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Surviving the Downturn: Valuers in Portugal's Rising Markets

Explore how valuers in Portugal adapted to the economic downturn, developed new skills, and remained relevant in the current thriving markets. Learn about the overview of 2008-2017, valuation companies' reactions, new regulations, and the current status.

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Surviving the Downturn: Valuers in Portugal's Rising Markets

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  1. Professional Association of Valuation Companies of Portugal “Portugal: How did valuers survive the downturn? Did they develop new skills and fields of activity and are they still relevant in the current rising markets?” by Paulo Barros Trindade REV, President of The Board of ASAVAL Athens, 19 October 2018

  2. “Portugal: Howdidvaluerssurvivethedownturn? Didtheydevelopnewskillsandfieldsofactivityand are theystillrelevant in thecurrentrisingmarkets?” • 2008-2017 Overview • ValuationCompaniesReaction • Regulation – new rules • Where do we stand today ASAVAL . 2018

  3. 2008-2017 Overview ASAVAL . 2018

  4. 2008-2017 Overview ASAVAL . 2018

  5. 2008-2017 Overview ASAVAL . 2018

  6. 2008-2017 Overview ValuationFees for Sample portfolio of 8 differentproperties ASAVAL . 2018

  7. 2008-2017 Overview ValuationandRevaluationFees for Sample portfolio of 8 differentproperties - 2017 ASAVAL . 2018

  8. 2008-2017 Overview • Valuationrequestsduringthedownturndecreased to 1/3 • Valuationfeesduringthedownturndecreased to 1/3 • Revaluationofcollaterals (rules of ECB and BP) representsnowaround 35% ofthe total valuationrequests ASAVAL . 2018

  9. ValuationCompaniesReaction • Downsizing • Concentration (closingofficebranches) • Reducing staff • Introducingnewservices • EnergeticCertification • CompaniesValuation • Consultory to bankbranchesrelocation • Quest for newmarkets • Internationalization ASAVAL . 2018

  10. Regulation – New Rules • Bankof Portugal (BP) – aplly ECB rules and more – strict rules for collateralsrevaluation • New law (Law 153/2015) thatregulatestheactivityofvaluationofproperty for thefinantial sector • New Regulator – CMVM-Portuguese SecuritiesMarketCommission(before 2015 regulatedonlytheactivityofvaluation for real estatefunds) ASAVAL . 2018

  11. Where do we stand today • Just some ofthecompaniesthatfoundnewinternationalmarketsremainonthosemarkets • Downturnand more strictregulationreducedconsiderablythenumberofvaluersworking for thefinantial sector • Economicreturnincreasedloanactivityandthereforevaluationrequests • ShortageofCMVM’saccreditedvaluers in themarketbrought to higher salaries for internalvaluers • ValuationCompaniesconcentratetheiractivitymanlyonvaluationandgiveupotherservicesordevelop spin-offcompanies for thisservices ASAVAL . 2018

  12. Finally, Where do wereally stand? • Atthelimitofunsustainability • Persistsdownturnvaluationfeesandheavyresistence to updatethem • Highercostsdue to higherinternalvaluers salaries andnewregulationcosts • Unfaircompetitionfromcompaniesthatdon'tcomplywithASAVAL’sCodeofConductandEthics – need for betterregulation ASAVAL . 2018

  13. We still have a long way to go Thank you

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