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The independent Review of Real Estate Investment Valuations

The Independent Review of Real Estate Investment Valuations

With an estimated 70% of global wealth held in land and property assets, and much of global bank lending secured on these assets, the standards that RICS valuers work to, play a critical role in supporting markets by creating consistency and transparency.

There are structural shifts in investor and occupier demand for real estate – many accelerated by the impacts of COVID-19 – resulting in changing market, public and regulatory expectations of valuers.  

Responding to this, the RICS Standards & Regulation Board has commissioned an independent review of real estate investment valuation practices. The review will consult with representatives from a wide range of sectors and key global markets and make recommendations to RICS and other relevant bodies on valuation standards and related support frameworks.

About the review

The independent review will be led by Peter Pereira Gray, who has been appointed by the RICS Standards & Regulation Board.  The review will examine the way valuations of property assets for investment purposes are conducted. The Chair has also appointed an expert advisory group to support the review.

The review will gather evidence on the below four key areas before delivering recommendations to RICS by Q4 2021:

  • Valuation methodology
  • Property risk analysis (also known as the ‘forward look’)
  • Independence and objectivity
  • Measuring market confidence in RICS valuer performance

Prior to the call for evidence, we asked the profession to provide feedback on our updated Terms of Reference - for the review to reflect global valuation practices and sustainability issues. These have now been agreed upon and can be viewed below. 

View the review terms of reference here

Thank you to all who contributed to our Call for Evidence. This stage of the process closed on 31st March. Peter Pereira Gray, the Independent chair of the review, will now be analysing all of the responses received and will submit his report to RICS in Q4 2021. The report will include findings from the review, key themes raised, and recommendations to RICS.

Independent chair of the review

Peter Pereira Gray, BSc (Hons) DipPropInvest FRICS, FRSA

Peter has developed an extensive understanding of valuation practice after being involved in commissioning and receiving such services over the last thirty-five years in his role in the property investment sector.

Currently acting as the Managing Partner and Chief Executive Officer of the Investment Division of the Wellcome Trust, Peter also sits on Wellcome’s Valuation Committee. Alongside this he is the co-chair of the Institutional Investors Roundtable, a body representing approximately $14 trillion in assets across the globe.

Prior to joining the Wellcome Trust, Peter was Deputy Life Fund Manager and a Director in the property fund management division of Prupim, at the time one of the UK’s largest institutional property owners (1988 to 2001).

Peter Pereira Gray

Expert Advisory Group

To assist with the gathering of this evidence and provide advice, a panel of experts has now been convened – reflecting a broad range of expertise from different sectors.

Expert advisory group members

  • Michael is the Chairman of the UK Advisory business of CBRE and joined CBRE’s investment team in 1981, running the Valuation department between 1999 and 2018.

    He has had a wide range of Non-Executive roles including the Policy Committee of the British Property Federation and the Bank of England’s Commercial Property Forum, IPD (now part of MSCI).

  • David is a Chartered Accountant with over 17 years’ experience working in commercial, operational, audit and advisory functions in the corporate and not-for-profit sectors. He is currently a Director at the Institute of Chartered Accountants in England and Wales. Prior to this role, David was a valuations specialist at a Big 4 firm.

  • Sarah has over 35 years’ experience in the City and in the investment management industry, including roles as Chief Investment Risk Officer at RBS Asset Management (and formerly at Coutts) and, most recently, Head of Risk at The Wellcome Trust, where her role spanned investment and operational risks.

  • Paul is the Head of Strategy and a Portfolio Manager for European Real Estate at JP Morgan Asset Management. He serves as a voting member of the European Investment Committee and a member of the group’s senior leadership team.

    Paul has served as Head of Private Markets Strategy for the Abu Dhabi Investment Authority (ADIA) and worked for Invesco Real Estate as a Senior Director and Co-Head of Global Research.

