Over 15 years of experience
MRICS valuers
What is the Royal Institution of Chartered Surveyors (RICS)?
Global standard in property, land and construction
It is an international, independent, non-profit professional organisation based in London and present in more than 150 countries, whose mission is to establish and maintain the highest professional and ethical standards and integrity in sectors related to land and its management, real estate, construction and infrastructure.
The RICS was founded in 1868 and recognised by Royal Charter in 1881. It is self-regulated and internally supervised, without relying on government regulations or external third parties, and it is the Governing Council that manages and sets the strategy for RICS. The Regulatory Council, the Audit Committee and the Board of Directors report to the Governing Council and are responsible for implementing the strategy established by the latter.
The main objectives of RICS are:
- To promote public confidence (professional ethics, technical competence and transparency).
- To develop international standards such as the Red Book, and their alignment with global standards such as IVS, ICMS and ILMS.
- To ensure professional competence through rigorous qualification processes.
- To regulate professional practice (rules of conduct and technical standards).
- To promote sustainability and good governance.
RICS valuations comply with the latest edition of the International Valuation Standards (IVS) of 31 January 2025 and the professional valuation standards of the RICS (Royal Institution of Chartered Surveyors) of 31 January 2025, ‘Red Book’, which fully incorporate the IVS 2025. They provide greater transparency, rigour and confidence, identify potential risks and factors of substantial uncertainty and ESG, providing a reliable and impartial value and facilitating decision-making for any professional in the real estate, financial or investment sector.
With regard to valuations under RICS standards, they are recognised by international and national investors, real estate investment funds, REITs, SOCIMIs, companies listed on regulated markets, developers, operators, managers, financial institutions, private investors, family offices, etc. The reports are consistent internationally and provide a real estimate of value on a given date, according to the value base established.
Differences between RICS valuations and ECO appraisals
| CHARACTERISTIC | RICS VALUATION | ECO APPRAISAL |
|---|---|---|
| REGULATION | Red Book / NIV of 31 January 2025 | ECM/599/2025 of 10 June amending ECO/805/2003 |
| ISSUER | MRICS, FRICS, Company regulated by RICS, Not regulated by the Bank of Spain | Company approved and supervised by the Bank of Spain (BdE) |
| PURPOSE | RICS does not set specific purposes, but the usual ones are:
|
|
| SCOPE OF APPLICATION | International. Complies with NIV | Spain. Not compatible with NIV |
| METHODOLOGY | RICS does not set specific methodologies; those used in an RICS valuation vary according to the type of asset and the purpose of the report, but generally include internationally recognised methods recommended in the RICS Valuation - Red Book standard (Comparables, Cost, Income Capitalisation and Residual). | It is based on specific approaches that must be applied in accordance with the regulations, depending on the nature of the property and the purpose of the work, such as the Comparison, Cost, Income Capitalisation and Residual Methods. |
| VALUATION BASES | These must be appropriate for the purpose of the valuation.
|
The ECO Order, despite recognising both Market Value and Fair Value (both included in the NIV), establishes a specific Valuation Base called Mortgage Value, which must be used when carrying out a Valuation for Mortgage Guarantee Purposes, and whose main difference lies in the temporal aspect. |
| VALIDITY PERIOD | They are referenced to a specific date, previously established in the Terms and Conditions. There is no validity period. | 6 months from the date of issue of the report |
| CONTENT OF THE REPORT | As indicated in DBPV6 of the 2025 edition of the Red Book | Structure established in the ECO, which specifically details the necessary verifications, working procedures and technical criteria and methodologies to be applied to determine the valuation amount. |
| WHO SIGNS A VALUATION REPORT | Solely and exclusively RICS Members (MRICS, FRICS) who are registered as Registered Valuers (RV), who may or may not be under the umbrella of RICS-regulated companies. | ECO valuations are signed by individual technicians and only valuation companies registered with the Bank of Spain are authorised to issue reports under these regulations. |
| DISCLAIMERS | Assumptions and special cases | Conditions, warnings and observations |
| ISSUE DEADLINE | Depends on the type of assignment/asset | As agreed with the Valuation Company |
| LANGUAGE | As agreed in the Terms and Conditions | Spanish. |
| RECOGNITION | National and international | National scope |
When is an RICS/IVS valuation used or required?
Key use cases for RICS valuations
Mainly to ensure transparency, credibility, trust and consistency in real estate transactions of international scope and recognition.
- Real estate investments both nationally and internationally.
- Mergers, acquisitions, internal or external audits, complex corporate transactions, transactions.
- To obtain property valuations for investment funds, family offices, SOCIMIs, financial institutions, especially international ones, and investors.
