From left: Alexander Aronsohn, Grazyna Wiejak-Roy, Diane Dumashie, Nicholas Talbot, Peter Ache, James Kavanagh, Richard Grover
The International Valuation Standards Council (IVSC) has signed a Memorandum of Understanding (MoU) with the International Federation of Surveyors (FIG), marking a significant step towards closer collaboration in real estate valuation and market transparency.
The MoU was signed on 26 February 2025 in London, in the presence of representatives from FIG, IVSC, and RICS. The agreement was signed by Peter Ache, Chair of FIG Commission 9 on Valuation and the Management of Real Estate, and Nicholas Talbot, Chief Executive of IVSC. The signing was witnessed by Dr Diane Dumashie, President of FIG, who welcomed the agreement as a foundation for greater cooperation.
A Shared Commitment to Quality and Transparency
The MoU establishes a framework for high-level dialogue and joint action on key topics such as:
- Advancing the adoption and understanding of International Valuation Standards (IVS) within FIG’s global membership
- Improving real estate market transparency and access to valuation data
- Exploring the impact of artificial intelligence in valuation practices
- Enhancing the valuation of agricultural and forestry land
- Collaborating on global initiatives related to ESG, climate change, and natural resource valuation
Commenting on the signing, IVSC Chief Executive, Nicholas Talbot, emphasised the value of bringing together the expertise of both organisations:
“With this MoU, we are creating a mechanism for ongoing dialogue and collaboration. The extraordinary professional knowledge within both FIG and IVSC will strengthen the quality, consistency, and global recognition of valuation standards.”
FIG Commission 9 (Valuation and Real Estate) Chair, Peter Ache added:
“Facing the major challenges of our time, this is an important step towards the further development of real estate valuation towards more quality and transparency.”
Strengthening International Cooperation
Both organisations have committed to sharing resources, collaborating on professional development initiatives, and engaging with key global institutions such as the World Bank, the United Nations, and the International Monetary Fund (IMF). The MoU highlights the importance of education, communication, and cooperation to advance valuation and surveying professions globally.
Effective from 25 February 2025, the MoU will be reviewed annually and remains valid for five years. While it is not legally binding, it formalises a shared commitment to advancing international valuation and surveying standards for the benefit of markets, professionals, and the public.