- VPS 1: remains as VPS 1 (Terms of engagement)
- VPS 2: is now VPS 4 (Inspections, investigations and records)
- VPS 3: is now VPS 6 (Valuation reports)
- VPS 4: is now VPS 2 (Bases of value, assumptions and special assumptions)
- VPS 5: is now split into VPS 3 (Valuation approaches and methods) and VPS 5 (Valuation models)
First published in 1976, the Red Book Global Standards are updated regularly to reflect market changes and developments. It is recognised globally as one of the most rigorous sets of standards for valuation and, as such, serves as a key reference for global users and stakeholders.
We have updated the Red Book Global Standards as part of our commitment to support high standards in valuation delivery worldwide and future-proof practices in the public interest, with the direction of updates informed by extensive feedback from stakeholders.
The changes reflect:
- Alignment with developments in other relevant global standards and regulations such as the new International Valuation Standards (IVS), published 31 January 2024 and effective 31 January 2025
- The addition of new content relating to modelling and methods
- Adaptation to practice and process changes from evolving areas such as technology and Environmental Social and Governance (ESG).
A guide to key changes
The accompanying Red Book Global Standards - Basis for conclusions explains the rationale behind updates in the latest version and highlights significant changes to ensure you can quickly identify what you must do differently to remain compliant.
It addresses the main refinements made following the responses received through the public consultation. It has been produced purely to assist the reader and does not form part of the standards.
Also provided is a document comparing the 2022 edition and 2025 edition. This marked-up/red-line version of the Red Book indicates changes to the previous version and is for illustrative purposes only. It should not be used as a substitute for the 2025 edition. Please use the 2025 edition for the most up-to-date information.
The new edition will become effective on 31 January 2025. The current edition is in effect until then.
Useful links
Frequently Asked Questions
A continuation of the free Red Book Global Standards compliance workshops will be available from Monday 20 Jan 2025 to support members in meeting the updated Red Book and IVS implementation requirements.
RICS will also update any existing training courses/e-learning modules such as the Global Red Book 2022 | RICS Online Academy and Global Red Book (rics.org) as needed.
Yes, section 6 includes a copy of IVS in full, as per the 2022 edition.
RICS will translate the Red Book in French, German, Simplified Chinese and Spanish and these will be available early in 2025.
The accompanying Red Book Global Standards - Basis for Conclusions provides a detailed explanation of the updates and highlights key changes made following the consultation. You can download it here.
No. The advisory global rotation policy at PS2 suggests rotating the responsible valuer at intervals not exceeding seven years. National valuation standards or local regulations may require additional criteria.
Yes, the UK supplement will be updated by 31 January 2025 to include references to the updated Red Book Global Standards.
New content on modelling and methods has been provided in the update. The Red Book Global Standards have also been made more accessible, removing repetition. In accordance with Recommendation 13 from the Valuation Review (addressing technology in valuation), we have amended existing mandatory (PS1) standards around AVMs and incorporated new standards covering automation and AI.
More information on the Valuation Review can be found here.
The below are provided for reference only (except the Red Book UK Supplement which is current). Caution should be exercised when using these. RICS is looking to review the below documents and update or archive accordingly.
حمل النسخة العربية من معايير التقييم العالمية ٢٠٢٠ للمعهد الملكي للمساحين القانونيين RICS "الكتاب الأحمر"
حمل النسخة العربية من معايير التقييم العالمية 2022 "الكتاب الأحمر" للمعهد الملكي للمساحين القانونيين.
المرجع الشامل لأعضاء المعهد ويشمل المعايير المهنية والفنية لممارسة مهنة التقييم بالإضافة إلى أدلة تطبيقية لأنواع متعددة من الأصول وأغراض التقييم كما يتضمن معايير التقييم الدولية السارية من 31 يناير 2022.
Download
حمل النسخة العربية من معايير التقييم العالمية ٢٠٢٠ للمعهد الملكي للمساحين القانونيين RICS "الكتاب الأحمر" (PDF 5.53MB)
Published date: 01 February 2021
Download the local jurisdiction guide
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Valuation Global Standards 2017: Jurisdiction guide: Abu Dhabi (PDF 0.52MB)
Published date: 02 May 2019
Download the Red Book national supplement for Australia
This national supplement sets out supporting guidance for members on the application of RICS Valuation – Global Standards 2017 (Red Book Global Edition) to valuations undertaken subject to Australian jurisdiction.
Download
RICS Valuation - Global Standards 2017 - Australia National Supplement (PDF 2.54MB)
Published date: 08 August 2019
Download the Portuguese translation of the Red Book 2017.
Download the local jurisdiction guide.
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Red Book 2017, Portuguese translation (PDF 2.49MB)
Published date: 19 November 2018
Valuation Global Standards 2017: Jurisdiction guide: Brazil (PDF 0.51MB)
Published date: 02 May 2019
Download the translated Global Red Book for 2017
Download the translated Basis for Conclusions for the Global Red Book 2022
Download
RICS Valuation – Red Book 2017 – Simplified Chinese translation (PDF 2.44MB)
Published date: 18 January 2019
RICS Valuation – Red Book 2022 – Basis of Conclusions – Chinese translation (PDF 0.72MB)
Published date: 04 December 2021
Download the updated National Supplement to the Red Book for Cyprus, published September 2021.
