Document downloads - Real estate valuation: approaches and methods
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Integrating automated valuation models with valuation services to meet the needs of UK borrowers, lenders and valuers (RICS)
Published January 2010
This report, by Mary Lou Downie and Gill Robson of Northumbria University, with funding from the RICS Education Trust, explores attitudes towards the use of automated valuation models. -
Discounted cash flow for commercial property investments (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This guidance note featured as part of the RICS Valuation Standards (the 'Red Book'), 7th edition, 2011. From 2012 this was removed from the Red Book and maintained as a standalone guidance note. -
User guide: reflecting uncertainty in valuations
Published June 2011
This guide is prepared for the benefit of valuers and other users of valuations to provide a general understanding of the concept of uncertainty and the methods by which uncertainty, in valuations for investment purposes, may be identified and communicated with clarity.
It is not intended to provide training in valuation techniques but rather to give valuation surveyors, and other users of valuations, a general understanding of the matters that need to be taken into account.
Uncertainty is a feature of investment in real estate regardless of geographical location. Although this guide has been written from a UK perspective, with examples based on UK investments, the fundamental principles are universal. Uncertainty as a concept does not vary and this guide can be applied to investment properties in all markets around the world. -
Comparable evidence in property valuation (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Covering most types of real estate asset, this information paper discusses the use of comparable evidence in property valuation and aims to outline the principles of comparable evidence use, encourage consistency in its application worldwide, address issues of availability and the use of comparable evidence under challenging market conditions and consider the potential sources of comparable evidence.
This information paper also discusses the use of comparable evidence in different circumstances and markets, whether volatile or inactive, as well as in developing markets, where comparable evidence is often more difficult to obtain and less familiar to valuers.
Although applicable to land and buildings used for commercial, industrial, residential, agricultural and associated purposes, this publication does not cover the use of comparable evidence in the valuation of plant and equipment. Business assets or personal property are also outside the scope of this information paper, however, many of the principles described may be relevant to these types of asset. -
Valuation of renewable energy installations (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This information paper addresses the capital and rental valuation of freehold and leasehold landed interests for sites where a significant part of the value arises, or might arise, from the potential to generate renewable energy - principally electricity.
This information paper is primarily concerned with the valuation of developments undertaken on a large scale for the regular production of energy for sale. -
RICS Valuation – Global Standards 2017 (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
The RICS Valuation – Global Standards 2017 took effect from 1 July 2017, the same date as the IVS 2017.
The accompanying Basis for Conclusions explains the rationale behind the more significant changes made in the final version of the Red Book 2017. Specifically, it addresses the main refinements made in consequence of the responses received to the public consultation. It has been produced purely to assist the reader and does not form part of the standards.
Following the publication of the new edition of IVS, an updated Red Book takes effect from 31 January 2020 in line with the IVS. -
Comparable evidence in real estate valuation
Published October 2019
Effective from 9 October 2019
Reissued April 2023
This professional standard discusses the use of comparable evidence in the valuation process.
It has four main purposes:
- to outline the principles of the use of comparable evidence
- to encourage consistency in the use of comparable evidence globally
- to address issues of availability and use of comparable evidence, especially in challenging market conditions and
- to consider potential sources of comparable evidence and their relative importance
The use of comparable evidence in the valuation of the principal types of real estate asset is examined. This professional standard does not discuss comparable evidence in the valuation of plant and equipment and other business assets, or personal property, but many of the principles described are also relevant to the valuation of these asset types.
This document was reissued in April 2023 as a professional standard. It had previously been published in October 2019 as a guidance note. No material changes have been made to the document. -
RICS Valuation – Global Standards 2022 (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Published 30 November 2021
Effective from 31 January 2022 - 30 January 2025
This edition of Red Book Global Standards (RICS Valuation – Global Standards) took effect on 31 January 2022, the same date as the new edition of the International Valuation Standards (IVS). It was replaced on 31 January 2025.
The accompanying Basis for conclusions explains the rationale behind the more significant changes made in the new edition of Red Book Global Standards. Specifically, it addresses the main refinements made in consequence of the responses received to the public consultation. It has been produced purely to assist the reader and does not form part of the standards.
The main reason for issuing the update to Red Book Global Standards is to take account of the changes to the IVS, which Red Book Global Standards adopts and applies. -
RICS Valuation – Global Standards
Published December 2024
Effective from 31 January 2025
This edition of Red Book Global Standards (RICS Valuation – Global Standards) took effect on 31 January 2025, the same date as the new edition of the International Valuation Standards (IVS).
The accompanying 'Basis for conclusions' explains the rationale behind the more significant changes made in the new edition of Red Book Global Standards. Specifically, it addresses the main refinements made in consequence of the responses received to the public consultation. It has been produced purely to assist the reader and does not form part of the standards.
The main reason for issuing the update to Red Book Global Standards is to take account of the changes to the IVS, which Red Book Global Standards adopts and applies.