PROPERTY VALUATION: 2023 – A YEAR OF CHANGE

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In January 2022, the RICS published the Independent Review of Real Estate Investment Valuations and in the interim months has been consulting with the profession and other stakeholder on the appropriate implementation of the recommendations made relating to standards, process and methods.

We are entering a world where transparency, consistency and regulation are all bedfellows for good commerce and the valuation profession needs to embrace these traits in all property valuations. The RICS Red book in both its Global and UK supplement guises will be updated, after consultations, to incorporate the changes recommended by the review. This talk will discuss how this supports valuers in undertaking their work and how greater transparency benefits everyone involved.

The talk will also look at the new RICS (explicit) DCF Guidance note and the distinction between valuations and calculations of worth and why it makes sense that the property valuation profession starts to adopt explicit models, where appropriate, as their principal valuation model for such assets.

• Valuation Standards and the RICS Valuation Review
• Valuation Methods and the RICS Valuation Review
• Market Value vs Investment Value (Price vs Worth)
• The importance of regulation, consistency and professionalism in Valuation Reports

Nick French, Real Estate Valuation Theurgy, Property Education