Where are you buying? and is the lower price for tax purposes?
In any case get a valuation done by and independent valuer if you are concerned. Valueing off plan is no problem, it happens all the time in the UK. The good news is by the time your apartment is finished it will have grown in value anyway. Unless of course it is grossly over valued. You could find this out yourself by doing some homework. checking out similar aprtments in your area and how they are priced. The bank will value the property at the full market value of course. Dont forget that the lower price may be for the seller to pay lower taxes, common abroad I think. This means that those extra taxes will get passed on to you when you sell. There are of course ways of mitigating this, you just do as they do. Its a crazy system and the tax man would have your guts for garters in this country. But abroad it seems accepted, providing you dont extract the urine.

It's in Lanzarote and yes the lower price is the registered price for tax.
I was aware of the tax price/sale price differential in Spain but I had no idea it was such a big difference - which is why I'm concerned about the valuation.
I also didn't realise a valuation could be done from the plans - the bank were adamant that they couldn't give me any indication until completion.
Thankyou for your help - I'll see if I can find someone to do a valuation for me.

Try chris.curtis@greenindependent.com, he is a IFA on the costa del sol but may know someone who can help.
By the way is there not a developers mortgage of 70% available?

Cordero,
In Tenerife a general rule of thumb is that banks value a property based on its m2. The range is generally between 2,000- 2,400€ per m2. Therefore, If your apartment is 50m2 and the bank values it at 2,000 per m2 then they would therefore lend 70% of 100,000€ valued. If the m2 is valued at 2,400 then obviously they would lend more. Another rule of thumb is that you can get a higher valuation if the property is either ground floor with a garden or penthouse with a roof terrace. That is because the bank takes into account the meterage of gardens and roof terraces. Hypothetically you may have 50m2 internally and a garden of 30m2 and the bank would take a total of 80m2 and they would lend more against this as oppose to a 50m2 apartment with a 10m2 terrace. Hope this has cleared things a little and not just confused the issue

Spook

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