Valuation – Appraisal

Appraisal designations are growing in significance in Latin America and are broadly grouped into local designations and international designations. The function of appraisal designations in Latin America and Venezuela is to ensure that the possessor of said designation has a defined level of understanding and experience in the real estate valuation and consulting discipline in Latin America. This thereby allows for potential clients to quickly qualify and determine the standard of the valuation services they may contract such as appraisals. Often, it is important to have both designations – an international designation and a local one. This would permit for the valuation report to be utilized for local loan purposes, by banking regulators, and also be accepted by international investors. Each office of LOGAN, including the coverage of Venezuela, provides real estate valuation reports with both international and local appraisal certifications.

International Credentials – Designations

International designations are often more challenging to achieve than local ones, as they have longer experience requirements – and more difficult examinations such as the MAI comprehensive examination. In Venezuela, there is a medium level of recognition of such international designations – there are few requirements of such designations by real estate funds and international – local banks.

MAI – Appraisal Institute (USA), AI Designations

The MAI has long since been the premier certification for appraisers in the US and Internationally for the appraisal for commercial properties. There very few MAI appraisers in Venezuela because the country is just starting to grow in terms of international and institutional investment and therefore has little knowledge or recognition of the designation. The requirements of the MAI include an experience requirement, ethical standards, and rigorous educations requirements as well as examinations. The MAI certification process typically takes approximately 5+ years to complete. All exams are in English – which makes it difficult for non-native English speakers. Bryan L. Dragoo (MAI Appraiser, 2013) maintains the designation, and works at LOGAN Colombia, which oversees operations in Venezuela.

Designated Appraisers Venezuela: 0

Real Estate Fund Requirement: Low

Bank Requirement: Low

RICS – Registered Valuer (UK)

The Royal Institute of Chartered Surveyors is a internationally recognized professional body for qualified professionals in real estate, construction, and infrastructure and is recognized in real estate valuation in Latin America and in Venezuela. This designation of RICS is recognized in Europe, the UK, and globally. It is commonly required by companies that have headquarters in the EU, such as Spanish companies and banks that have operations in Latin America. Unlike the Appraisal Institute, RICS publishes a valuation standard, the Red Book, which RICS valuers must conform to. The Red Book is often used as standard for real estate valuation in Latin America that appraisers must follow. The certification of RICS registered valuer is held by Bryan L. Dragoo who oversees the valuation practice of LOGAN in Venezuela.

Designated Appraisers Venezuela: 0

Real Estate Fund Requirement: Low

Bank Requirement: Low

Regulated by RICS – Valuer (UK)

This designation is for firms which have RICS registered valuers. It allows a firm to be recognized by RICS on a company level. LOGAN Venezuela is part of LOGAN which is a RICS Regulated firm (valuer) since 2019. LOGAN is the 4th company in Latin America to achieve this designation.

Designated Appraisers: Firm Designation

Real Estate Fund Requirement: Low

Bank Requirement: Low

Local Designations

Local designations are often regulated by a local organization who decides what requirements appraisers must achieve. Local appraisers in Venezuela have a moderate level of difficulty in obtaining the designations listed below.

ASAPROVE – The ASAPROVE designation is issued by the national banking regulator – the Superintendencia de Bancos (SUDEBAN) y la Superintendencia de Seguros (SUDEASEG). This certification is for the valuation of real estate which is part of the financial system within Venezuela – such as within banks, real estate funds etc. This certification is for professionals who have graduated or worked extensively in the appraisal profession. With this certification, an appraiser is approved to value land, assets, equipment, farms and other fixed assets. It is anticipated that Venezuela will eventually adopt international standards for valuation and financial reporting. Arq. Fran Moreno maintains the ASAPROVE designation and is the principal appraiser for LOGAN in Venezuela.

Designated Appraisers: 500+

Real Estate Fund Requirement: Varies

Bank Requirement: Varies


Real estate consulting in Venezuela has very few designations that are recognized. The concept of market studies for real estate is a relatively new concept in Venezuela, and the market is limited but growing, especially since the pandemic and recent political turmoil. Companies and investors are ordering more industrial market studies and hotel market studies in Venezuela since the country has begun to normalize relations with neighboring countries and has adopted the USD as a secondary currency.

MRICS – The Royal Institute of Chartered Surveyors does recognize consultants as specialists and experts in real estate consulting and valuation as MRICS. LOGAN has 3 RICS designation achieved for real estate consulting in Venezuela and 2 for real estate valuation. LOGAN has deep knowledge and understanding in real estate consulting in Latin America, and the MRICS designation helps establish standards and legitimacy for such work. The requirements for the MRICS are experience, a RICS – accredited degree, or 5 years of experience and a bachelor’s degree, or ten years of experience operating at a level of seniority, specialization, or in academia.

ATSM – This is not a designation or certification, but a standard that is applied to Property Condition Assessments in Venezuela. The was created by ATSM, a material and building standards organization in the United States. Venezuela has been working with ATSM in aligning standards in other industries in Venezuela. LOGAN offers PCAs or Property Condition Assessments in Venezuela and has done property condition assessments on some of the largest properties in Venezuela including hotels, hospitals, offices, industrial buildings such as plants, and shopping centers.

by. Arq. Fran Moreno