Comparative Market Analysis (ACM)

What Is It?

A Comparative Market Analysis (ACM — Análise Comparativa de Mercado) is a technical report used to estimate a property’s true market value based on current market data.

Unlike the Taxable Property Value (VPT — Valor Patrimonial Tributário), which serves fiscal purposes, an ACM reflects what is actually happening in the real estate market — what buyers are realistically paying.

What Is It For / Why Is It Important?

Price Definition
Helps sellers avoid overpricing (which causes properties to stagnate on the market) or underpricing (resulting in financial loss).

Negotiation Support
Provides buyers with objective arguments when the asking price exceeds the market average for the area.

Market Realism
Compares the property with similar homes — considering typology, condition, size, and location — that have actually sold recently, not just advertised asking prices.

Where Can You Obtain It?

Real Estate Consultants
This is one of the main working tools used by real estate agencies (such as RE/MAX, ERA, or Century 21).

Certified Property Valuers (Peritos Avaliadores)
Independent professionals who can prepare more detailed reports, often aligned with bank valuation standards.

Online Platforms
Some property portals provide automated valuation tools based on algorithms and market data.

What Does It Cost?

Through Real Estate Agencies
Usually free, as agencies provide an ACM as part of their property listing strategy.

Independent Valuers
Typically ranges between €150 and €500, depending on report complexity.

What Is Analysed?

• Active Listings — properties currently for sale (direct competition)

• Sold Properties — actual transaction prices (the most relevant data)

• Expired Listings — properties that failed to sell, revealing prices rejected by the market

• Property Characteristics — exact location, floor level, condition, and features such as parking, balconies, or views

Key Difference: ACM vs. Bank Valuation

ACM (Market-Oriented)
Used to estimate the price at which a property can realistically be sold.

Bank Valuation (Avaliação Bancária)
Conducted to determine how much value the bank is willing to guarantee for lending purposes — typically more conservative and often lower than the ACM estimate.