Document downloads - Valuation standards
Available downloads
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Building surveys and technical due diligence of commercial property (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This guidance note was prepared to provide surveyors and clients with a source of information and guidance in respect of commercial and industrial property surveys. Such surveys may also include large residential apartment buildings.
This guidance was written to apply to England and Wales. -
Surveys of residential property (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This guidance note provides a clear, flexible framework for practitioners to develop their own services the public can trust, consistent with the quality standards expected from RICS members.
In May 2016, this guidance was updated and reissued by RICS. Changes made with immediate effect relate to:
- Liability caps: it is generally wise to include some form of limitation of liability in the contract letter, providing a cap on the amount of compensation the surveyor (or their employer) may be found liable for. This is now provided for in section 5 and Appendix A.
- Cancellation rights: members should take legal advice to ensure the Contract letter is compliant with legislation relating to a 'cooling off' period in accordance with the Consumer Contracts Regulations 2013. This is also now provided for in section 5 and Appendix A.
- Unexpired leasehold term: the assumption at 5.1.8 has been brought into line with RICS Valuation – Professional Standards UK appendix 10 with the unexpired lease term assumption adjusted from 70 years to 85 years
- The sample scope of engagement at Appendix A is not mandatory, but may help practitioners develop documentation that supports clearer client understanding. -
Contamination, the environment and sustainability: Implications for chartered surveyors and their clients (ARCHIVE)
This document has been archived and is available on isurv for information purposes only.
The challenges presented by contaminated land and environmental issues, such as the flood risk caused by climate change, and the need to live in a more sustainable way mean that the demand for best advice has never been more important. Surveyors are uniquely placed to provide this advice to clients in all property sectors.
This guidance note aims to support and guide the professional activities both of those who are already highly proficient in this area and also those who are less experienced.
This publication was reviewed and a new standard was published in 2018: 'Environmental risk and global real estate'. -
Practice management guidelines (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
The Practice management guidelines, 3rd edition was aimed at small to medium practices and intended to assist in the day-to-day running of the business. -
Surveyors acting as expert witnesses
Published April 2014
Effective from 2 July 2014
Reissued February 2023
Surveyors acting as expert witnesses, 4th edition, applies to surveyors when providing expert evidence, whether oral or written, before a range of courts and tribunals in the UK,
The practice statement sets out the mandatory duties of a surveyor in providing evidence, while the guidance note provides further information on good practice, including: the need for clear instructions and terms of engagement; fees; guidance on what to do in situations of conflict of interest; an outline of the written report format; clarification of the differences between the roles of expert witness and advocate; and the immunity of the expert witness.
A stand-alone electronic version of this practice statement (without the guidance note) is also available for potential use with clients in connection with the particular requirement of PS 3.3.
This document was amended in February 2023 to remove wording from PS10 and GN19 which could be read as prohibiting expert witnesses from taking instructions from solicitors who are engaged on a conditional fee, even if the expert is instructed on an unconditional fee basis. This was not the intention of RICS and has therefore been amended for clarity. -
Mundic problem
Provides guidance for surveyors and other professionals likely to encounter cases of mundic in the south west of England. It outlines a rationale for the classification of samples to help lenders distinguish between those properties accepted as mortgageable and those that are not. It also details developments in the testing of concrete samples for evidence of mundic.
This third edition of the guidance replaces the second edition with effect from 1 January 2016. Please note this version is a reissue of the guidance note first published in March 2015. The main focus of the changes relate to suggested sampling options contained in Annex B3. -
Capital and rental valuation of fuel stations (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Fuel stations are among those types of property generally referred to as 'trade-related property'. They are normally bought and sold having regard to their trading potential. Guidance on the valuation of individual trade related properties in the RICS Red Book considers the criteria to be adopted by valuers when assessing the value of an individual trade-related property.