- Transactions subject to international taxation, compliance and corporate governance.
- Financing and debt restructuring.
Types of Assets
Residential
Rent or Build to Sell
Build to Rent
Living
Retail
High Street, C.C. and Medianas
Offices
Hotels and Resorts
Camping
Logistics and industrial real estate
Alternatives
Hospitals, schools, student residences, senior living, car parks, storage rooms, infrastructure, etc.
Why choose us?
Competitive advantages that set us apart
Experience
Over 15 years in the market with documented success stories.
Certification
Officially registered and accredited MRICS valuers.
Coverage
National and international scope.
Specialisation
Experts by asset type and specific sectors.
Commitment
Transparency in reporting, processes, and customer communication.
Quality
Detailed and accurate reports with quality assurance.
The process for commissioning RICS valuations
01
Initial contact and proposal
The relationship always begins between the MRICS, RV of GLOVAL (director) and the client-applicant by telephone, to ask relevant questions such as the type of asset, its location or condition, the purpose, basis of value, valuation date, potential or actual conflicts of interest, independence of the RICS area and other details, in order to prepare the proposal for the assignment, with fees and estimated time frame for completion of the assignment.
If the client accepts the proposal, they must send it signed by email to the address provided by the RICS department at Gloval.
02
Documentation and inspection
The necessary documentation and various options for the visit-inspection of the asset(s) by the MRICS, RV who prepares the report, or, where applicable, a technician trained by Gloval and sent by the MRICS, RV, in accordance with DBPV4 of the RICS Red Book (current edition).
With the information obtained and the communications between the RICS team (MRICS, RV) and the client, the Terms of Engagement (ToE) document (DBPV1 of the Red Book) is drafted and sent to the client for signature.
03
Terms of engagement
Once the T&Cs have been signed, as a prerequisite, and once the necessary documentation to prepare the report has been received and analysed, the report will be prepared in accordance with DBPV6 of the RICS Red Book, edition of 31 January 2025.
04
Review and delivery
Before the final delivery of the assignment, a draft is sent to the client as a measure of transparency and professionalism, in case they detect any errors, verify the data to correct them, and send the final report and close the assignment.
Frequently Asked Questions
We answer your questions about RICS valuations
The RICS Red Book does not establish specific valuation purposes or objectives. It only requires that these be clearly defined in the Terms of Engagement document, which must be signed by the RICS Member and the client, in addition to the report itself.
The most common are:
- Internal use by the client requesting the valuation.
- Mortgage guarantee for foreign entities.
- Consolidation or updating of balance sheets.
- Market Value / Market Rent / Investment Value / Equitable Value / Liquidation Value / Fair Value.
RICS standards, in accordance with IVSC, establish Bases of Value, the most representative of which are as follows:
With regard to approaches and methods, they are similar in both regulations, with the difference that RICS recommends, but does not require, the use of a specific one. It is the RICS valuer who has the power to choose the most appropriate one to obtain the Market Value, based on their experience, knowledge of it and conditions or particularities on the valuation date.
It is not sustainable over time. The Market Value is only valid on the valuation date, which must be clearly identified in the contract (TdC) and in the report.
RICS valuations can only be carried out by an RICS Member (MRICS) who is registered as a (Registered Valuer). There are several ways to obtain the title, requiring the passing of several examinations and a final test before a tribunal. It should be added that in RICS valuation reports, ultimate responsibility lies with the MRICS, RV who signs the report. For further support, the Institution also regulates RICS companies. In this regard, Gloval Valuation is a company regulated by the RICS with registration number 043086, valid since 4 August 2015.
Both valuation members and companies regulated by the RICS are subject to periodic inspections and controls by the Institution.
It depends for what…
The Appraisals can be carried out by Technicians with the qualification of Architects, Technical Architects or Engineers and must belong to a company approved by the Bank of Spain (Appraiser).
On the other hand, the RICS valuations used in the international markets are governed by the “International Valuation Standards Council. IVSC” (International Valuation Standards).
Within this organization is the Royal Institution of Chartered Surveyors. RICS, which includes its regulatory framework in the so-called RED BOOK, where more than rules, recommendations are written on good practices, ethical principles, conflicts of interest, client protection in the field of confidentiality and under an independent, transparent, impartial and homogeneous advice worldwide.
There is a direct and continuous relationship between the MRICS Valuator and the client, since the former drafts the Contract (Terms of Engagement) in compliance with the Red Book and makes it known to the client for signature.
Related Documentation
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Contact details
Head of the RICS/IVS Department
José María García
+25 years of experience