My bank requires a property appraisal — what to do?
Your Moroccan bank (Attijariwafa, BMCE, BCP, CIH, CFG, Société Générale, Crédit du Maroc) just asked you for a property appraisal to validate your mortgage. Here is exactly how to proceed, who to choose, and how not to lose 3 weeks.
Your mortgage file is almost closed. The bank writes to you: « please provide us with a property appraisal of your asset within 15 days ». You discover an unforeseen expense (MAD 3,500 to 10,000 excl. VAT by asset type), a tight deadline, and the feeling that someone is being imposed on you. All of this is negotiable and manageable. This article gives you the exact playbook: why the bank requires the appraisal, who has the right to choose the appraiser (you, not the bank), how to calibrate the cost, and how to avoid the 4 classic pitfalls.
Why the bank requires an appraisal (not just an estimate)
Moroccan banks are bound by the Bank Al-Maghrib circular No 8/G/2010 and Basel III prudential standards to cover their mortgage loans with a real guarantee whose value is independent and documented. A real estate agency estimate is not enough: a report is required, signed by an expert engaging their professional civil liability, compliant with RICS Red Book Global Standards 2025 / IVS 2025. This report sets the mortgage value (often market value × 0.85 to 0.95) which caps the loan amount. It is also your protection: a poor report can lead the bank to reduce your loan or increase your down payment.
Step 1 — You choose the appraiser, not the bank
This is the least-known point: you are entitled to choose the appraiser yourselfwho performs the appraisal required by the bank. No Moroccan bank can impose a specific appraiser on you, provided that this appraiser is qualified (RICS / MRICS / FRICS) and their report complies with RICS Red Book. This freedom is essential: an appraiser mandated solely by the bank, commission-paid or contractually tied to the institution, lacks independence vis-à-vis the bank's expected value. Politely decline the bank's « partners » list; propose an independent RICS firm — all banks will accept.
Step 2 — Mission brief and quote within 24 hours
Prepare in 5 minutes these 4 elements to send to the firm:
1. Asset type and location — 3-bed apartment Maarif Casablanca, Souissi Rabat villa, Marrakech medina riad, etc.
2. Approximate surface — habitable and useful.
3. Purpose — bank financing (specify the bank to adapt the format if needed).
4. Desired turnaround — deadline given by the bank (typical 15-30 days), or urgency if a near-term notary signing.
ReaConsult issues a firm fee proposal excl. VAT within 24 hours, no commitment. Typical 2026 grid: MAD 3,500 excl. VAT for a standard apartment, MAD 5,000 excl. VAT for a residential villa, MAD 6,500 excl. VAT for an office floor, on request for hotel / specialised asset. Full grid in our pricing article.
Step 3 — Physical visit (day 3-5)
After engagement letter signature and fee payment, the expert organises the visit within 3 to 5 working days (24-48 h in urgency). Plan 60 to 90 minutes on site for: measured surfaces (often different from declared), general condition inspection, equipment, orientation, view, common-areas check for an apartment, dated photos of main rooms, control of any technical defects. Be present or mandate a trusted person to open all rooms, cellars, parking spaces, outbuildings.
Step 4 — Analysis and drafting (days 5-8)
The expert analyses closed comparables (ANCFCC transactions, internal firm base, notary copies), selects 5 to 8 intrinsically similar comparables in physical and legal terms, applies adjustments (floor, condition, surface, orientation), cross-checks with a subsidiary method where appropriate (income capitalisation for income-producing asset), then drafts the report. Typical format: 18 to 35 pages including asset description, legal situation (land title, planning, tax), market analysis, methodology, retained comparables, market value + mortgage value, annexes (photos, plans, title).
Step 5 — Delivery and debrief
The report is delivered to you as digitally signed PDF within 5-8 working days after the visit. You transmit it to your bank who files it in your mortgage file. A 30-minute phone debrief is included — useful to understand the retained value, check consistency with your acquisition price, and anticipate questions from the credit committee. Important: if the appraisal value is below your acquisition price, the bank may either reduce the loan, or request additional down payment. Better to know it before signing the preliminary contract than after.
