Friday, 3 January 2014

Cadastral Valuation of the Land in Spain (III)

Land Values in Spain (III)

Unit Value. Undeveloped, Over-built and Under-built Plots. Massive Valuations.

Whenever we find an Impact Value we should calculate the corresponding Unit Value, in euros per square meter of land, by aggregating the results of multiplying every Impact Value by the corresponding buildable Gross Floor Area. The buildable floor area to consider must be one between the following concepts:
  • the buildable Gross Floor Area allowed by the urban planning
  • the average value between all buildable GFA applicable to the street, the street section, the zone or the place
  • the buildable GFA applicable to the cadastral plot
  • in absence of the above values, 1 sq. meter per sq. meter of cadastral plot.

The use of any different value of buildable GFA should be authorized by the Values Statement.

Valuating Undeveloped Plots

Undeveloped plots can be valuated by two different methods:
  • Impact Method (VRG), based on buildable square meters
  • Unit Method (VUG), based on square meters of land.

Both methods shoud use as many correction factors as applicable.

Valuating Under-built Plots

Under-built plots can be valued by applying the Impact Method, considering either the buildable GFA or the actually built GFA. If we consider the built GFA, the result can be increased by evaluating the remaining building right, according to the procedure established by the Values Statement. Again, both methods shoud use as many correction factors as applicable.

Valuating Over-built Plots

When we value plots where the Gross Floor Area exceeds the buildable value assigned by application of the Values Statement, the Impact Value can be applied to the actual GFA, and then using correction factors.

Massive Valuations

In order to make Massive Valuations possible, each polygon should be associated to a Homogeneous Economic Zone, to an Impact Basic Module (MBR) and to a range of coefficients or, where appropriate, a range of Unit Values.
Property Valuation Reports in Spain

Daniel Trujillano, Architect

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