Yearly archives: 2020

In these uncertain times, due to the rapid escalation of the corona virus across all markets, RICS has taken some exceptional measures, such as the cancellation of all events before April 24. The events will be rescheduled when we know more how the situation evolves.

Our regional office in Brussels remains closed for the moment, but our team continue to work remotely from home and can be contacted by email or by phone during normal office hours. We are in touch with our regional and local boards to discuss the challenges we are facing and give a positive response.

Our support

It is not an easy time and we would like to do our best to support you:

• Instead of face-to-face, we are expanding our online trainings and events https://my-rics.org/4I51-T100-48CQN9-MM7RN-1/c.aspx
• Through our World Built Environment Forum (WBEF) series of free webinarshttps://my-rics.org/4I51-T100-48CQN9-MM7RO-1/c.aspx, you can explore how industry leaders can positively address some of the world’s most important challenges. As part of this offer, you will get very soon an invitation to join our European WBEF webinar on the impact of COVID-19 in the European real estate markets. An opportunity to analyse the situation and support the World Health Organisation (WHO) to fight against the corona virus pandemic, thanks to our sponsors’ contribution. Save the date: Tuesday 7 April 2020, 14:00 – 15:00 CET.
• To continue advancing, we will be offering up to 12 hours of free CPD to our European members through our online academy https://my-rics.org/4I51-T100-48CQN9-MM7RP-1/c.aspx (OLA). You will be able to select some of the most demanded learning courses on ethics and professional conduct to continue your career progression.
• If you are concerned about how your profession will be impacted by the current crisis, we are developing guidance for professionals https://my-rics.org/4I51-T100-48CQN9-MM7RQ-1/c.aspx on important areas of risk, such as valuation.
• We will continue to monitor developments and seek further help related to finances and wellbeing. Remember Lionheart https://my-rics.org/4I51-T100-48CQN9-MM81L-1/c.aspx, an independent charity for RICS professionals globally can offer free and confidential advice, financial support, professional counselling and legal advice.

Your opinion matters to us

Do you have any suggestions for us on how the government can support our industry – especially the self-employed among you – in the current situation? Please write to us and we will bring your suggestions to our professional groups and advisory board. You can stay in touch and interact with us via our social media channels. You can also remain updated via our COVID-19 response hub on rics.org.

Stay healthy,

The pandemic has rendered real estate valuation work in most countries difficult to undertake in the absence of market activity (transactions are rare if not non-existent)  as postulated by the definition of market value.  In the circumstances many valuers have included disclaimer clauses in their reports highlighting the uncertain nature of the valuations reported. Whilst TEGoVA supports the insertion of such clauses,  it is also aware that in some countries the law and standards may not allow them.  Thus, valuers should ensure first and foremost that their reports are in compliance with local law.

TEGoVA also advises  that where valuers are instructed to arrive at a market value of a property for a non-statutory purpose over the next few weeks:

1. They should first identify the last date (pre-crisis date) when in their opinion a market value of the subject property could have been determined on the basis of the available market evidence and offer an opinion of the value of the subject property at that pre-crisis date. This will set a benchmark value against which the client can usefully gauge the market value reported at the relevant current date of valuation.
2. In reporting a value at a current date of valuation, valuers should make clear reference to the comparable evidence relied upon and state the extent to which adjustments if any have been made to that evidence on account of the crisis. If adjustments have been made, the valuer should justify them either on the basis of actual market evidence or reasoned valuer’s judgement.  Valuers are advised that for the duration of a period of market uncertainty in any particular local market they should not feel obliged to make adjustments (downward or upwards) to the pre-crisis market evidence provided this is made clear in the valuation report. In such a case the reported pre-crisis and current values will be the same subject to any material changes affecting the subject property between the two dates.

In following the advice set out in this communication, valuers should ensure that it is replicated in the Terms of Engagement agreed with the client. Valuers should also recommend that the value of the subject property be kept under frequent review.

Where local law prohibits the use of a disclaimer concerning “valuation uncertainty” or where a client instructs a valuer not to rely on such disclaimer, this should be noted in the Terms of Engagement agreed with the client.

The TEGoVA Board continues to monitor the situation and may issue further advice in due course.

The Board of Directors

BHPA held its first education in 2020, on February 22, 2020, in the Municipality of Čelinac starting at 10:00. The attendees were addressed by an advisory board member, Mr. Dragan Sojic, RBHPA. After the introductory presentation, two lecture sessions were held.

The first session of the lecture was held by Ms. Sanja Pupovac, a long-time BHPA member and also a member of the BHPA Board of Directors, while the second part of the lecture was held by Ms. Ljiljana Radmanović, an internal assessor at one of the commercial banks in BiH.