A legal map of property valuation in Portugal

Portugal has no single valuation statute. Home loans, work for the financial system, investment funds, tax, court expertise, estate inventories and real estate agencies each have their own rules. This page lists the main diplomas, with a one-line account of what each one does and a link to the Diário da República or to the official tax-code text.

What does Decree-Law 74-A/2017, article 18, require?

For a home loan, the lender must have the property valued by an independent valuer registered with the CMVM. The consumer is entitled to a copy of the report within 10 days, may complain in writing and receive a reasoned reply, and may ask for a second valuation. A report paid for by the consumer belongs to the consumer. Diário da República, consolidated text of Decree-Law 74-A/2017.

What does Law 153/2015 cover?

It regulates access to the activity of valuing property for entities of the financial system — banks, investment funds, insurers, reinsurers and pension funds. Only valuers registered with the CMVM, with a written contract, may do that work; they may not subcontract it. Registration requires fitness and propriety, professional qualifications and experience, and professional liability insurance. Diário da República, Law 153/2015 · official PDF.

Which CMVM regulations apply to valuers?

The base reporting regulation is CMVM Regulation 1/2017, later amended by Regulation 6/2020 and by Regulation 3/2023. Regulation 3/2023, which entered into force on 11 September 2023, adjusts how CMVM-registered valuers file their annual activity report, including through the CMVM’s electronic one-stop shop. Official PDF of Regulation 3/2023. Regulation 6/2020 had already revised the reporting duty: Diário da República, Regulation 6/2020. The original 2017 text is cited here through these later amending regulations.

What does CMVM Regulation 7/2023 require for investment funds?

It regulates the Asset Management Regime (Decreto-Lei 27/2023) and revokes CMVM Regulations 2/2015 and 3/2015. For collective investment undertakings, properties must be valued by at least two CMVM-registered valuers, as a rule at least every 12 months (every six months, or at the redemption interval if longer, for open-ended real-estate alternative funds). The fund records the simple average of the two figures; if they differ by more than 20%, a third valuer is instructed. The valuer must use at least two of the comparison, cost and income methods, unless special circumstances are explained. These rules apply to funds, not to every valuation in Portugal. Diário da República, Regulation 7/2023 · official PDF.

What do articles 467 and 468 of the Civil Procedure Code provide?

In a civil case the judge may order an expert report, usually by one expert the judge appoints. If a party asks, up to three experts work as a panel; without agreement each side chooses one and the judge the third. Article 467 · Article 468.

How does the CIMI treat the VPT?

IMI is levied on the VPT (CIMI, article 1). The VPT is determined under that Code (article 7). For urban housing, commerce, industry and services, article 38 gives the formula Vt = Vc × A × Ca × Cl × Cq × Cv. Article 76(5) treats the VPT as distorted when it is more than 15% above or below the normal market value. IMT uses the higher of the contract price and the VPT (CIMT, article 12). Stamp duty on gifts and inheritances uses the VPT (Stamp Duty Code, article 13). CIMI, official Portal das Finanças PDF · Decree-Law 287/2003, Diário da República, consolidated · CIMT, official PDF · Stamp Duty Code, official PDF.

What does Law 15/2013 say about estate agencies and valuation?

A real estate agency is forbidden from valuing the properties that are the object of its mediation, and those in the portfolios of agencies in the same group or under the same brand (article 17(2)(d)). Mediação imobiliária is the search for counterparties and the promotion of deals, not a reserved valuation activity. Official PDF of Law 15/2013 · Diário da República, detalhe · consolidated text.

How is property valued in an inventory for an inheritance or a divorce?

An inventory can be used to divide an estate or, after a divorce, the couple’s common property (Civil Procedure Code, articles 1082(d) and 1133, as inserted by Law 117/2019). In an inheritance inventory, properties are listed at their taxable value and any interested party may request an evaluation (articles 1098 and 1114). Article 1082 · Article 1098 · Article 1114 · Article 1133 · Law 117/2019.

A legal map of property valuation in Portugal

A legal map of property valuation in Portugal

What does Decree-Law 74-A/2017, article 18, require?

What does Law 153/2015 cover?

Which CMVM regulations apply to valuers?

What does CMVM Regulation 7/2023 require for investment funds?

What do articles 467 and 468 of the Civil Procedure Code provide?

How does the CIMI treat the VPT?

What does Law 15/2013 say about estate agencies and valuation?

How is property valued in an inventory for an inheritance or a divorce?

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José Covas FRICS — about the author

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