuing and advertising above value has no legal implications at all. An architect who appraises a property incorrectly, in theory could be legally implicated, in practice never will be though.
If you are unsure how to contact the right architect for Andorra property valuation or an appraisal on a property you are interested in buying in Andorra then please do not hesitate to contact us.
