Delivered at the UNECE Working Part on Land Administration in London on 11 October 2012. Event hosted by HM Land Registry: http://www.landregistry.gov.uk/announcements/2012/unece-conference-2012

1. Providing data to stimulate
investment growth
The Value Proposition for
International Standards in
Valuation
Ben Elder BA BSc FRICS ACIArb
RICS Global Director of Valuation

2. What is the value proposition?
• Public benefit
• Market efficiency
• Externalities
• Pareto optimality

3. Standardisation
• Division of labour
• Limits ‘time stealers’
• Reduce risk
• Global Comparables

4. Hernando De Soto – The Mystery of Capital
Hernando De Soto –
The Mystery of Capital
Fungiability
• “If standard descriptions of assets were not
readily available, anyone who wanted to buy,
rent or give credit against an asset would have
to expend enormous resources comparing and
evaluating it against other assets- which
would also lack standard descriptions.”

5. Red Book Purpose
“To provide an effective
framework within the Rules of
Conduct so that the users of
valuation services can have
confidence that the valuation
of a RICS Member is
consistent with IVSC
internationally recognised
standards”.

6. Can risk be reduced further?
• Red Book is “Principal” based
• Disclosure of evidence source
• Reliable transparent data
• Knowledge management v information

7. Red Book Purpose
“To provide an effective
framework within the Rules of
Conduct so that the users of
valuation services can have
confidence that the valuation
of a RICS Member is
consistent with IVSC
internationally recognised
standards”.
“Cleaner data – better
valuation”
Thank you for listening.