  • Currently the Executive Chairman and CIO of PineBridge Benson Elliot, Marc Mogull is also a Senior Fellow in Land Economy at the University of Cambridge and the Chair of the Bank of England Commercial Property Forum. Previously he has held executive/investment roles with Doughty Hanson Real Estate, Goldman Sachs, the EBRD and JMB Realty. He is also a member of the MHCLG/BPF and RICS Commercial Property Forums, and is the co-creator of the Honor Chapman Memorial Lecture Series.

  • Timothy is a planning, environmental and public law specialist. He has over 30 years’ experience of practice in the field of compulsory purchase, land compensation and rating. Prior to taking silk in 2006, he was standing junior counsel to the Inland Revenue on rating and valuation.

  • Isobel O’Regan FRICS FSCSI has been in practise for 35 years and is currently with Savills based in Ireland.  The majority of Isobel’s professional career has been in the area of professional services. Isobel is also currently a member of RICS Governing Council and holds the strategy seat for Valuations and Capital Markets.

  • Michael Prew is as senior Equity Research Analyst at Jefferies LLC based in London heading the Pan-European Real Estate and covering 30 UK REITs with 30 years' sell-side experience. He holds an honors degree from Imperial College in Mechanical Engineering and a master’s degree from its Business School.

  • Sandra is Chief Investment Officer, Chief Executive Officer, and sits on the Board of Oxford University Endowment Management Ltd (OUem). As Chief Investment Officer, Sandra has discretion for all investment decisions and as Chief Executive Officer, she is responsible for overall strategy of the business and ensuring the success of the company.

  • Becky is Chief Financial Officer at Canary Wharf Group. Becky qualified as a chartered accountant with PriceWaterhouseCoopers and has over 20 years of experience in finance with extensive knowledge of the real estate market.

Frequently Asked Questions

  • A. The review has been initiated to examine the way valuations of property assets for investment purposes are conducted and make recommendations to RICS to ensure valuation practices remain future fit and a foundation for confident markets. Peter Pereira Gray has been appointed by the RICS Standards and Regulation Board to chair the independent valuation review and an independent expert advisory group has been appointed by Peter to support his work.

  • A. The review will last for approximately twelve months and will seek to submit its final report to RICS by Q4 2021.

  • A. The Chair of the review, Peter Pereira Gray, has appointed an expert advisory group, seeking for it to reflect a broad range of expertise from different sectors relevant to the review – for example specialists from legal and accounting practices where self-review and critical thinking are essential.

  • A. As the independent chair of the review, Peter Pereira Gray will set the parameters and direction of the review and will supervise the report and outcomes. He will also appoint the expert working group, gather evidence and submit recommendations in a final report to RICS.

    The review, once completed, will be scrutinised by the RICS Standards and Regulation Board. This Board provides independent oversight and a public interest perspective and includes and is chaired by non-members of RICS.

  • A. The RICS Red Book (valuation standards) supports valuation delivery for RICS valuers worldwide. This review will therefore consult representatives from a range of sectors and key global markets. The review will make recommendations on the framework around valuation globally and, where appropriate, for specific markets.

  • A. By responding to the call for evidence by 31 March.

    If you’d like to answer our questions as detailed in the Call to Evidence document, please go to our consultation site 

    Or email us at :

  • A. Following the completion of the Review’s work, a final report will be published in Q4 2021.

  • A. There are structural shifts in investor and occupier demand for real estate – many accelerated by the impacts of COVID-19 – resulting in changing market, public and regulatory expectations of valuers.

    With the contribution of over 16,000 RICS regulated valuers globally, this review aims to identify how the frameworks for valuation practices should evolve to respond to the latest market changes.

    Specifically, the Review will investigate and report back on the following areas:

    • Valuation methodology
    • Property risk analysis (also known as the ‘forward look’)
    • Independence and objectivity
    • Measuring confidence 
  • A. The Standards and Regulation Board provides independent oversight and a public interest perspective across RICS standard setting, entry to the profession and regulatory processes. The board includes and is chaired by non-members of RICS. The board will receive the final review report and respond to its recommendations.