{"id":183393,"date":"2025-07-14T08:20:29","date_gmt":"2025-07-14T06:20:29","guid":{"rendered":"https:\/\/gesvalt.es\/?p=183393"},"modified":"2025-11-12T11:04:07","modified_gmt":"2025-11-12T11:04:07","slug":"order-ecm-599-2025-normative-real-estate-valuation-regulations","status":"publish","type":"post","link":"https:\/\/gesvalt.es\/en\/blog\/orden-ecm-599-2025-normativa-tasacion-inmobiliaria\/","title":{"rendered":"Ten keys to the new Order ECM\/599\/2025 updating the real estate valuation regulations"},"content":{"rendered":"<p class=\"wp-block-paragraph\">After 22 years of application of the ECO\/805\/2003 Order, the technical framework of valuation needed to be aligned with the challenges of sustainability, digitalisation and transparency that already mark the pulse of the real estate and financial sector.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Order ECM\/599\/2025, of 10 June, responds to this need: it updates urban planning criteria, introduces the principle of sustainability and reinforces documentary traceability, guaranteeing more rigorous and comparable valuations.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">With it, valuations now incorporate environmental factors, energy certification and rules for automated methods, bringing Spain in line with the latest European standards.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">The result is a more agile and robust regulatory framework that protects financial institutions as well as developers, investors and end-users, and requires industry professionals to adapt quickly and technically.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>1. New figure of \u201cessential licence\u201d to assess works under construction<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">A municipal authorisation prior to the building permit is enabled as a valid planning document for the valuation of a property under construction, which will speed up the financing of developments in their initial phases, provided that:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Allow the work to begin, notwithstanding the fact that they will have to have a building permit at a later date.<\/li>\r\n\r\n\r\n\r\n<li>Cover a \u201csubstantial\u201d part (the EMP is taken as a reference).<\/li>\r\n\r\n\r\n\r\n<li>It must be accompanied by a registered declaration of new construction.<\/li>\r\n<\/ul>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>2. Principle of sustainability incorporated in Art.<\/strong><strong>\u202f<\/strong><strong>3<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">The new <strong>principle of sustainability<\/strong> expressly inserts in article 3 of Order ECO\/805\/2003 the obligation for the appraiser to consider, whenever the market values them, the environmental attributes that affect the price of the property. With this, factors such as energy efficiency, resilience to floods or fires, the carbon footprint of materials and physical or climate transition risks are now included in the selection of witnesses and in the homogenisation of adjustments. The standard thus connects the Spanish methodology with the <strong>expectation<\/strong><strong>\u202f<\/strong><strong>8.3 of the Gu<\/strong><strong>\u00ed<\/strong><strong>The ECB<\/strong>, which requires financial institutions to internalise environmental risks in the determination of the value of collateral.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>3. Mandatory Energy Efficiency Certificate (EEC)<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">In addition, it obliges to document the <strong>Energy Efficiency Certificate<\/strong> in each file, so that the valuer has verifiable information on energy demand and associated emissions. This approach makes it clear that sustainability can impact both upwards (green buildings) and downwards (assets exposed to regulatory obsolescence), in accordance with the principle of prudence. In this way, valuation is no longer a mere static calculation but becomes a tool to anticipate the evolution of value in green transition scenarios.<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Completed buildings: EWC registered.<\/li>\r\n\r\n\r\n\r\n<li>New building\/under construction: EWC + proof of application for registration.<\/li>\r\n\r\n\r\n\r\n<li>The appraiser does not issue the EWC, but must include it in the file.<\/li>\r\n<\/ul>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>4. Single deadline for the \u201cupdate\u201d of valuations: 2<\/strong><strong>\u202f<\/strong><strong>a<\/strong><strong>\u00f1<\/strong><strong>os<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">The 3-year exception for insurers and reinsurers is removed: all financial purposes now share a 24-month limit.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>5. Strengthening the formality and traceability of the report<\/strong><\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Mandatory table of contents at the beginning to facilitate the location of sections and annexes.<\/li>\r\n\r\n\r\n\r\n<li>The advanced electronic signature of all those involved (appraiser, reviewer and collaborating technicians) that preserves the integrity of the document.<\/li>\r\n\r\n\r\n\r\n<li>It is forbidden to replace the nota simple by a photocopy of the Register Book in order to always guarantee the official source.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">These measures increase transparency, facilitate internal monitoring and significantly reduce operational risk for financial institutions and auditors.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>6. Surfaces: changes in criteria<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">The modification of the ECO Order introduces relevant changes in the way of calculating and justifying surface areas in real estate valuations. One of the most significant is that <strong>the area occupied by outdoor spaces, such as terraces, is no longer considered as usable area.<\/strong>, even if they are for private use. This is an important change from previous practice, where in many cases they were partially or fully included.<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Another key point is that <strong>priority is given to the use of usable floor area as the basis for valuation<\/strong>, The usual reference to the built-up area with common areas has been abandoned. If a different surface area is chosen, this must be expressly justified. In addition, spaces with differentiated characteristics, such as garages or storage rooms, must be valued separately, providing a detailed table with a breakdown of all the surfaces included. These adjustments seek greater precision, transparency and consistency in the valuation reports.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>7. Witnesses: enhanced transparency<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">The valuation company shall <strong>crediting sources of information<\/strong> of comparable properties and to ensure the <strong>traceability and consistency<\/strong> of its relevant characteristics. It shall be mandatory to <strong>justify the variables used to homogenise<\/strong> values, as well as the <strong>methodology and metrics<\/strong> used to calculate the adjustment factors. It should also be explained whether the homogenisation is applied to the unit value or to the total value, and why. In case of using <strong>witness weightings<\/strong>, The application and value shall be clearly justified. If a <strong>area other than the usable area ascertained<\/strong>, a correction coefficient should be included to compensate for this difference.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>8. Specific warning and application of the Mortgage Coefficient<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">The \u201chigh probability of significant drawdown\u201d is now extended to 18 months after expiry (previously one year from the date of valuation) and the requirement for the fall to last 3 years is removed.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>9. Automated Valuation Methods (AVMs)<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Basic rules for its use are added, in accordance with art. 44 bis of RDL 24\/2021. The technical development is delegated to the Banco de Espa\u00f1a by means of a circular.<\/p>\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>10. Entry into force<\/strong><\/h2>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">A period of two months from the publication in the BOE is established for the application of all these modifications, entering into force on 12 August 2025.<\/p>","protected":false},"excerpt":{"rendered":"<p>The new Order ECM\/599\/2025 modernises valuation standards in Spain, incorporating sustainability, traceability and digital methods. It reinforces technical criteria and transparency, requiring immediate adaptation of the sector.<\/p>","protected":false},"author":1,"featured_media":183395,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6,72],"tags":[],"class_list":["post-183393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mercado-inmobiliario","category-tasacion"],"acf":[],"_links":{"self":[{"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/posts\/183393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/comments?post=183393"}],"version-history":[{"count":2,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/posts\/183393\/revisions"}],"predecessor-version":[{"id":192072,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/posts\/183393\/revisions\/192072"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/media\/183395"}],"wp:attachment":[{"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/media?parent=183393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/categories?post=183393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gesvalt.es\/en\/wp-json\/wp\/v2\/tags?post=183393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}