CANNES, FRANCE (March 24, 2009) – The United State’s largest organization of professional appraisers has entered into a Memorandum of Understanding with two of the premiere Italian appraisal and economic development groups in a mutual effort to harmonize international valuation standards. The Appraisal Institute, the Istituto Italiano di Valutazione Immobiliare (IsIVI) and OSMI-Borsa Immobiliare di Milano jointly signed the cooperative agreement earlier this month during the MIPIM Congress held in Cannes, France.
“As global borders and business markets continue to shrink, we are excited to join together with our Italian counterparts to explore the issue of improving international valuation and financial reporting standards,” said Terry Dunkin, MAI, SRA, International Relations Chairman, who represented the Appraisal Institute at the signing. “As an organization committed to expanding our international relations efforts, we look forward to the growth of these new relationships.”
The memorandum marks a first for the Appraisal Institute with an Italian appraisal organization and is reflective of the Appraisal Institute’s continued development of key agreements with valuation groups around the globe. In addition to IsIVI and OSMI-Borsa, the Appraisal Institute has established relationships with valuation organizations in China, Egypt, Germany, Korea, Mexico, Russia, Ukraineand Vietnam, among other countries.
“The financial crisis has highlighted the need for harmonized global criteria for the assessment of value of real properties,” noted Dunkin. “A recognized valuation standard, combined with accurate valuations, provides investors with confidence to put money into financial markets. It is the goal of our organization to ensure that we collaborate with like-minded appraisal groups to ultimately protect the interests of lenders, investors, the government and consumers.”
The Appraisal Institute and IsIVI are principal members of the International Real Estate Federation (FIABCI). Both organizations will participate in FIABCI’s World Congress in May in Beijing, China, to address the current economic crisis. The recommendations from these conversations will then be presented to the United Nations as suggestions for reducing the financial impact on global markets.
The Appraisal Institute is a global membership association of professional real estate appraisers, with 25,000 members and 91 chapters throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Members of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. For more information regarding the Appraisal Institute, please visit www.appraisalinstitute.org.