The Global Red Book is being updated through 2024. It will be updated to reflect:
- implementation of Valuation Review recommendations
- practice and process changes driven by evolving areas such as ESG and technology
- information related to developments in other relevant global standards and regulation such as IFRS and Basel 3.1
- administrative updates to align the standards with wider RICS objectives.
The draft timeline for updates is currently early summer 2024 consultation, autumn 2024 publication with an effective date of 31 January 2025 for alignment with IVS, see below.
New International Valuation Standards (IVS) were published 31 January 2024. These included a revised structure and increased focus on ESG, data and valuation modelling. IVSC have given permission for RICS members to have individual access to the new IVS through our myRICS community here. You need to be a member of the my RICS community to use this link.
To align Global Red Book with these changes we are considering the following restructuring to be effective from 31 January 2025:
- VPS 1: will remain as VPS 1 (Terms of Engagement)
- VPS 2: will become VPS 4 (Inspections, investigations and records)
- VPS 3: will become VPS 6 (Valuation Reports)
- VPS 4: will become VPS 2 (Bases of Value, Assumptions and Special Assumptions)
- VPS 5: will be split into VPS 3 (Valuation Approaches and Methods) and VPS 5 (Valuation Models)
Each VPS will be updated with an introduction to reference IVS content.
If you have an interest in direct engagement on the Global Red Book update such as contributing to a forum or working group, please contact standards@rics.org.
Changes to RICS standards are subject to public consultation and governance of the Knowledge and Practice Committee and Standards and Regulation Board.
The latest edition of RICS Valuation – Global Standards ('Red Book Global Standards') is effective from 31st January 2022.
RICS translates the Red Book into some languages such as French and German, and for those where a translation is not available, we have provided supporting documents in English. If you think a document or translation is missing from this page, please contact us at standards@rics.org
A guide to key changes
The accompanying Red Book Global — Basis for conclusions explains the rationale behind updates in the latest version and highlights significant changes to ensure you can quickly identify what you must do differently to remain compliant. Specifically, it addresses the main refinements made as a 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.
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Published date: 30 November 2021
Published date: 30 November 2021
Download the translations, national supplements and jurisdiction guides
حمل النسخة العربية من معايير التقييم العالمية ٢٠٢٠ للمعهد الملكي للمساحين القانونيين RICS "الكتاب الأحمر"
حمل النسخة العربية من معايير التقييم العالمية 2022 "الكتاب الأحمر" للمعهد الملكي للمساحين القانونيين.
المرجع الشامل لأعضاء المعهد ويشمل المعايير المهنية والفنية لممارسة مهنة التقييم بالإضافة إلى أدلة تطبيقية لأنواع متعددة من الأصول وأغراض التقييم كما يتضمن معايير التقييم الدولية السارية من 31 يناير 2022.
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Published date: 01 February 2021
Download the local jurisdiction guide
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
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Published date: 02 May 2019
Download the Red Book national supplement for Australia
This national supplement sets out supporting guidance for members on the application of RICS Valuation – Global Standards 2017 (Red Book Global Edition) to valuations undertaken subject to Australian jurisdiction.
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Published date: 08 August 2019
Download the Portuguese translation of the Red Book 2017.
Download the local jurisdiction guide.
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Published date: 19 November 2018
Published date: 02 May 2019
Download the translated Global Red Book for 2017
Download the translated Basis for Conclusions for the Global Red Book 2022
Download
Published date: 18 January 2019
Published date: 04 December 2021
Download the updated National Supplement to the Red Book for Cyprus, published September 2021.
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Published date: 14 September 2021
Download the local jurisdiction guide
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Published date: 02 May 2019
Red Book Global Standards pour votre entreprise
Download the translated Global Red Book for 2017
Download the translated Basis for Conclusions for the Global Red Book 2022
Download
Published date: 19 November 2018
Published date: 07 December 2021
Download the translated Global Red Book for 2017
Download the translated Basis for Conclusions for the Global Red Book 2022
Download
Published date: 19 November 2018
Published date: 07 December 2021
Download the updated National Supplement to the Red Book for Greece, published April 2022
Download
Published date: 05 April 2022
Download the Red Book national supplement for 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.
Download the local jurisdiction guide.
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Published date: 11 October 2017
Published date: 03 May 2019
Download the Red Book national supplement for India
This national supplement sets out supporting guidance for members on the application of RICS Valuation – Global Standards 2017 (Red Book Global Edition) to valuations undertaken subject to Indian jurisdiction.
Download
Published date: 10 July 2019
Download the local jurisdiction guide
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Published date: 03 May 2019
Download the Italian translation of the Red Book 2020
The Red Book recognises that local statute, or regulation, may have specific requirements that expand the global standards.
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Published date: 25 June 2021
Download the local jurisdiction guide
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Published date: 03 May 2019
Download the Dutch translation of the Red Book 2020
Download the local jurisdiction guide
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Published date: 30 March 2021
Published date: 03 May 2019
Download the local jurisdiction guide
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Published date: 03 May 2019
Download the translated Basis for Conclusions for the Global Red Book 2022
Download the translated Global Red Book for 2017
Download
Published date: 22 December 2021
Published date: 13 September 2019
Download the Portuguese translation of the Red Book 2017.
Depending on the purpose for which it is intended, property valuation in Portugal may be subject to diverse local legislation and regulations that create specific rules. This national supplement sets out supporting guidance for members on the application of RICS Valuation – Global Standards (Red Book Global Standards) to valuations undertaken subject to Portuguese jurisdiction.
Download the Red Book national supplement for Portugal.
Download
Published date: 19 November 2018
Published date: 28 July 2021
Download the local jurisdiction guide
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Published date: 03 May 2019
Download the local jurisdiction guide
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Published date: 03 May 2019
Download the translated Global Red Book for 2020
Download the translated Basis for Conclusions for the Global Red Book 2022
Download
Published date: 31 March 2021
Published date: 07 December 2021
Download the national Red Book supplement for Sweden (English language only).
This guidance note has been prepared primarily for financial reporting purposes, in order to comply with International Financial Reporting Standard 13 (IFRS 13), but also for reporting purposes to the IPD Sweden Annual Property Index.
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Published date: 27 April 2016
Since June 2015 the UK and global portions of the RICS Red Book have been issued separately.
Clarification on the relationship between Global Red Book 2017 and the UK national supplement.
As paragraph 4.3 of the RICS Valuation - Global Standards 2017 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 UK national supplement augments the Global Red Book for valuations that are subject to UK jurisdiction. The latest edition published on 14 November is effective for valuations where the valuation date is on or after 14 January 2019. The previous edition is effective for valuations where the valuation date is on or after 6 January 2014 (with certain elements effective from 1 January 2015) but before 14 January 2019.
Key changes between 2015 and 2018 UK national supplements
The changes introduced in the 2018 UK national supplement (effective from 14 January 2019) are described in the separately published Basis for conclusions document, and also summarised at pages 138 – 140 in the Supplement itself.
Download the local jurisdiction guide.
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Published date: 14 August 2019
Published date: 03 May 2019
Download the Red Book national supplement for the US.
This guidance note provides assistance to RICS members on the application of the Red Book 2012 to valuations that have to be provided in compliance with US jurisdiction.
Download the local jurisdiction guide.
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Published date: 13 July 2012
Published date: 03 May 2019
