Appraisers denounce poverty wages despite being key to the real estate business

PalmTheir reports are fundamental to real estate transactions that guarantee access to housing for some and generate millions in profits for others, yet their salaries don't reach 15 euros per hour. "We've lost 60% of our purchasing power because the hourly rate hasn't been raised for years, despite the enormous responsibility we bear in certifying the value of real estate," explains Mallorcan appraiser Miquel Àngel Busquets. This professional, with decades of experience, like the rest of his colleagues in the field who have decided to go on strike, doesn't consider it logical "to have increasingly worse working conditions in a sector that currently generates very significant capital gains." "It's important to keep in mind that our reports are becoming increasingly complex and that we are responsible for their content, which is essential, for example, for banks to grant mortgage loans," he warns.

For all these reasons, mortgage appraisers in Spain, grouped in the Spanish Association of Mortgage Appraisers (AETH), have been on a partial strike since December 15th, halting appraisals of bank portfolios in protest against precarious working conditions and insufficient fees. The strike primarily affects appraisals commissioned by financial institutions for loans and credit portfolios, while reports requested directly by individuals resumed on December 23rd to minimize the impact on families and businesses needing to formalize mortgages.

During this period, the AETH has met with officials from the Bank of Spain to explain the critical situation of the sector and request measures to guarantee the quality, independence, and sustainability of mortgage appraisals. Among the main demands are the security and validity of electronic signatures on reports, the acceptance of reports from any accredited company, the elimination of brokerage fees, and the abolition of the practice of penalizing delivery times when assigning commissions. "Our goal is not to drive up market prices, but to align fees with actual costs, eliminate undue commissions, and ensure that those who perform the work do not operate at a loss," explained Francisco Riaza, president of AETH. According to the association, current fees are in many cases below actual costs and represent only 20% of what the client ultimately pays. Furthermore, they have remained virtually frozen since 2008, despite increased regulatory and technical requirements. The strike is scheduled to last until February 15th and could affect the reliability of bank portfolio valuations, although it does not interfere with valuations for individuals. According to AETH, this situation jeopardizes the quality of reports and, consequently, confidence in the regulated mortgage system, which requires rigorous valuations and sufficient time for each report. AETH points out that there are approximately 3,000 active appraisers in Spain, mostly technical architects and building engineers, all registered with their respective professional bodies and qualified to prepare valuations within the regulated system. The association is willing to continue the dialogue with the industry associations (AEV and ATASA) and proposes a sectoral framework agreement that establishes minimum fees updated with the Consumer Price Index (CPI), balanced contractual conditions, reasonable timeframes, prompt payments, and compensation for travel expenses, with the aim of guaranteeing the independence and sustainability of the profession.

The conflict highlights a structural problem: the precarious employment situation of the professionals who prepare reports that determine access to housing, and warns that, without corrective measures, the quality and transparency of mortgage appraisals could be compromised.