4 classic pitfalls to avoid
Pitfall 1 — « The agency offers the appraisal ». Structural conflict of interest: the agency wants to close the sale, the appraiser will thus be tempted to over-value to facilitate financing. Report neither independent nor enforceable long-term. Refuse systematically.
Pitfall 2 — « Exclusive partner » appraiser of the bank. Same reverse issue: tempted to under-value to secure the bank (and reduce your loan). Ask for an independent RICS firm — the bank must accept.
Pitfall 3 — Too-low quote (< MAD 2,500 excl. VAT). Truncated mission, non-enforceable report. The bank may reject it and force you to restart = double turnaround.
Pitfall 4 — No physical visit. No report without visit is compliant with RICS Red Book. The bank will reject it. Distrust firms that « do everything on file ».
My file is urgent: notary signing in 7 days — what to do?
ReaConsult offers a 48-72 h express procedure for cases where the bank puts you under time constraint: visit organised within 24 h after engagement letter signature, report delivered within additional 48-72 h. Typical 20-30 % surcharge on the standard tariff. See our dedicated article on 48-72 h urgent property appraisal in Morocco.
- Read the bank's letter (exact deadline, format requested)
- Refuse the imposed « partners » list — propose an independent RICS firm
- Gather: asset type + surface + address + deadline
- Request a fee quote excl. VAT within 24 h
- Sign engagement letter + pay
- Prepare full access to the asset for visit (keys, parking)
- Transmit the PDF report to the bank within 7-10 days
- Imposes a single appraiser without alternative
- Refuses your independent RICS firm without reason
- Demands a target value before the visit
- Requests an « express 24 h appraisal without visit »
- Refuses a RICS Red Book compliant report
- Wants to take over the appraisal mandate (conflict of interest)
FAQ
How much does a bank-required property appraisal cost in Morocco?
From MAD 3,500 excl. VAT for a standard residential apartment, MAD 5,000 excl. VAT for a villa, MAD 6,500 excl. VAT for an office or retail floor. Hotel, clinic, shopping centre: on request. The bank should not influence the fee — you mandate the appraiser.
What turnaround for the report?
5 to 8 working days standard after the physical visit. Visit organised within 3-5 days after engagement letter signature. 48-72 h express procedure available with 20-30 % surcharge.
Do all Moroccan banks accept the RICS report?
Yes, without exception. A report compliant with RICS Red Book Global Standards 2025 / IVS 2025, signed by an MRICS or FRICS expert, is accepted by Attijariwafa Bank, BMCE, BCP, CIH, CFG Bank, Société Générale, Crédit du Maroc, and all Moroccan subsidiaries of large international banks (BNP, Standard Bank, etc.).
My bank imposes its appraiser — do I have the right to refuse?
Yes. You are entitled to choose the appraiser performing the appraisal, provided they are RICS / MRICS qualified and their report is compliant with RICS Red Book. Politely refuse the bank's « partners » list and propose ReaConsult or another independent RICS firm. No Moroccan bank can legitimately refuse a compliant RICS report.
What happens if the appraisal value is below my acquisition price?
The bank will compute the loan on the appraisal value (generally × 0.85 to 0.95 for mortgage value), not on the acquisition price. Consequence: either the loan amount is reduced (you must add a higher down payment), or the bank asks to review the file. This is why a pre-acquisition appraisal (before signing the preliminary contract) is often more strategic than a post-contract one.
Does my bank accept an appraisal carried out 1 year ago for another purpose?
Generally no. Banks require a recent report (typically < 6 months, sometimes < 3 months). A report drafted for another purpose (succession, divorce, IFI) can serve as a basis but requires explicit updating by the expert with an update note and a new valuation date.
Related reading
- Urgent 48-72 h property appraisal — emergency procedure
- Real estate appraisal pricing Morocco 2026 — full grid
- How to choose the best real estate appraiser in Morocco
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