Comparable

A comparable is a real, recent sale (or letting) of a property close enough to the one being valued for its price to tell us something about the value of the latter. It is the raw material of the comparison method, which the Charte de l’expertise en évaluation immobilière (French property valuation charter) designates as the reference approach for market value. The quality of a valuation depends largely on the quality of its comparables: their number, their proximity in space and in time, and the reliability of the information available on each of them.

The Charter recalls that transaction prices are the preferred reference. Asking prices, which only reflect sellers’ expectations, may be used with caution, by estimating the likely gap with the sale price according to the market cycle and liquidity.

Where the rule comes from

Title III § 2.1 of the Charter (6th edition, November 2025) describes the sources of information, the units of comparison (price per m², price per unit, income) and the analysis criteria: relative location, age of the transactions and market trend, degree of obsolescence and, for investment property, quality of tenants and occupancy rate. EVS 1 § 1.4 recalls that the ultimate test of a market value is whether buyers would actually pay that price, hence the importance of rigorous analysis of the evidence. In France, land value data (DVF, demandes de valeurs foncières) is published under article L. 112 A of the Tax Procedures Code, and the Patrim service is opened by article L. 107 B.

In a valuation report

I cite each comparable with its source (DVF, notarial database, deed provided, agency), its date, its address or location, its characteristics (floor area, land, condition, floor, energy rating) and its price. I then explain the adjustments: a comparable that is larger, better located or in better condition is adjusted downwards to bring it into line with the property being valued, and vice versa. The Charter requires every discount or premium to be justified. The report explicitly sets aside irrelevant references (sales between relatives, forced sales, atypical properties) and explains why.

Example

A 62 m² flat on the second floor without a lift, in need of renovation. Comparable A: 60 m², third floor with lift, renovated, sold at €3,300 per m²; adjustments of minus 8 % for condition and minus 4 % for the lift, giving €2,900 per m². Comparable B: 65 m², first floor, average condition, sold at €2,950 per m²; adjustment of minus 3 % for condition, giving €2,860 per m². Comparable C: 58 m², sale between relatives, set aside. From five references retained, I conclude at €2,900 per m², or €180,000 rounded.

Not to be confused with

An average price for the town or an index is not a comparable: it describes a market, not a property. An online estimate aggregates data; it does not replace the individual analysis of the evidence.