It relates to a wide range of trade-related property, including fuel stations. The terms defined in that guidance are used in this information paper, which deals with its application to the valuation of fuel stations, including those that are allied to convenience stores or are part of more complex properties such as motorway service areas, where it is assumed that trading will continue. It has been written specifically with regard to the law and practice in England, Wales and Scotland. -
Capital and rental valuation of hotels in the UK (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Previously referred to as Valuation Information Paper (VIP) 06, the 2nd edition information paper focuses on a specific group of trade related property, namely hotels. Although it is not intended to be fully comprehensive, it considers the general approach to be adopted for the capital and rental valuation of hotels in the UK, commenting on the different valuation methodologies and the practical approach to the assembly and interpretation of relevant information for this purpose. -
Valuation of rural property
Published July 2019
Effective from 1 July 2019
Reissued October 2022
This professional standard applies to rural property in the UK only. For the purposes of this guidance, rural property means commercial farms and farmland, all forms of rural landed estates and residential property in the countryside with land attached.
This professional standard is primarily intended to remind registered valuers of matters that should be considered when completing a valuation of rural property. It is not intended as a substitute for training and experience or a short cut to meeting the requirements of the various applicable RICS professional standards. It may also be of use to clients in understanding the work and role of the rural property valuer and assist in arriving at properly agreed instructions.
The client base for rural property valuations can include:
• farmers
• landowners (private and public)
• estates
• lenders and other institutional clients
• developers
• investors
Some will have intimate knowledge of the industry and others less so. While the requirements of RICS Valuation – Global Standards (RICS Red Book Global Standards) will need to be met in every case, valuers will need to consider the individual requirements of each client carefully, both in terms of settling instructions and the level of detail and advice they include in their reports.
This document was reissued in October 2022 as a professional standard. It had previously been published in July 2019 as a guidance note. The regulatory requirements remain the same and no material changes have been made to the document. -
Leasehold reform valuation in England and Wales
Published August 2015
Effective from 1 December 2015
Archived 12 March 2024
RICS is aware of current and pending government and regulatory reform of residential leasehold.
Valuers are reminded that they need to be aware of the latest market and legal position prior to undertaking work related to this area.
RICS are currently reviewing leasehold reform valuation guidance for members. The 2015 guidance has now been withdrawn.
Valuation undertaken by RICS members must continue to be undertaken in accordance with RICS Valuation – Global Standards, noting that some elements of leasehold reform valuation such as ‘Providing valuation advice expressly in preparation for, or during the course of, negotiations or litigation’ (PS1 section 5), are excepted from mandatory technical standards.
Leasehold reform valuations are specialist in nature and valuers must be appropriately qualified and competent.
RICS continues to engage with government, industry and valuation professionals on leasehold reform matters and has made a number of statements, including:
- Reforming Ground Rents in England and Wales
- Residential ground rent investment – UK valuation leaders forum commentary
Former editions are provided for information purposes only. -
VIP 12: Valuation of development land (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This information paper discusses the approach to the valuation of property where the proposed development is of a cleared, or greenfield site, or the site is to be redeveloped by removing all, or substantially all, of the existing buildings and constructing new buildings. It does not apply to redevelopment based on a refurbishment of existing buildings, with limited demolition. -
UK Appendix 1.2: January - August 2008 ARCHIVED
Archived RICS Valuation Standards, 6th edition, UK Appendix 1.2 effective from 1 January to 31 August 2008.
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UK Appendix 3.2: January - August 2008 and September 2008 - February 2009 ARCHIVED
Archived RICS Valuation Standards, 6th edition, UK Appendix 3.2 effective from 1 January to 31 August 2008 and from 1 September 2008 to 28 February 2009.
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UKGN 1: January - August 2008 ARCHIVED
Archived RICS Valuation Standards, 6th edition, UKGN 1 effective from 1 January to 31 August 2008.
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UKPS 2.2: January - August 2008 ARCHIVED
Archived RICS Valuation Standards, 6th edition, UKPS 2.2 effective from 1 January to 31 August 2008.
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UK appendix 2.2: January - August 2008 ARCHIVED
Archived RICS Valuation Standards, 6th edition, UK appendix 2.2 effective from 1 January to 31 August 2008.
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Glossary: January 2008 - February 2009
The Red Book 6th edition Glossary effective from 1 January 2008 to 28 February 2009.
