Water valuations could help manage resources
The Royal Institution of Chartered Surveyors (RICS) is proposing that water valuations are carried out to help manage water resources.
The organisation is launching an information paper today to call for a method of attributing a financial value to water.
The paper argues that population growth and burgeoning levels of food production mean that the world's water resources are becoming increasingly valuable.
If a value is placed on water, this will encourage the commercial sector to manage and develop the resource in a more positive way.
Currently, water resource valuations are not mandatory when buying or leasing a property or piece of land. However, RICS say, the nature and availability of water resources could have a considerable impact on the value of property.
RICS would like to see a standardised approach to ensure valuation accuracy and bring about a change in attitude as to how water is both used and managed.
The primary author of the paper, Hugh Fell, said: "Population growth and the dramatic rise in demand for food has led to a growing requirement for water and placed a serious strain on resources.
"The economic value of water will, undoubtedly, become increasingly important in an environment of heightened awareness and security of supply.
By launching this paper, we are highlighting the fact that water is a separately identifiable asset that has a financial value." Alison Brown