Property values play an important role in global economics, but those instructed to make a valuation on behalf of a client — the valuers — often face intense scrutiny.

Recent market sentiment points to growing criticism of valuers. Everyone from investors, lenders and auditors, seem to be of the view that real estate valuers are being too slow to incorporate environmental, social and governance (ESG) factors into their work. This is creating a perception of a disparity between valuations and buyer expectations, supporting the notion that valuers often fail to keep up with developing market conditions. Is there any truth to the accusations, or are valuers looked upon unfairly?

Xavier Jongen, managing director of Catella Residential Investment Management in Berlin, is quick to leap to the valuers’ defence. “Valuations in many sectors have not matched buyers’ expectations for some time following the COVID crisis,” he says. “But it’s not the valuers’ faul