The Bayern Leverkusen right-back did say, however, that Dortmund will be a threat from set pieces and counter-attacks.
"I think Real Madrid have the edge, mostly because of the experienced players they have," Marca quotes Carvajal as saying. "Both teams play in a similar way. They move the ball quickly and try to get into the opposition's area with just a few touches.
"[Dortmund's strength is from] set pieces, with Marco Reus crossing the ball and Mats Hummels or Neven Subotic getting on the end of it, but their strength is the switch from defence to attack, it's lethal.
"Real Madrid must be careful not to lose the ball in midfield because their front four are very dangerous. Borussia struggle if they don't keep possession."
The semi-final first leg takes place on Wednesday night.