RICS Valuation – Global Standards

Issued November 2024, effective from 31 January 2025

Preface

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).

Red Book Global Standards reflects the growing importance of successfully combining professional, technical and performance standards in order to deliver high quality valuation advice that meets the expectations and requirements of clients; of governments, regulatory bodies and other standard-setters; and of the public.

Transparency, consistency and the avoidance of conflicts of interest have never been more important. Nor has technical expertise and practical ability ever been more in demand, including the experience and insight necessary to interpret and review market dynamics and trends, and – in relation to real estate assets – to recognise the growing relevance of sustainability factors as a market influence. RICS-qualified valuers are at the forefront of the valuation profession and Red Book Global Standards is their definitive implementation guide.

All members providing a written valuation are required to comply with the standards set out in this updated edition – in other words, unless stated otherwise, they are mandatory. The valuation practice guidance – applications (VPGAs) also included in this edition focus in greater detail on the practical application of the standards in specific contexts, whether for a particular valuation purpose or in relation to a particular asset type – they are advisory. The status of the component elements of the Red Book Global Standards is explained in more detail in the Introduction that follows and in the second section of the Glossary.

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.