The Red Book contains mandatory rules and best practice guidance for members undertaking asset valuations
14 OCT 2018
The Royal Institution of Chartered Surveyors has signed a milestone Memorandum of Understanding (MoU) agreement with the Department of Urban Planning and Municipalities (DPM) in Abu Dhabi, to improve market transparency, facilitate growth, investor confidence and help drive investment in the real estate sector across the capital.
The MoU will build and maintain a long-term cooperative relationship and aims to encourage the exchange of professional knowledge, thought leadership and development across the market.
As part of the partnership agreement, RICS will assist DPM in drafting and introducing a real estate valuation standard for Abu Dhabi that will be fully aligned with the International Valuation Standards (IVS) 2017. The standard will also contain RICS Red Book, an implementation framework for the practical application of valuations standards globally.
This collaboration between RICS and the Abu Dhabi government is recognition of the commitment to support growth and investment in the real estate sector. The exchange of professional knowledge will encourage further development and standardisation, along with the implementation of international best practice, while providing financial stability across the market.
RICS Regional Director, MENA
RICS and DPM partnership will support and encourage industry best practice through the adoption of other standards, such as the International Property Measurement Standards (IPMS compliant Abu Dhabi Property Measurement Standards), International Construction Measurement Standards (ICMS), International Ethics Standards (IES) and sustainability-related standards.
RICS will work with DPM to help embed the standards into the market and work to establish a comprehensive regulatory scheme to support the standards adoption. This will also involve the two organisations offering appropriate training and development to professionals in the market.
The International Valuation Standards Council (IVSC), the standards setter for valuation practices globally, launched IVS 2017 last year, which serves as a key guidance for valuation professionals to foster consistency, transparency and confidence, and plays a vital role in investment decisions as well as financial reporting and is to have its 2018 AGM in the UAE which is the first time this will have been held in a MEA country.