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New property valuation programme for Cayman

| 14/08/2014 | 2 Comments

(CNS Business): The Royal Institution of Chartered Surveyors Valuer Registration programme is now mandatory for all professionals performing valuations under the RICS designation in the Cayman Islands. The Global professional body that represents, regulates and promotes chartered and technical surveyors, says the move aims to provide quality assurance and reduce the risk associated with valuations in the region.

By ensuring the quality of property valuations in Cayman Islands, the RICS Valuer Registration programme will provide lenders, asset managers and investors a clearly identifiable designation for the best-regulated and qualified professionals, RICS stated.

Michael Zuriff, Manager of Regulation for the Americas, said “The Valuer Registration program is an independent system of regulatory monitoring which reduces the risk of poor-quality valuations, and enforces high standards of competence and ethical awareness. Valuer Registration sends a clear message to clients, governments and banks that RICS members welcome open scrutiny and comparison with industry best-practice. As an underpinning to important financial transactions, it is in the public interest that confidence in the accuracy of valuation work is upheld.”

RICS members already perform valuations under RICS Valuation Standards, also known as the ‘Red Book’, which are in compliance with International Valuation Standards (IVS), and International Financial Reporting Standards (IFRS), and in turn, globally recognized by banks, lenders and other major financial institutions. In an increasingly global business environment, RICS is facilitating greater consistency and transparency within these international valuation standards.

Uche Obi MA FRICS, Senior Valuer, Cayman Islands Government, RICS Caribbean & Americas Board member, commented on the deadline, “This is a significant milestone in the quality of valuations performed in the Cayman Islands. Following its introduction in 2010, we have seen an upswing in reporting standards, with increasingly high levels of transparency, credibility and consistency shown in valuation reports. RICS’ mandatory Valuer Registration program will now continue to drive forward the progress made to date, and will put us on the map as being an example of best practice in the Caribbean.”

The Valuer Registration program was conceived by RICS’ leading valuation experts in response to the global financial crisis and first implemented in the UK in 2010. It has since gone mandatory for RICS members performing valuations in the Netherlands, Hong Kong, and UAE.

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Category: Construction, Local Business

Comments (2)

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  1. How absurd is it when prices are rising by that much? And how much was that CI$60,000 as a percentage of value? You don’t comment, because you don’t know. And how absurd is it that everybody accepts an increase of CI$60,000, year on year? That’s right, only one absurd thing here – your impartiality and understanding of valuation theory and practice.

  2. T says:

    The valuation process in Cayman needs to be revised. I could spend $50,000 in upgrades to my house and yet it does not increase the value in my home. Why? Because they look at the square footage rate of recent sales in the area (which have been dropping) to value your property. This system is clearly wrong. I have a friend who told me her recent valuation was $60,000 less than her last one less than 2 years ago….that is absurd!!!

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