The Royal Institution of Chartered Surveyors (RICS) has announced the launch of a Valuer Registration Scheme in continental Europe in a bid to raise confidence in valuation advice and reinforce professional standards in property valuation.

The launch of the scheme - the first global regulation initiative for property valuation - follows a successful introduction in the UK in October 2010 and precedes the Asian launch later this year.

'By promoting an international approach and improving global regulation, the process of deciding on property and land value will be increasingly accurate. This system will guarantee professionalism and quality in the application of international RICS and International Valuation Standards (IVS) to national and international regulators as well as clients everywhere,' said Jean-Philippe Carmarans MRICS, head of Valuation France at DTZ, and member of the RICS Europe Valuation Board.

RICS is a global organisation which sets industry standards for the property profession and 13,500 registered valuers signed up to the Valuer Registration Scheme during the first launch phase.

Due to widespread financial insecurity, RICS recognised a need to reduce risk associated with valuations of any real estate and land assets. The initiative will monitor all members who carry out valuations under RICS Valuation Standards (the Red Book) which provide a regulated framework and practice guidance and standards, including compliance with International Valuation Standards (IVS) which are now recognised and adopted in most parts of the world.

Valuations compliant with RICS Valuation Standards and monitored by the Valuer Registration Scheme will be consistent across borders, bringing greater transparency and helping to ensure the accuracy of existing property valuation processes, RICS added.