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Valuers from Europe, North America and China attend TEGoVA's Spring Meeting in Dubrovnik, Croatia

May 21, 2019

The beautiful and historic city of Dubrovnik provided the backdrop for an eventful TEGoVA General Assembly hosted by the Croatian Association of Court Expert Witnesses and Valuers (HDSVIP) on 18th May 2019. The Assembly was attended by 90 delegates representing 45 valuer associations from 24 countries including Canada.

The European Valuation Conference

The General Assembly was preceded on 17th May by a European Valuation Conference titled " The Role of the Expert Witness in the Valuation of Real Estate and Businesses" organised by HDSVIP.

In addition to top speakers from Albania, Canada, China, Croatia, Poland and USA, amongst the conference participants there were 12 board members of the International Institute of Business Valuation (iiBV) from Canada, China, Hong Kong, Romania, Serbia and USA, including the current and incoming Chairs of the iiBV Board of Directors, Edwina Tam and Anton Lezhja respectively. Also speaking and participating was the Secretary General of the International Association of Certified Valuation Specialists (IACVS), Bob Bracket from the USA. The President, Peter McLean, Vice President, Thomas Fox, and CEO, Keith Lancastle of the Appraisal Institute of Canada (AIC) also delivered a presentation. Following the conference the iiBV held their board meeting coinciding with the first meeting of TEGoVA's European Business Valuation Standards Committee chaired by Danijela Ilić. A TEGoVA delegation, headed by Chairman Krzysztof Grzesik met with the iiBV Board to discuss future co-operation between the respective organisations.

The General Assembly

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The delegates deliberated on a number of current valuation issues including an easier to translate definition of market value, a new definition of highest and best use/hope value, insurable value, the use of automated valuation models and data protection (GDPR). Also a number of presentations were delivered as follows:

  • Bernhard Bischoff (BVS) - GDPR Guidelines for valuers
  • Michael MacBrien (TEGoVA Adviser) - Valuation Provisions of Covered Bonds Directive and Mortgage Credit Directive
  • Ben Bervoets (NCREA) - Dutch Regulation/Guidelines for Use of AVM Based Valuations for Mortgage Loan Initiations
  • Peter MacLean (President Appraisal Institute of Canada) - Green Valuation - A Canadian Perspective
  • Danijela Ilić ( Chair European Business Valuation Standards Committee) - Progress report on European Business Valuation Standards 2020
  • Michael Reinberg (Chairman European Valuation Standards Board) - Progress report on European Valuation Standards 2020
  • Philippe Guillerm (Chairman European Valuation Practice and Methodology Board - Update on Methodology Chapter for EVS 2020

New Member

The National Association of Real Estate Valuers (ANAI) from Portugal was admitted as a full member of TEGoVA.

Next Meeting

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Finally the meeting was closed with the presentation of the next General Assembly.

The Autumn Meeting of TEGoVA will be hosted by the Chamber of Independent Appraisers in Bulgaria (CIAB) in Sofia on 10-12 October 2019. In this connection, the Chair of the Management Board of CIAB, Svetla Dermendzhieva delivered a video presentation.