Ben Elder , Global Valuations Director, RICS, UNECE Conference, Land Registry 2012

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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

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Ben Elder , Global Valuations Director, RICS, UNECE Conference, Land Registry 2012

  1. 1. Providing data to stimulateinvestment growthThe Value Proposition forInternational Standards inValuation Ben Elder BA BSc FRICS ACIArb RICS Global Director of Valuation
  2. 2. What is the value proposition?• Public benefit• Market efficiency• Externalities• Pareto optimality
  3. 3. Standardisation• Division of labour• Limits ‘time stealers’• Reduce risk• Global Comparables
  4. 4. Hernando De Soto – The Mystery of CapitalHernando De Soto –The Mystery of CapitalFungiability• “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. 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. 6. Can risk be reduced further?• Red Book is “Principal” based• Disclosure of evidence source• Reliable transparent data• Knowledge management v information
  7. 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.

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