Do I need a RICS valuation to buy a property in Portugal?
No. A RICS valuation is not a legal step in buying property in Portugal. If you borrow, the bank must have the property valued by an independent valuer registered with the CMVM (Decree-Law 74-A/2017, article 18). A RICS Red Book valuation is your choice: an independent figure, on terms you agree, that answers to you rather than to the lender.
When is a RICS valuation worth it?
When you buy without a mortgage and nobody else checks the price; when you invest and need a figure an auditor, fund or partner will rely on; when you buy from abroad and do not know the local market; or when a price looks too good, or too high, to be true. In each case the question is the same: do you need a figure you can defend later?
What does “RICS valuation” mean?
It is a written valuation by an RICS member or RICS-regulated firm that complies with RICS Valuation – Global Standards, the Red Book. The Red Book adopts and applies the International Valuation Standards (IVS); the current editions of both have been effective since 31 January 2025. See What is a Red Book valuation? and IVS vs Red Book.
Is the bank valuation enough?
It answers the bank’s question — how much to lend against the property — and you are entitled to a copy. It may also answer yours. If it does not, a valuation you commission yourself fills the gap. I am FRICS, an RICS Registered Valuer and a CMVM-registered valuer, so I work on both sides of that line.