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RICS calls for water valuation to refocus management of the world’s most important resource

Date

17 Jan 2011

Sections

Climate & Environment
Sustainable Dev.

A method of attributing a financial value to water is needed to allow individuals, investors, banks and governments to appraise and understand their water resource, according to RICS’ information paper which is launched today.

A universal method for attributing value to water as a separate resource has never existed. However, population growth and burgeoning levels of food production mean that the world’s water resources are becoming increasingly valuable. By ascribing a financial value to water, the commercial sector would be encouraged to manage and develop the resource in a more positive way.

Currently, when buying or leasing a property or piece of land, water resource valuations are being carried out on an improvised basis, or indeed not at all, due to the lack of a definitive methodology. However, the nature and availability of water resources could have a considerable impact on the value of property. RICS would like to see a standardised approach to ensure valuation accuracy and bring about a step change in attitude as to how water is both used and managed.

Hugh Fell, FRICS, primary author of the paper, said:

“This paper is the first of its kind to suggest placing a value on the world’s most precious resource, water. Population growth and the dramatic rise in demand for food has led to a growing requirement for water and placed a serious strain on resources. The economic value of water will, undoubtedly, become increasingly important in an environment of heightened awareness and security of supply.

By launching this paper, we are highlighting the fact that water is a separately identifiable asset that has a financial value. Once a monetary value is placed on the resource, and people begin to understand its true worth, it is likely that the commercial and financial sectors will sit up and take far more notice of this valuable resource.” 

-ENDS-
About RICS
RICS is the world’s leading qualification when it comes to professional standards in land, property and construction.

In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining RICS status is the recognised mark of property professionalism.

Over 100 000 property professionals working in the major established and emerging economies of the world have already recognised the importance of securing RICS status by becoming members.

RICS is an independent professional body originally established in the UK by Royal Charter. Since 1868, RICS has been committed to setting and upholding the highest standards of excellence and integrity – providing impartial, authoritative advice on key issues affecting businesses and society. RICS is a regulator of both its individual members and firms enabling it to maintain the highest standards and providing the basis for unparalleled client confidence in the sector.

For more information:

Laura Lindberg
PR Manager - RICS Europe
T: +32 (0)2 739 42 27
M: + 32(0)4 8647 33 45
E llindberg@rics.org
W joinricsineurope.eu

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