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TEGoVA Keeps Up the Momentum In Developing a European Valuation Profession at Spring Meetings in Estoril, Cascais

May 22, 2018

The General Assembly and a European Valuation Conference on the preceding day were hosted by the Professional Association of Valuation Companies of Portugal (ASAVAL).

The Event

The legendary Hotel Pal√°cio Estoril, Cascais provided the delightful setting for TEGoVA's Spring General Assembly on 20th May hosted by the Professional Association of Valuation Companies of Portugal (ASAVAL). The meeting was attended by 85 delegates from valuer associations of 26 countries including the leadership teams of the Appraisal Institute (USA) and the Appraisal Institute of Canada (AIC).

The European Valuation Conference


The European Valuation Conference organised by ASAVAL and attended by 250 professionals including valuers and representatives from banks and financial institutions from across Portugal. The conference was titled "European Valuation Standards and Qualifications, Guarantors of the Professional Competence that EU Regulation Requires" . The programme included several presentations from TEGoVA delegates including TEGoVA Chairman and Vice Chairman, Krzysztof Grzesik and Roger Messenger as well as from Michael Reinberg. Chairman of the European Valuation Standards Board and a colleague from the latter, Cédric Perrière.

Amongst the eminent Portuguese speakers were the newly appointed and former Presidents of ASAVAL namely Paulo Barros Trindade and Adriano Callé Lucas as well as Professor Joao Carvalho das Neves who moderated the conference together with Jean-François Drouets (TEGoVA Board Member, and Treasurer)

The General Assembly


The highlight of the meeting was the launch of TEGoVA's latest publication titled "Assessing the Accuracy of Values of Individual Properties Estimated by Automated Valuation Models" by Professor George Matysiak who delivered a presentation setting out his 10 report recommendations. His presentation was followed by two panel discussions one on AVMs, and the other on property inspections moderated by Konstantionos Paliis (AVAG). The panels were composed of Nino Beraia (Independent Valuers Society of Georgia), Alexander Weber (German Real Estate Professional Association), Valery Jakubovsky (Ukrainian Society of Appraisers), and Michael Reinberg (Austrian Association of Real Estate Experts, Chairman European Valuation Standards Board). On the question of the use of AVMs, IŇąigo Amiano Bergara (Spanish Association of Value Analysis) delivered a powerful and well received presentation about standards developed in Spain on the use of AVMs by valuation companies particularly in the valuation of property portfolios.

The debate about property inspections focused on the question of whether a valuer may devolve the inspection to a trusted and qualified professional over whom he takes responsibility. Michael Reinberg explained that the European Valuation Standards Board will soon publish draft guidelines on Reporting Residential Property Valuations. Once approved these will become part of a new edition of European Valuation Standards to be published in 2020. In the meantime the consensus appears to be that property inspections may be devolved to suitably qualified professionals unless local law prevents this.

There were also notable presentations by Jeff Sherman, Vice-President Appraisal Institute on "The Impact of Appraisal Management Companies on the US Valuation Profession" , Roger Messenger (IRRV) on "The Fallacy of the Tick-Box Bank Valuation Reports" and Patr Davitt and David Magor CEO's of IPAV and IRRV on the recently completed Erasmus plus REVASE project.

New Members

The General Assembly was pleased to admit the Bosnian & Herzegovinian Property Association (BHPA) and the Association of Independent Valuers (AIV) from the Republic of Macedonia as Associate members of TEGoVA and the Real Estate Valuers Register (NRVT) of the Netherlands as an Observer Member.

Next Meeting


Finally the meeting was closed by a presentation by Konstantinos Pallis, Vice-President of AVAG who showcased the venue of the next General Assembly in Athens on 18-20 October 2018.