RICS Valuation – Global Standards (Red Book)

Response to IVSC consultation

Following the conclusion of the International Valuation Standards (IVS) Exposure Draft consultation 2026, RICS has submitted the below response in April 2026. This response has been informed from input by several stakeholders, including but not limited to, RICS' Valuation Professional Group Panel, RICS Global Valuation Standards Expert Working Group and feedback from RICS’ Red Book 2028 public survey.

RICS Red Book 2028 will be developed following the final publication of the updated IVS.

Finalised IVS consultation response (PDF 0.83MB)

Published date: 23 April 2026

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First published in 1976, the Red Book Global Standards are updated regularly to reflect market changes and developments. It is recognised globally as one of the most rigorous sets of standards for valuation and, as such, serves as a key reference for global users and stakeholders.

We have updated the Red Book Global Standards as part of our commitment to support high standards in valuation delivery worldwide and future-proof practices in the public interest, with the direction of updates informed by extensive feedback from stakeholders.

The changes reflect:

Alignment with developments in other relevant global standards and regulations such as the new International Valuation Standards (IVS), published 31 January 2024 and effective 31 January 2025
The addition of new content relating to modelling and methods
Adaptation to practice and process changes from evolving areas such as technology and Environmental Social and Governance (ESG).

Download the latest edition of RICS Valuation – Global Standards (Red Book)

A guide to key changes

The accompanying Red Book Global Standards - 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.

It addresses the main refinements made following the responses received through the public consultation. It has been produced purely to assist the reader and does not form part of the standards.

Also provided is a document comparing the 2022 edition and 2025 edition. This marked-up/red-line version of the Red Book indicates changes to the previous version and is for illustrative purposes only. It should not be used as a substitute for the 2025 edition. Please use the 2025 edition for the most up-to-date information.

VPS 1: remains as VPS 1 (Terms of engagement)
VPS 2: is now VPS 4 (Inspections, investigations and records)
VPS 3: is now VPS 6 (Valuation reports)
VPS 4: is now VPS 2 (Bases of value, assumptions and special assumptions)
VPS 5: is now split into VPS 3 (Valuation approaches and methods) and VPS 5 (Valuation models)

Useful links

Training/webinars

RICS Red Book Compliance Workshop
Global Red Book training course
Red Book Global Standards Launch Webinar (Recorded 11 Dec 2024)
Red Book Australia National Supplement 2025 - Webinar (Recorded 6 Nov 2025)

Articles

Other

Red Book Global Standards for your business

Frequently Asked Questions

A continuation of the free Red Book Global Standards compliance workshops are available to support members in meeting the updated Red Book and IVS implementation requirements.

RICS has also updated its existing Global Red Book training course.

Yes, section 6 includes a copy of IVS in full, as per the 2022 edition.

RICS has translated the Red Book Global Standards into Arabic, Dutch, French, German, Simplified Chinese and Spanish. These are available for download in the 'Download the translations, national supplements and jurisdiction guides' section of this page below.

The accompanying Red Book Global Standards - Basis for Conclusions provides a detailed explanation of the updates and highlights key changes made following the consultation. You can download it here.

No. The advisory global rotation policy at PS2 suggests rotating the responsible valuer at intervals not exceeding seven years. National valuation standards or local regulations may require additional criteria.

Yes, the UK supplement has been updated to include references to the updated Red Book Global Standards. Find it here.

New content on modelling and methods has been provided in the update. The Red Book Global Standards have also been made more accessible, removing repetition. In accordance with Recommendation 13 from the Valuation Review (addressing technology in valuation), we have amended existing mandatory (PS1) standards around AVMs and incorporated new standards covering automation and AI.

More information on the Valuation Review can be found here.

Translations and National Supplements

The English language version of RICS Valuation – Global Standards published by RICS is the only official version of these standards and will be the definitive reference for regulatory purposes. This includes references to International Valuation Standards and any other external sources.

To see archived National Supplements, Jurisdiction Guides and National Association Valuation Standards, go to isurv here or contact knowledge@rics.org to receive copies.

RICS is reviewing the below documents and will update or archive accordingly.