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Introduction: January 2008 - February 2009 ARCHIVED
The Red Book 6th edition Introduction effective from 1 January 2008 to 28 February 2009.
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PS 1.1: January 2008 - February 2009 ARCHIVED
The Red Book 6th edition PS 1.1 effective from 1 January 2008 to 28 February 2009.
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PS 2.1: January 2008 - February 2009 ARCHIVED
The Red Book 6th edition PS 2.1 effective from 1 January 2008 to 28 February 2009.
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Appendix 2.1: January 2008 - February 2009 ARCHIVED
The Red Book 6th edition Appendix 2.1 effective from 1 January 2008 to 28 February 2009.
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PS 4.2: January 2008 - February 2009 ARCHIVED
The Red Book 6th edition PS 4.2 effective from 1 January 2008 to 28 February 2009.
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PS 6.1: January 2008 - February 2009 ARCHIVED
The Red Book 6th edition PS 6.1 effective from 1 January 2008 to 28 February 2009.
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Appendix 6.1: January 2008 - February 2009 ARCHIVED
The Red Book 6th edition Appendix 6.1 effective from 1 January 2008 to 28 February 2009.
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UK appendix 1.1: January 2008 - February 2009 ARCHIVED
The Red Book 6th edition UK appendix 1.1 effective from 1 January 2008 to 28 February 2009.
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UK Appendix 2.3: January 2008 - February 2009 ARCHIVED
The Red Book 6th edition UK Appendix 2.3 effective from 1 January 2008 to 28 February 2009.
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UKPS 3.1: January 2008 - February 2009 ARCHIVED
The Red Book 6th edition UKPS 3.1 effective from 1 January 2008 to 28 February 2009.
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UK Appendix 3.4: January 2008 - February 2009 ARCHIVED
The Red Book 6th edition UK appendix 3.4 effective from 1 January 2008 to 28 February 2009.
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UKPS 4.1: January 2008 - February 2009 ARCHIVED
The Red Book 6th edition UKPS 4.1 effective from 1 January 2008 to 28 February 2009.
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UKPS 4.2: January 2008 - February 2009 ARCHIVED
The Red Book 6th edition UKPS 4.2 effective from 1 January 2008 to 28 February 2009.
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RICS Appraisal and Valuation Standards, 5th edition (including amendments) (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
ARCHIVED CONTENT: The original RICS Appraisal and Valuation Standards, 5th edition effective 01/05/2003.
Including:
Amendment 1 (effective 01/05/2003)
Amendment 2 (effective 01/09/2003)
Amendment 3 (effective 01/12/2003)
Amendment 4 (effective 31/05/2004)
Amendment 5 (effective 31/01/2005)
Amendment 6 (effective 01/07/2003)
Amendment 7 (effective 31/01/2006)
Amendment 7.5 (effective 01/06/2006)
Amendment 8 (effective 20/09/2006)
Amendment 9 (effective 01/07/2007)
Amendment 9.5 (effective 01/08/2007)
For the current edition of Red Book see: www.isurv.com/redbook -
RICS Valuation Standards, 6th edition (including amendments) (ARCHIVED)
RICS Valuation Standards (The Red Book) contains mandatory rules, best practice guidance and related commentary for all RICS members undertaking valuations of property, plant and equipment. The content of the Red Book is supervised by the RICS Valuation Standards Board (VSB).
The Red Book includes global valuation standards and guidance applicable to all RICS members worldwide, along with standards and guidance for valuation in the UK.
The Red Book, 6th edition was effective from March 2009.
For the current edition of Red Book see www.isurv.com/redbook -
PS 1.2 January 2008 - June 2009 ARCHIVED
The Red Book 6th edition PS 1.2 effective 1 January 2008 to 30 June 2009.
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PS 2.1: March 2008 - June 2009 ARCHIVED
The Red Book 6th edition PS 2.1 effective 1 March 2008 to 30 June 2009.
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Appendix 2.1: March 2009 - June 2009 ARCHIVED
The Red Book 6th edition Appendix 2.1 effective 1 March 2009 to 30 June 2009.
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UK Appendix 2.2: September 2008 - June 2009 ARCHIVED
The Red Book 6th edition UK Appendix 2.2 effective 1 September 2008 to 30 June 2009.
