- 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)
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 are updating 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 to the existing Red Book Global Standards will reflect:
- Implementation of Valuation Review recommendations
- Alignment with development in other relevant global standards and regulations such as the new International Valuation Standards (IVS) published January 2024, IFRS and Basel 3.1
- Adaption to evolving practices and processes for issues including ESG and technological advancements
To ensure these changes are effective for the industry, we are holding a consultation from 1 July to 2 August 2024.
Respond now and gain informal CPD hours
Once feedback from this consultation has been received and reviewed, any changes will be finalised and approved by the RICS Knowledge and Practice Committee and then finally by the Standards and Regulation Board.
The revised Red Book Global Standards are scheduled for publication in late 2024. There will be a transition period for members and stakeholders to implement changes before it becomes effective on 31 January 2025, in line with the International Valuation Standards (IVS).
Frequently Asked Questions
New content on modelling, methods and risk 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.
See this page for further information on the valuation review Valuation Review (rics.org)
A light-touch review will be undertaken of the Red Book UK Supplement post-publication of the Red Book Global Standards, with regards to references and any other administrative changes needed.
The current advisory global rotation policy relating to the member of not greater than seven years (see PS 2) is proposed to remain as it is. The Red Book UK Supplement mandatory rotation policy (UK VPS 3.3) only applies in the UK and to a limited number of regulated purpose valuations. The Valuation Review was mainly UK focused and there is not thought to be scope to expand governance recommendations such as mandatory rotation globally at this time.
31 January 2025, to align with IVS.
There will be a free webinar during the consultation period giving an overview of the proposed changes, followed by a continuation of the free Red Book Global Standards compliance workshops.
RICS will also update any existing training courses/e-learning modules: Global Red Book 2022 | RICS Online Academy and Global Red Book (rics.org) as needed.
The latest edition of RICS Valuation - Global Standards (Red Book Global Standards) is still in effect until 31 January 2025.
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. 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.
Download
RICS Valuation - Global Standards (PDF 8.93MB)
Published date: 30 November 2021
Red Book Global - Basis for conclusions (PDF 0.43MB)
Published date: 30 November 2021
RICS translates the Red Book Global Standards 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.
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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حمل النسخة العربية من معايير التقييم العالمية ٢٠٢٠ للمعهد الملكي للمساحين القانونيين RICS "الكتاب الأحمر" (PDF 5.53MB)
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.
Download
Valuation Global Standards 2017: Jurisdiction guide: Abu Dhabi (PDF 0.52MB)
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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RICS Valuation - Global Standards 2017 - Australia National Supplement (PDF 2.54MB)
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
Red Book 2017, Portuguese translation (PDF 2.49MB)
Published date: 19 November 2018
Valuation Global Standards 2017: Jurisdiction guide: Brazil (PDF 0.51MB)
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
RICS Valuation – Red Book 2017 – Simplified Chinese translation (PDF 2.44MB)
Published date: 18 January 2019
RICS Valuation – Red Book 2022 – Basis of Conclusions – Chinese translation (PDF 0.72MB)
Published date: 04 December 2021
Download the updated National Supplement to the Red Book for Cyprus, published September 2021.
Download
Red Book Cyprus national supplement - 2nd edition (PDF 3.83MB)
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
Valuation Global Standards 2017: Jurisdiction guide: Dubai (PDF 0.50MB)
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
RICS Valuation – Red Book 2017 – French translation (PDF 2.34MB)
Published date: 19 November 2018
RICS Valuation – Red Book 2022 – Basis of Conclusions – French translation (PDF 0.82MB)
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
RICS Valuation – Red Book 2017 – German translation (PDF 1.88MB)
Published date: 19 November 2018
RICS Valuation – Red Book 2022 – Basis of Conclusions – German translation (PDF 0.84MB)
Published date: 07 December 2021
Download the updated National Supplement to the Red Book for Greece, published April 2022
Download
RICS Valuation - Global Standards Greece national supplement_1st edition (PDF 3.80MB)
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
Application of the RICS Valuation: Professional Standards in Hong Kong, 1st edition (PDF 0.60MB)
Published date: 11 October 2017
Valuation Global Standards 2017: Jurisdiction guide: Hong Kong (PDF 0.51MB)
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
RICS Valuation – Global Standards 2017 - India national supplement (PDF 2.54MB)
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
Valuation Global Standards 2017: Jurisdiction guide: Indonesia (PDF 0.50MB)
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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Red Book 2020, Italian translation (PDF 1.21MB)
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
Valuation Global Standards 2017: Jurisdiction guide: Japan (PDF 0.50MB)
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
Red Book 2020 - Dutch (PDF 1.20MB)
Published date: 30 March 2021
Valuation Global Standards 2017: Jurisdiction guide: Netherlands (PDF 0.51MB)
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
Valuation Global Standards 2017: Jurisdiction guide: New Zealand (PDF 0.50MB)
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
Red Book Poland national supplement - 2022 (PDF 3.86MB)
Published date: 22 December 2021
RICS Valuation – Red Book 2017 – Polish translation (PDF 1.36MB)
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
Red Book 2017, Portuguese translation (PDF 2.49MB)
Published date: 19 November 2018
Red Book Portugal national supplement (PDF 3.78MB)
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
Valuation Global Standards 2017: Jurisdiction guide: Saudi Arabia (PDF 0.50MB)
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
Valuation Global Standards 2017: Jurisdiction guide: Singapore (PDF 0.50MB)
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
RICS Valuation – Red Book 2020 – Spanish translation (PDF 1.22MB)
Published date: 31 March 2021
RICS Valuation – Red Book 2022 – Basis of Conclusions – Spanish translation (PDF 0.81MB)
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.
Download
Application of the RICS Valuation: Professional Standards in Sweden, 1st (PDF 0.34MB)
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
RICS Valuation - Global Standards 2017 - UK National Supplement (PDF 0.72MB)
Published date: 14 August 2019
Valuation Global Standards 2017: Jurisdiction guide: UK (PDF 0.51MB)
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
Application of the RICS Valuation: Professional Standards in the United States, 1st edition (PDF 3.21MB)
Published date: 13 July 2012
Valuation Global Standards 2017: Jurisdiction guide: USA (PDF 0.51MB)
Published date: 03 May 2019