The Royal Institution of Chartered Surveyors (RICS) is a professional body that accredits professionals within the land, property, construction, and infrastructure sectors worldwide.
RICS was founded in London on 15 June 1868 as the Institution of Surveyors after a meeting of 49 surveyors. It received a Royal charter as The Surveyors’ Institution on 26 August 1881. The Surveyors’ Institution became the Chartered Surveyors’ Institution in 1930. In 1946, George VI granted the title “Royal” and in 1947 the professional body became the Royal Institution of Chartered Surveyors. In 2018, RICS celebrated its 150th anniversary. RICS headquarters is in London with its main support functions in Birmingham. There are regional offices in the United Kingdom, across mainland Europe, in China, Hong Kong, Singapore, Australia, the Middle East, Sub-Saharan Africa, North America and Brazil.
In 2018, there are RICS-qualified professionals in nearly 150 countries. RICS accredits 125,000 qualified and trainee professionals worldwide. The majority of accredited individuals are still based in the United Kingdom with large numbers also in mainland Europe, Australia and Hong Kong. There is now a strong growth globally, particularly in China, India and the Americas. RICS requires members to update their knowledge and competence during their working life through Continuing Professional Development.
RICS has close links with many national surveying institutions and is a founding member association of the International Federation of Surveyors (FIG). RICS works in close collaboration with other professional bodies, central banks and international organisations such as The United Nations, World Bank and The European Union.
In 2013, RICS was a founder member of the coalition to develop International Property Measurement Standards, which launched its first standard – for measuring office space – in November 2014. In 2014 RICS was a founder member of the coalition to develop International Ethics Standards, standards designed to add greater consistency to developing and reinforcing professional ethics globally – these launched in December 2016.
The valuation standards issued by the RICS are contained in the Red Book, or the reference manual containing the methodological principles applicable in the real estate valuation activity. Thanks to the commitment of the Italian Chapter, the Red Book is now also available in Italian.
Furthermore, the RICS periodically produces studies, researches and publications aimed at making the work of its members more standardized, transparent and qualified, contributing to improve the good practices applied in the different areas of real estate. With reference to hotel assets, RICS has recently published an insight paper on the valuation of hotel properties, and produced a guide on real estate agency and brokerage, useful for the improvement of best practices in the field of hotel & hospitality asset valuation and disposal.