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UKPS 4.4: March 2009 - June 2009 ARCHIVED
The Red Book 6th edition UKPS 4.4 effective 1 March 2009 to 30 June 2009.
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Sustainability and ESG in commercial property valuation and strategic advice
Published December 2021
Effective from 31 January 2022
This global professional standard provides a practical framework for delivering on sustainability and ESG investigation, and reporting requirements in professional valuation advice.
Please note, this was reissued in October 2022 as a professional standard. It was previously published as a guidance note. The regulatory requirements remain the same.
Practical and globally relevant principles for the delivery of the sustainability and ESG requirements in the Red Book Global Standards.
- Good practice advice supporting everyday commercial valuation practice and its interface with ESG and sustainability.
- Alignment of ESG and sustainability considerations with the core mechanics of valuation (purpose, basis, approach).
- A glossary of globally relevant sustainability and ESG terms and an appendix referencing world-leading rating, benchmarking and performance frameworks and tools.
The updated guidance is part of a suite of professional standards for sustainable practices across the built and natural environment. For example, ICMS 3, for the comparison of cost and carbon in construction. And the Responsible Business Framework, which enables clients to build and communicate a responsible business strategy mitigating negative environmental and social impact.
It is an update to the guidance issued in 2013 and is intended for valuing commercial property. It will be reviewed and updated periodically – reflecting pending developments in International Valuation Standards and the wider investment and regulatory framework globally. -
Valuation of land for affordable housing
Published April 2016
Effective from 28 April 2016
This guidance note aims to assist the valuer in the approach to the valuation of land for affordable housing by focussing on the affordable housing element of a scheme. The methodology behind the valuation of land for affordable housing has much in common with a conventional valuation of development land, therefore this guidance note should be read with an understanding of the contents of VIP 12: Valuation of development land.
The focus is on the valuation of land for housing and flats but the principles are broadly adaptable for other types of affordable housing, such as special needs and sheltered housing accommodation.
This guidance note applies only in England and Wales. It was written specifically with regard to practice in England where affordable housing provision is governed through the planning system. Where it differs, the practice in Wales is noted separately. In Scotland and Northern Ireland affordable housing provision is governed through housing policy. Although provisions there may differ in detail, the valuation approach is essentially the same and this guidance note may be adapted as necessary. -
Valuation of woodlands and forests
Published March 2023
Effective from 1 June 2023
Valuation of woodlands and forests (2nd edition) empowers professionals undertaking valuations of these assets to consider the evolving array of complex factors that can impact their value. This professional standard outlines the bases of value that can be utilised depending on the purpose of the valuation. It also allows our professionals to maintain and enhance their specialist knowledge and ensure they are best placed to deliver on client demand to understand the value of woodland and forestry assets.
An updated version of this standard was published in May 2023. The updated version applies to Ireland with full endorsement from the Society of Chartered Surveyors Ireland (SCSI).
This professional standard is applicable to the UK and Ireland and is effective from 1 June 2023. -
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. -
The capital and rental valuation of public houses, bars, restaurants and nightclubs in England and Wales
Published December 2010
Formerly VIP 2, The Capital and Rental Valuation of Restaurants, Bars, Public Houses and Nightclubs in England, Wales and Scotland, the former edition is provided on isurv for information purposes only.
Public houses, bars, restaurants and nightclubs are among those types of property generally referred to as trade related property. They are normally bought and sold having regard to their trading potential.
Guidance on the valuation of individual trade related properties in the Red Book (see www.isurv.com/redbook) covers a wide range of trade related properties. It considers the criteria to be adopted by valuers when assessing market value or market rent for an individual trade related property.
This guidance note provides more detailed guidance to valuers with regard to the valuation of a specific group of trade related property, that being pubs, bars, restaurants and nightclubs (licensed properties) that are occupied and trading. Written specifically with regard to the law and practice in England and Wales, it looks at valuation methodology and provides a practical approach to the assembly and interpretation of relevant information. -
RICS Valuation standards, 7th edition (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
The 7th edition of the RICS Valuation standards, effective 2 May 2011 marked its issue for the first time in Global, UK and India volumes, and incorporated a number of changes and updates to enhance its clarity and ease of use. These included adopting the term 'valuation standards' rather than 'practice statements' in relation to the key requirements, which continued to be mandatory for members, since the emphasis throughout was on the delivery of valuations to clear and consistent standards.
