The difference between a Blue Book valuation and a Red Book Valuation.

At BV Real Estate we are regularly asked the question,

What is the difference between a Blue Book valuation and a Red Book Valuation ?

Both the Blue Book and Red Book Valuation standards require strict professional standards and qualified valuers are regularly monitored and inspected. Qualified Valuers must complete regular Continuous Professional Development (CPD) training.

Blue Book Valuation

The Blue Book is the standard representing the European Valuation Standards (EVS), in its most recent standard publication in its 10th edition EVS 2025. The Blue Book Valuation standard holds a high standard recognition when comes to both residential property valuations and Commercial property Valuations.

The EVS referred to as the “Blue Book”; underpinned by European Valuation Standards, it was created and developed by The European Group of Valuers Associations (TEGOVA) to serve the needs of its valuers throughout Europe and recognised as International Valuation Standards.

TEGoVA’s Recognised European Valuer Scheme is designed to maintain, enhance and harmonise valuation standards and the valuation profession in Europe, and, by the granting of the status TEGoVA ‘Recognised European Valuer’ and designation REV™, to provide individual practising valuers in each member country with a well-defined indicator of qualification and experience, with the aim of assuring clients of their valuation proficiency. The Institute of Professional Auctioneers and Valuers (IPAV) is the only valuers Institute in Ireland authorised to confer the “REV” and “TRV” status on Members. These statuses are only awarded to Members who have obtained the required Minimum Education Standard as set down by TEGOVA.

Red Book Valuation

A Red Book valuation is a formal opinion of value prepared by Chartered Surveyors who assess the value of properties and land are required to work within strict professional standards set by RICS, the Royal Institution of Chartered Surveyors and the publication that covers these valuation standards is known in the industry as the ‘Red Book’. The Red Book sets out the professional standards that valuers should follow, and its formal title is the ‘RICS Valuation Global Standards’. These standards ensure that high standards of inspection, investigation, analysis, definitions, justification and presentation are met.

First published in 1976, the Red Book Global Standards are updated regularly to reflect market changes and developments. It is recognised globally as one of the most rigorous sets of standards for valuation and, as such, serves as a key reference for global users and stakeholders. The current edition of Red Book is Global Standards, effective 31st January 2022 (Red Book). The revised Red Book Global Standards are scheduled for publication in late 2024. There will be a transition period for members and stakeholders to implement changes before it becomes effective on 31 January 2025, in line with the International Valuation Standards (IVS).