March 24, 2023

The Valuer Registration programme goes mandatory in the Cayman Islands

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Following successful launches in the UK, Europe, the Middle East, and Asia, the Valuer Registration me will become mandatory in the Cayman Islands on July 31, 2014 for all members undertaking Red Book valuations.

As we’ve explained around the world, the Valuer Registration programme (also referred to as “VR”) has been developed to provide clear guidance that reduces the risk of poor-quality valuations and plays an important role in raising standards in the region.

Important stakeholders across the island, such as the Cayman Islands Government, Scotiabank Cayman, CIBC FirstCaribbean and Butterfield Bank have all signed Memorandums of Understanding recognizing the importance of using regulated professionals.

Part of the aim of the new programme is to send a clear message to clients, governments and banks that RICS members are confident enough in their valuations to welcome open scrutiny and comparison with industry best-practice.

Although sometimes understood to be a separate designation, the Valuer Registration programme is a monitoring system that allows Royal Institution of Chartered Surveyors (RICS) to review valuation practices to ensure that they follow Red Book standards and are of high quality.

In an increasingly global business environment, international property valuation standards are necessary to facilitate greater consistency and transparency; through effective monitoring, Registered Valuers demonstrate compliance with the highest international standards in the industry.

We believe that the new program is highly beneficial to the Cayman Islands, and the Caribbean region as a whole, as its goal is to ensure that valuations done by our members strictly adhere to the RICS Valuation Professional Standards and the related RICS Code of Conduct.

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Related story:

The RICS Development Series officially crosses borders

Founded in Toronto, Canada in 2007, our development series with an educational aim has now officially crossed borders into the U.S.

The first-ever U.S.-based event of the RICS North America Development Series was hosted by the Midwest Chapter in Chicago last month. The event, held at the Northwestern University School of Law, drew over 80 professionals from many different areas of the Chicago real estate and construction sectors, and was very well received by all of those present.

The Midwest Chapter Board selected 155 North Wacker Drive in Chicago as the featured development project and followed the multi-disciplinary panel format originally established in Toronto, where participants are offered an exclusive view into how teams and disciplines work together to successfully develop a large project.

The esteemed panel included the developer, John Buck, and other key members of the team, including John Schoser of Morgan Stanley representing the institutional capital, Steve Nilles from Goettsch Partners on the architect’s side, Kevin Dyball and Bill Rolander from the John Buck Company as general contractor and leasing agent, respectively, and Geoffrey Euston of U.S. Equities as tenant broker.

Moderators included Colt Landreth, FRICS, Principal, Plaza Property Advisors and Cassandra J. Francis, FRICS, President, Friends of the Parks.

For more photos of the event, please click here to go to our Facebook album.

The Toronto Development Series continues to offer regular events, including the upcoming July tour of the 2015 Pan Am Games Athlete’s Village. As for the newly launched U.S. events, plans are underway for the next Development Series event to be held in Los Angeles in the fall.

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