Abstract
The COVID-19 pandemic has provided the biggest recent test of the valuation profession and valuation standards, notably ‘RICS Global Standards — Valuation “Red Book”’ (‘Red Book Global’). Many positive lessons have been learnt from the crisis, the principal one being for valuers to be prepared for changing valuation practice in the light of severe market challenges, while still adhering to valuation standards requiring the provision of accurate, objective and evidenced advice. The demand for explicit valuation techniques and a comprehensive rationale, increased automation and digitisation, with more demanding governance is unlikely to be reversed following the initial impact of COVID-19. This paper analyses how valuers will continue to rise to these challenges.
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