European Valuers Focus on Green Issues!
At the General Assembly of The European Group of Valuers' Associations held
in Seville at the end of last month, delegates focused on the implications
of green issues on property valuation. The European Union's requirements in
relation to Energy Performance Certificates were also considered in detail.
Indeed the EU's Energy Performance of Buildings Directive was recognised as
one of the most important pieces of property-relevant legislation in recent
years. It imposes, inter alia, energy performance certificates (EPCs) for
all buildings in the Union. The deadline for implementing the certification
obligation was 6 January 2009. However general feedback on the first EPCs
from some member states has not been good, because of the poor quality of
the certificates. In response to the negative feedback the EU
Commission has proposed to recast the Directive.
EPCs should be seen in the context a new Directive which sets a target of
net zero energy on all new buildings from 2016
Whilst the effects on property values of EPCs and other green building
certification initiatives are not yet entirely clear, the consensus amongst
the 50 delegates, representing valuers' associations from across Europe, was
that in future valuation reports should include at least an acknowledgement
of the existence of an energy performance certificate in respect of any
property valued or identify any requirements in this respect. It was agreed
also that the Tegova EVS Editorial Board would consider what additions
should be made to European Valuation Standards accordingly.
The General Assembly also witnessed the launch of the Spanish edition of
European Valuation Standards 2009 and the approval of further Associations
for entry to the "Recognised European Valuer Scheme. These were
Bundesverband Offentlich Bestellter und Vereidigter Sowie Qualifizierter
Sachverstandiger (BVS) of Germany and The Institute of Revenues, Rating and
Valuation (IRRV) from the United Kingdom.
It was noted that with the rapid development of the REV scheme across Europe
(so far including France, Germany, Poland, Russia and the United Kingdom)
there should be some 1000 Recognised European Valuers by the end of the
year.