The standards in VS 1.1 and VS 1.2 were revised to make a clearer distinction between mandatory standards (i.e. the compliance and ethical requirements of VS 1) and those that are not mandatory, if the purpose of the valuation falls within any of the specified exceptions (that is, VS 2 to VS 6). Although differently expressed there was no intention to change the application of principles specified in the 6th edition.
There was some renumbering and reordering of guidance notes as well as updating of them, with a new GN on the depreciated replacement cost method of valuation for financial reporting, upgraded from 'valuation information paper' status. The intention was to ensure that the Red Book global standards aligned and complied with International Valuation Standards (IVS). Further information about IVS evolution was included in the Introduction.
For the current edition of Red Book see www.isurv.com/redbook -
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. -
RICS Valuation – Professional Standards 2012 (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
The Red Book 2012: RICS Valuation – Professional Standards were effective from 30 March 2012. They have since been superseded. For the current edition see www.isurv.com/redbook
RICS Valuation - Professional Standards - Global and India edition reproduced the 2011 guidance notes that were developed specifically for the India market, with minor updates to references. These included guidance on valuation for financial statements and secured lending, as well as for taxation purposes. Detailed guidance is also given on the valuation of development land, for those providing valuation services in India. -
Valuation of independent healthcare properties in the UK (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Originally published as Valuation Information Paper 11, the second edition information paper is concerned with the valuation of independent healthcare properties comprising nursing and residential care homes in the UK. -
Valuation of residential property in Ireland
Published May 2012
Effective from May 2012
Valuation of residential property in Ireland is part of the RICS Valuation - Professional Standards ('Red Book' 2012). This is the latest regional Red Book valuation standard accompanied by two appendices.
This standard is jointly published with the Society of Chartered Surveyors Ireland (SCSI).
Effective from May 2012. -
RICS Valuation – Professional Standards 2012 - application in the United States
This guidance note provides assistance to RICS members on the application of the the Red Book 2012 to valuations that have to be provided in compliance with US jurisdiction.
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Valuation of intangible assets (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Formerly published as a stand-alone guidance note, this was subsequently incorporated into the RICS Red Book 2014. -
Valuation of businesses and business interests (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Formerly published as a stand-alone guidance note, this was included in the RICS Red Book 2014. -
Valuation of land for affordable housing Scotland
Published January 2013
In Scotland, a valuation of land for affordable housing can be required for several reasons, including: advice for loan security, acquisition, sale, evaluation of options, planning purposes, compulsory purchase, taxation and development appraisal for grant purposes.
This guidance note aims to inform the valuer’s approach to the valuation of land for sites in Scotland where there is a requirement to provide affordable housing or where the provider of affordable housing is seeking grant finance from the Scottish government. -
EUGN 1: EU directives and regulations relevant to valuation (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This guidance note draws valuers’ attention to the need for particular care when undertaking valuation work on which various EU directives and regulations may impact. It is essential that the work is undertaken in the light of knowledge of the existence of the directives or regulations, as the case may be, and with an understanding of how they are to be implemented in individual Member States.
Care must also be taken to ensure that valuation reports draw attention to any aspects of the directives or regulations – or, more particularly, their implementation – of which the client needs to be aware in order to understand and use the report for its intended purpose. -
Automated valuation models (AVMs) (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This 1st edition information paper is intended for RICS members and others including lenders and similar institutions and considers the use of Automated Valuation Models (AVMs) in the UK. -
RICS Brazil – Valuation Standards (BRVS) (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
Members providing valuation services in Brazil shall comply with the relevant legal and regulatory requirements. This National Association Valuation Standard expands the requirements of PS 1 and PS 2 of the Global Standards of the Red Book 2014, in accordance with PS 1 paragraph 5, where valuation services are provided in Brazil. -
Application of RICS Valuation Professional Standards in Russian Federation (ARCHIVED)
This document has been archived and is available on isurv for information purposes only.