Download
Red Book Cyprus national supplement - 2nd edition (PDF 3.83MB)
Published date: 14 September 2021
Download the local jurisdiction guide
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Valuation Global Standards 2017: Jurisdiction guide: Dubai (PDF 0.50MB)
Published date: 02 May 2019
Red Book Global Standards pour votre entreprise
Download the translated Global Red Book for 2017
Download the translated Basis for Conclusions for the Global Red Book 2022
Download
RICS Valuation – Red Book 2017 – French translation (PDF 2.34MB)
Published date: 19 November 2018
RICS Valuation – Red Book 2022 – Basis of Conclusions – French translation (PDF 0.82MB)
Published date: 07 December 2021
Download the translated Global Red Book for 2017
Download the translated Basis for Conclusions for the Global Red Book 2022
Download
RICS Valuation – Red Book 2017 – German translation (PDF 1.88MB)
Published date: 19 November 2018
RICS Valuation – Red Book 2022 – Basis of Conclusions – German translation (PDF 0.84MB)
Published date: 07 December 2021
Download the updated National Supplement to the Red Book for Greece, published April 2022
Download
RICS Valuation - Global Standards Greece national supplement_1st edition (PDF 3.80MB)
Published date: 05 April 2022
Download the Red Book national supplement for Hong Kong.
This guidance note provides assistance to RICS members on the application of the RICS Valuation – Global Standards 2017 (the Red Book) to valuations that have to be provided in compliance with the jurisdiction requirements in Hong Kong.
Download the local jurisdiction guide.
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Application of the RICS Valuation: Professional Standards in Hong Kong, 1st edition (PDF 0.60MB)
Published date: 11 October 2017
Valuation Global Standards 2017: Jurisdiction guide: Hong Kong (PDF 0.51MB)
Published date: 03 May 2019
Download the Red Book national supplement for India
This national supplement sets out supporting guidance for members on the application of RICS Valuation – Global Standards 2017 (Red Book Global Edition) to valuations undertaken subject to Indian jurisdiction.
Download
RICS Valuation – Global Standards 2017 - India national supplement (PDF 2.54MB)
Published date: 10 July 2019
Download the local jurisdiction guide
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Valuation Global Standards 2017: Jurisdiction guide: Indonesia (PDF 0.50MB)
Published date: 03 May 2019
Download the Italian translation of the Red Book 2020
The Red Book recognises that local statute, or regulation, may have specific requirements that expand the global standards.
Download
Red Book 2020, Italian translation (PDF 1.21MB)
Published date: 25 June 2021
Download the local jurisdiction guide
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Valuation Global Standards 2017: Jurisdiction guide: Japan (PDF 0.50MB)
Published date: 03 May 2019
Download the Dutch translation of the Red Book 2020
Download the local jurisdiction guide
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Red Book 2020 - Dutch (PDF 1.20MB)
Published date: 30 March 2021
Valuation Global Standards 2017: Jurisdiction guide: Netherlands (PDF 0.51MB)
Published date: 03 May 2019
Download the local jurisdiction guide
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Valuation Global Standards 2017: Jurisdiction guide: New Zealand (PDF 0.50MB)
Published date: 03 May 2019
Download the translated Basis for Conclusions for the Global Red Book 2022
Download the translated Global Red Book for 2017
Download
Red Book Poland national supplement - 2022 (PDF 3.86MB)
Published date: 22 December 2021
RICS Valuation – Red Book 2017 – Polish translation (PDF 1.36MB)
Published date: 13 September 2019
Download the Portuguese translation of the Red Book 2017.
Depending on the purpose for which it is intended, property valuation in Portugal may be subject to diverse local legislation and regulations that create specific rules. This national supplement sets out supporting guidance for members on the application of RICS Valuation – Global Standards (Red Book Global Standards) to valuations undertaken subject to Portuguese jurisdiction.
Download the Red Book national supplement for Portugal.
Download
Red Book 2017, Portuguese translation (PDF 2.49MB)
Published date: 19 November 2018
Red Book Portugal national supplement (PDF 3.78MB)
Published date: 28 July 2021
Download the local jurisdiction guide
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Valuation Global Standards 2017: Jurisdiction guide: Saudi Arabia (PDF 0.50MB)
Published date: 03 May 2019
Download the local jurisdiction guide
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Valuation Global Standards 2017: Jurisdiction guide: Singapore (PDF 0.50MB)
Published date: 03 May 2019
Download the translated Global Red Book for 2020
Download the translated Basis for Conclusions for the Global Red Book 2022
Download
RICS Valuation – Red Book 2020 – Spanish translation (PDF 1.22MB)
Published date: 31 March 2021
RICS Valuation – Red Book 2022 – Basis of Conclusions – Spanish translation (PDF 0.81MB)
Published date: 07 December 2021
Download the national Red Book supplement for Sweden (English language only).
This guidance note has been prepared primarily for financial reporting purposes, in order to comply with International Financial Reporting Standard 13 (IFRS 13), but also for reporting purposes to the IPD Sweden Annual Property Index.
Download
Application of the RICS Valuation: Professional Standards in Sweden, 1st (PDF 0.34MB)
Published date: 27 April 2016
For the downloads and information, see this page.
Download the Red Book national supplement for the US.
This guidance note provides assistance to RICS members on the application of the Red Book 2012 to valuations that have to be provided in compliance with US jurisdiction.
Download the local jurisdiction guide.
This jurisdiction guide examines each factor in its local context and highlights those that are likely to have a significant impact on the valuation of a property located in the country concerned.
Download
Application of the RICS Valuation: Professional Standards in the United States, 1st edition (PDF 3.21MB)
Published date: 13 July 2012
Valuation Global Standards 2017: Jurisdiction guide: USA (PDF 0.51MB)
Published date: 03 May 2019