Valuation of Unregistered Land supports the discourse on land valuation

GLTN is pleased to announce that the latest International Valuation Standards (IVS) now recognize land value in non-formal land tenure contexts. This significant development, inspired by GLTN’s Valuation of Unregistered Land, acknowledges the social, cultural, and environmental value of land. It ensures effective land valuation, particularly in Africa’s key development areas such as agriculture, carbon trading, and extractive industries. This milestone reflects GLTN’s strong partnership with the Royal Institution of Chartered Surveyors (RICS), the International Federation of Surveyors (FIG), and the International Valuation Standards Council (IVSC).

Mr. James Kavanagh, Director of Land & Resources, Royal Institution of Chartered Surveyors (RICS) at FIG Working Week 2024.

Additionally, the VUL manual and IVS have been referenced and included in the current update of the ISO LADM II 19152 Part 4, which was recently approved in ISO’s Draft International Standard (DIS) stage. ISO’s approval represents a significant step toward sectorial adoption of the principles of Social Market Value in the valuation process. An informative annex has been added to part 4, extending the existing STDM conceptual model with an STDM Social Market Value class. This class can potentially be applied in various use cases, including expropriation, slum upgrading, fair resettlement and compensation, cultural heritage, and biodiversity conservation projects.

The next steps involve advocating for and raising awareness about the VUL principles, developing knowledge materials, and piloting the STDM Valuation of Unregistered Land Model in different land tenure contexts.