This guidance note provides assistance to RICS members on the application of the RICS Valuation – Professional Standards (the 'Red Book') to valuations that have to be provided in compliance with Russian legislation.
It covers application, bases of value, and other compliance matters in the Russian jurisdiction. -
RICS Valuation – Global Standards: Germany national supplement
The purpose of this document is to assist valuers who are members of RICS in ensuring that a valuation undertaken in accordance with Red Book Global Standards is also compliant with applicable legislation, regulation and professional practice in Germany.
Members are reminded to ensure, when conducting their professional activities in Germany, that they are also following any appropriate country-, state- or municipality-specific regulations and guidance. -
Canadian jurisdictional applications of valuation standards 2015
This document is intended to assist RICS members who are also AIC members in ensuring that a valuation report that is compliant with Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) is also compliant with the RICS Valuation – Professional Standards 2014 (RICS Red Book).
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Application of the RICS Valuation - Professional Standards in France
The Red Book recognises that local statute, or regulation, may have specific requirements that expand the global standards and that such requirements may be the subject of RICS national association valuation standards.
The French RICS Valuation Professional Group has developed this guidance note, which covers mandatory application in France, where members must comply with, in addition to French regulations, the Charte de l’Expertise en Evaluation Immobilière, 2012 (the Charter). This is the national valuation standard. -
Red Book scope and Red Book exceptions Feb 2016 (ARCHIVED)
This commentary on Red Book scope and Red Book exceptions was issued by the RICS Valuation Standards Board in February 2016.
An internal review of Valuer Registration had highlighted that there were genuine doubts among some members about the extent to which all or part of their work falls within the scope of the Red Book, more particularly whether it is, or is not, within one of the exceptions specified in PS 1 section 6 paragraph 6.2.
Although not formally part of the Red Book, the material below is intended to assist members by addressing some of the practical issues that arise in their day-to-day work, providing more detailed explanation and comment, which it is hoped will cover most situations. The material is in three parts:
- Part 1 addresses issues about the overall scope or 'reach' of the Red Book.
- Part 2 covers the principles underlying the Red Book 'exceptions' in more detail.
- Part 3 considers some practical examples drawn from 'real world' situations.
Parts 1 and 2 are of global application. Part 3 initially contains mainly UK examples, but will be progressively developed to include examples from all World Regions.
Since then a new edition of the global Red Book has been issued. For the latest issue go to www.isurv.com/redbook -
Application of the RICS Valuation - Professional Standards in Sweden
The purpose of this guidance note is to create clear and consistent guidance for both valuation providers and valuation users. It has been prepared primarily for financial reporting purposes, to comply with International Financial Reporting Standard 13 and for reporting to the Sweden Annual Property Index.
The effective date of this guidance note is 1 May 2016.
The Swedish language version will be published here once it becomes available. -
Application of the RICS Valuation - Professional Standards in Poland
This guidance note provides assistance to RICS members on the application of the RICS Valuation – Professional Standards January 2014 (the ‘Red Book’) to valuations that have to be provided in compliance with Polish law. This guidance note is effective on publication.
The English language version published 27 June 2016. The Polish language version published 2 August 2016. -
Application of the RICS Valuation - Professional Standards in Greece
Procedures are in place in Greece to have the valuation profession regulated by law in the near future. This guidance note is intended to respond to the new regulatory regime, with the aim of clarifying potential ‘grey areas’ between the Red Book and Greek law.
This guidance note covers:
- Context and definitions;
- Foreshore: Effects of the foreshore and beach delimitation regime on seaside plots;
- Archaeology;
- Key money;
- Residual building coefficient (RBC)
- Unauthorised structures;
- Valuation certainty and uncertainty. -
Application of the RICS Valuation – Professional Standards in Portugal
This RICS national association valuation standard covers the application of the Red Book 2014 in Portugal. It is provided in both English and Portuguese.
RICS publishes, separately from the RICS Valuation – Professional Standards global (the ‘Red Book’), a number of RICS national association valuation standards and national guidance material. They are designed to cover specific statutory or regulatory requirements in local jurisdictions, while being consistent with relevant international standards.
