The process for valuing a property in Spain is similar to that in the UK, though rather more detailed, taking the floor area in square metres into account, as well as the recent sale prices of other similar properties nearby. In that, it's rather superior to the British system in our judgement. If you are raising a mortgage, the bank will insist on a valuation and will appoint their own valuer. If you are buying for cash, you should get a valuation anyway - this is not an area on which to skimp.
The valuer will draw up a floor plan and get a precise measure of floor area, multiplying out by the local going rate per square metre. You need to be sure here what meterage you're talking about. 'Util' means 'usable', the bits you can actually set foot on; 'construido' covers common spaces, air shafts, walls, the whole footprint in other words, so ensure you're comparing like with like in assessing two properties for instance.
Note that the appraisal usually comes after you've made your downpayment, so you'll lose that if you then back out, unhappy with the valuation. It may be worth risking the expense (usually around €300) of getting an appraisal done up front, though this can get pricey of course. Do the maths first.
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