European Valuation Standards 2009 Ratified!
At its General Assembly in Bucharest on 15 November 2008, The European Group of Valuers' Associations (TEGoVA) ratified new European Valuation Standards 2009 (EVS) subject to final proof reading before publication by the end of this year. The long awaited new EVS will come into effect on 1st January 2009. The publication will represent a complete overhaul and streamlining of the present EVS 2003 and offer valuers a harmonised approach to the valuation of real estate across Europe at a time of financial crisis and market uncertainty.
Whilst EVS 2009 are generally in line with other well known standards including IVS 2007 published by the International Valuation Standards Committee and the RICS Valuation Standards (Red Book), the emphasis and style is somewhat different. As explained to the 43 delegates present at the General Assembly by John Hockey, Chairman EVS Editorial Board „The new EVS do not represent an Anglo Saxon view, a Spanish view or a German view but a TransEuropean View”.
This is indeed borne out by the many references in EVS 2009 to those EU Directives which have a bearing on real estate and market value definitions.
The General Assembly also enrolled two more member associations from France and one from Russia into its recently launched „Recognised European Valuer” Scheme. The REV scheme is the only international certification system which identifies those valuers who are not only qualified but who are able to prove that they continue to practice valuation, comply with lifelong learning requirements and follow a code of ethical practice.
In welcoming the new associations into the Rev Scheme, Anthony Prior, Chairman of the „REV Recognition Committee” noted that „The quality of submissions have been outstanding”
To date the associations which have joined the REV Scheme are as follows:
- Chamber of The Real Estate Valuers' of France (CEIF-FNAIM)
- French Institute of Real Estate (IFEI)
- National Association of Real Estate Professional, France (SNPI)
- Polish Federation of Valuers' Associations (PFVA)
- Russian Society of Appraisers (RSA)
In addition applications to join the REV Scheme in 2009 have been received or are awaited from the following associations:
- Institute of Revenues, Rating and Valuation, UK (IRRV)
- Qualified Experts, Germany (BVS)
- Body of Sworn-In Valuers of Greece (SOE)
- Russian Board of Appraisers (RBA)
It is predicted that by the end of next year over 1000 valuers across Europe will have gained an REV certificate.
The next TEGoVA General Assembly will be held in May 2009 in Seville, Spain.