This professional statement covers:
- PTPS 1: Compliance with Law no. 153/2015 of 14 September – Property Valuation Experts (Peritos Avaliadores de Imóveis – PAIs); and
- PTPS 2: Guidelines for RICS members who perform valuations in Portugal. -
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. -
RICS Valuation – Professional Standards Hong Kong
This guidance note provides assistance to RICS members on the application of the RICS Valuation – Global Standards 2017 (the Red Book) to valuations that have to be provided in compliance with the jurisdiction requirements in Hong Kong.
It covers:
- departures;
- effective date;
- compliance with RICS Red Book and Hong Kong legal requirements. -
RICS national or jurisdictional valuation standards
RICS also publishes - separately from the global standards - a number of national standards (see PS 1 section 4) and national guidance material. They are designed to cover specific statutory or regulatory requirements in local jurisdictions, while being consistent with relevant international standards. This approach is fully in accord with United Nations voluntary guidelines encouraging jurisdictions to enhance transparency and overall consistency in valuation.
The following national association valuation standards are published on isurv (based on the 2014 edition of the Red Book): -
RICS Valuation – Global Standards: UK national supplement (UK Red Book)
Published: 19 October 2023
Effective from: 1 May 2024
For a number of jurisdictions RICS publishes national supplements to the Red Book Global Standards to assist members in the application of those standards in a local context.
The UK national supplement augments Red Book Global Standards for valuations that are subject to UK jurisdiction. -
RICS Valuation – Global Standards 2017 jurisdiction guides
The Red Book Global Edition and, where they apply, the national supplements are written
primarily for valuers. By contrast, jurisdiction guides will be of use especially to
property owners and professionals who are involved in the valuation process, either by
commissioning a valuation or by providing advice in relation to its outcome. Owners and
their advisers do not usually need to know the full detail of the valuation process and the
regulations that govern it (which are set out in Red Book Global Edition), but their understanding of the outcome of the valuation is likely to benefit from a better understanding of the key factors that will influence a valuer, and thus the value of the property. -
RICS Valuation – Global Standards 2017: India national supplement
As paragraph 4.3 of RICS Valuation - Global Standards 2017 (Red Book Global Edition) explains, for a number of jurisdictions RICS publishes national supplements to the Red Book global standards to assist members in the application of those standards in a local context.
The India national supplement augments Red Book Global Edition for valuations that are subject to Indian jurisdiction. The first edition, published on 10 July 2019, is effective for valuations where the valuation date is on or after 10 July 2019. -
RICS Valuation – Global Standards 2017: Australia national supplement
As paragraph 4.3 of RICS Valuation - Global Standards 2017 (Red Book Global Edition) explains, for a number of jurisdictions RICS publishes national supplements to the Red Book global standards to assist members in the application of those standards in a local context.
The Australia national supplement augments Red Book Global Edition for valuations that are subject to Australian jurisdiction. The first edition, published on 12 August 2019, is effective for valuations where the valuation date is on or after 12 August 2019. -
Valuation of development property
Published October 2019
Effective from 1 February 2020
Reissued April 2023
The aim of this professional standard is to guide the valuer in the approach to development property valuations.
A development property is defined in the International Valuation Standards (IVS) as:
‘interests where redevelopment is required to achieve the highest and best use, or where improvements are either being contemplated or are in progress at the valuation date’.
Development projects can vary from single or multiple residential projects to industrial estates, shopping centres, other retail developments, offices and mixed-use developments.
Development property valuations are often complex, have a potentially high variation and incorporate optionality. They can relate to specialised markets and therefore require a high level of expertise.
The principles set out in this professional standard apply to all valuations of development property and should be read in conjunction with the latest edition of RICS Valuation – Global Standards ('Red Book' Global Standards) – incorporating the International Valuation Standards (IVS), in particular IVS 410.
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. -
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
Published 30 November 2021
Effective from 31 January 2022
The new edition of Red Book Global Standards (RICS Valuation – Global Standards) takes effect on 31 January 2022, 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.