TEGoVA Residential Valuer

IPAV introduces a new residential property valuation standard, “TRV” to Irish Valuers.  The standard was formally launched at IPAV’s recent National Conference by the Chairman of the Association of European Valuers, TEGoVA, Krzysztof Grzesik.

TRV courses available to IPAV Members, in ITT Dublin 24, starting Friday 4th September and again on Friday 18th September.  Full details are available from IPAV  

The course arises in the wake of the EU’s New Mortgage Credit Directive’s recommendation of TEGoVA’s European Valuation Standards. Now TEGoVA is to provide a European pool of high quality residential valuers to “ensure that internal and external appraisers conducting [residential] property valuations are professionally competent and sufficiently independent from the credit underwriting process so that they can provide an impartial and objective valuation …” Credit Directive 2014/17/EU, Art. 19(2)

IPAV Chief Executive Pat Davitt commented: “TRV will ensure the residential valuer is qualified to a consistently high European standard. It will recognise Residential Valuer conducting residential valuation to the European Valuation Standards of the ‘Blue Book’.

Mr Davitt said unless residential valuers comply with this or some other equivalent valuation standard they will not be able to complete residential valuations for financial institutions after March 2016 when the New Mortgage Directive is introduced across Europe and Ireland.

Roger Messenger Chairman of the European Valuation Qualifications Board, said: “Especially in times of economic uncertainty, clients seek out professionals with special knowledge and experiences who can help them make difficult investment and pricing decisions. Here, the competitive edge for TRV’s is their guaranteed minimum level of education and experience.”