TEGoVA – valuation during the Pandemic

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Message from TEGoVA concerning valuation during the Pandemic

The pandemic has rendered real estate valuation work in most countries difficult to undertake in the absence of market activity (transactions are rare if not non-existent)  as postulated by the definition of market value.  In the circumstances many valuers have included disclaimer clauses in their reports highlighting the uncertain nature of the valuations reported. Whilst TEGoVA supports the insertion of such clauses,  it is also aware that in some countries the law and standards may not allow them.  Thus, valuers should ensure first and foremost that their reports are in compliance with local law.


TEGoVA also advises  that where valuers are instructed to arrive at a market value of a property for a non-statutory purpose over the next few weeks:


  1. They should first identify the last date (pre-crisis date) when in their opinion a market value of the subject property could have been determined on the basis of the available market evidence and offer an opinion of the value of the subject property at that pre-crisis date. This will  set a benchmark value against which the client can usefully gauge the market value reported at the relevant current date of valuation.


  1. In reporting a value at a current date of valuation, valuers should make clear reference to the comparable evidence relied upon and state the extent to which  adjustments if any have been made to that evidence on account of the crisis. If adjustments have been made, the valuer should justify them either on the basis of actual market evidence or reasoned valuer’s judgement.  Valuers are advised that for the duration of a period of market uncertainty in any particular local market they should not feel obliged to make adjustments (downward or upwards) to the pre-crisis market evidence provided this is made clear in the valuation report. In such a case the reported pre-crisis and current values will be the same subject to any material changes affecting the subject property between the two dates.


In following the advice set out in this communication, valuers should ensure that it is replicated in the Terms of Engagement agreed with the client. Valuers should also recommend that the value of the subject property be kept under frequent review.


Where local law prohibits the use of a disclaimer concerning “valuation uncertainty” or where a client instructs a valuer not to rely on such disclaimer, this should be noted in the Terms of Engagement agreed with the client.


The TEGoVA Board continues to monitor the situation and may issue further advice in due course.


The Board of Directors


NAVS during the Covid pandemic

Due to the current developments in connection with the spread of Coronavirus, and the declared state of emergency throughout the Republic of Serbia, we would like to inform you of the steps and measures being taken by NAVS.

The health and safety of our employees, our members and  associates is our main importance, and we are taking every effort to minimize the risk of infection, while at the same time continuing with uninterrupted providing of our services.

We inform you that as of today 17.03.2020. NAVS will close secretary office on Grcica Milenka 39 st, and has switched to remote working.

NAVS operations will continue uninterrupted. We remain at your disposal on our emails and mobile phones.




Considering safety recommendations, to avoid any risk, we therefore
decided to postpone our NAVS 4th Real Estate Valuation Conference due to the Corona virus.

We hope to be able to inform you about the new term soon.



April 25th, 2020. 09:30h Saturday, Hilton Hotel, Kralja Milana street No 35, Belgrade

7 CPD points

Simultaneous translation is provided






New IVS Standards

As of 01/01/2020, the edition of International Valuation Standards (IVS) has been amended and implemented.

NUPS has been a member of the IVSC since 2009 and is continuously translating the issues of international valuation standards.

For information regarding the IVS standard book, please contact NUPS +381 11 24 22 961 or email office@procenitelji.org.rs

On January 31, 2020, the day of implementation, NUPS is organizing a seminar that will summarize all changes from the previous edition of IVS 2017.