The Greek chapter of RICS Valuation - Professional Standards was introduced to real estate professionals and financiers, during an event held at the Bank of Greece on the 20th of September 2016. In his opening speech, Mr Theodoros Mitrakos, Bank of Greece Deputy Governor, outlined that the adaptation of RICS Valuation – Professional Standards drives towards low levels of market uncertainty, with increased transparency and enhances accuracy in real estate valuation.
The guidance note is intended to respond to the new regulatory framework introduced by the Greek government in 2013, with the aim to provide clarifications on potential ‘grey areas’ between RICS Valuation – Professional Standards and Greek legislation.
The document will provide practitioners recommendations and guidelines on accepted good practice, relevant to professionals undertaking valuations of assets falling within, or affected by, on one of the following categories:
- Key money
- Residual building coefficient
- Unauthorised structures
- Valuation certainty and uncertainty
Through the application of recommended guidance practitioners will gain a better understanding on local peculiarities that have become a market standard and how they are treated in valuations. The Greek chapter is addressed to key stakeholders in the Greek economy such as auditors, lenders, valuers, courts and the Greek government.
Download a copy of the guidance note here