The genesis of the European Valuation Standards (EVS) can be traced back to the late 20th century, driven by the increasing integration of European economies and the growing need for transparent and reliable property valuations across national borders. Prior to the establishment of EVS, valuation practices throughout Europe were largely disparate, with each country adhering to its own national regulations and methodologies. This lack of uniformity created significant challenges for cross-border investments, lending, and financial reporting, hindering the smooth functioning of the burgeoning European common market. Recognizing this impediment, a collective effort emerged from within the European valuation profession to develop a harmonized set of standards that would foster greater consistency and comparability.

This collaborative initiative led to the formation of TEGoVA (The European Group of Valuers' Associations) in 1977. TEGoVA brought together leading professional valuation organizations from across Europe with the primary objective of establishing and promoting common valuation standards. After years of extensive consultation and development, the first comprehensive edition of the European Valuation Standards was published in 2003. This landmark publication represented a significant step towards unifying valuation practices across the continent, providing a common framework of principles, methodologies, and reporting requirements that member associations and individual valuers were encouraged to adopt.  

The initial release of EVS in 2003 laid the groundwork for a more cohesive and transparent European valuation landscape. Subsequent editions of the standards have been regularly updated and expanded by TEGoVA to reflect evolving market practices, regulatory changes, and advancements in valuation theory. These revisions have aimed to enhance the clarity, scope, and practical applicability of EVS across a wider range of asset types, including not only real estate but also movable assets relevant to the art, antiques, and jewelry sectors. TEGoVA has actively promoted the adoption of EVS through its member organizations, educational initiatives, and advocacy efforts with European institutions and regulatory bodies.  

Today, the European Valuation Standards serve as the benchmark for professional valuation practice in many European countries and are increasingly influential in others. While some national standards may still exist, there is a clear trend towards greater convergence with EVS to facilitate cross-border transactions, enhance market transparency, and bolster investor confidence. The history of EVS reflects a sustained commitment by the European valuation profession to establish and maintain high-quality, harmonized standards that underpin the integrity and reliability of valuations across the diverse European economic landscape.