RICS, IVS and the UAE: Which Valuation Standard Applies?
A plain-English explainer of RICS Red Book, IVS, IFRS 13 and Taqeem — and how UAE valuation reports stack these standards.
Credible valuation reports in the UAE cite the standards under which they were produced. The four you will see most often are RICS Red Book Global, International Valuation Standards (IVS), IFRS 13 Fair Value Measurement, and Taqeem. They overlap deliberately.
RICS Red Book Global
The Royal Institution of Chartered Surveyors publishes the Red Book — the global rulebook for property and asset valuation. Reports must state the basis of value, valuer competence, conflicts of interest, and assumptions. UAE banks, courts and corporates treat RICS-signed reports as the gold standard.
International Valuation Standards (IVS)
IVS is the standard-setting framework underpinning RICS. Where RICS focuses on process and conduct, IVS defines the bases of value (Market Value, Fair Value, Investment Value, Liquidation Value) and the methodologies.
IFRS 13 — Fair Value Measurement
IFRS 13 sits inside the financial-reporting framework. Listed UAE entities and many private companies use IFRS for statutory accounts; IFRS 13 governs how fair value is measured and disclosed, and aligns with IVS.
Taqeem
Taqeem is the Saudi authority for accredited valuers and is widely recognised across the GCC, including the UAE. Cross-border transactions often require Taqeem-accredited signatories.
What to look for on a UAE valuation report
- Explicit compliance statement (e.g. 'prepared in accordance with RICS Red Book Global Standards 2025 and IVS').
- Named, qualified signatory with membership numbers.
- Clear statement of the purpose, basis of value and intended user.
- Documented methodology and comparable evidence.
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