The practice of real estate valuation in Portugal

The globalization of trade and markets requires international standards governing accounting and associated activities including valuation. The EU Financial Services Action Plan and the revised banking supervision rules both spotlight the need for consistent standards. Valuation standards exist at the international (IVSC), European (TEGoVA) and professional (RICS) levels. Differences of tradition and approach nevertheless still exist covering fundamental issues such as bases of value. Traditional valuation practice in many EU states therefore faces a process of swift harmonization. This paper examines, for one EU country, the degree of variation between valuation standards and current practice. Results are presented of the first ever survey of the professional practice of Portuguese valuers. Survey results reveal a largely part‐time profession, which appears to be poorly equipped to meet the challenge outlined above.