Evaluation of real estate properties is an important factor in any economy. The appraisal process is rather subjective, based on the appraiser's experience and intuition. Attempts are being made to help appraisers produce more stable and reliable results. In the paper the authors present an integrated approach to the problem based on the multicriteria decision making framework. The process is carried out through three phases using the multicriteria method TODIM. An "adjusted value" iterative procedure for market value estimation is proposed. The final property price ensures that the overall quality of the alternative obtained through the TODIM method is not farther from the comparable properties on the market than the stated threshold. The process is illustrated through an application in the city of Volta Redonda (Brazil). The results are compared with the "proportional approach". The "adjusted value" approach showed significant improvement compared to the "proportional" adjustment of market values