International valuations standards (IVS) have a “key role” to play in the global property industry, according to research from the Royal Institution of Chartered Surveyors.
The RICS report (“The Role of International and Local Valuation Standards in Influencing Valuation Practice in Emerging and Established Markets”) argues that IVS is increasingly requested by investors during sales, as well as the RICS Red Book, indicating the importance of standards for international clients to meet.
“Researchers concluded that valuation standards have a major role to play in regulating professional practice and promoting trust in valuers globally,” says RICS.
“Currently the use of local valuation standards around the world can cause confusion, particularly among international investors. And while the report sets out a number of differences between emerging and established markets… it is clear that there is a shift towards greater consistency and demand for an international benchmark.”
Source: The Movechannel