The Dubai Government this week becomes the first national government to announce its support for an International Property Measurement Standard (IPMS).
The IPMS, which is being developed by a coalition of 22 professional and not-for-profit organisations from around the world, including the IMF, RICS and BOMA will address global inconsistencies in the way property is measured, leading to greater transparency and increased investor confidence.
The Dubai Government's announcement further enhances their bid to host the World Expo in 2020, demonstrating their desire to connect real estate markets and implement international best practice standards.
"We are proud of this achievement, which we see as being a quantum leap for the Dubai Land Department. Our involvement in this initiative supports our position in raising the benchmark for unifying property measurement standards in Dubai."
"The efforts to unify standards should benefit property owners and investors, as it will negate some of the issues and problems that can arise from differing standards used by real estate operators. It will support transparency and trust and will contribute to the convergence of global markets. It should also have a positive role in supporting Dubai's bid to host Expo 2020, in line with the Expo slogan; 'Connecting Minds, Creating the Future'."
HE Sultan Butti Bin Mejren, Director General of the Dubai Land Department
Currently, the way property assets - such as office, residential, retail and industrial - are measured can vary considerably from country to country. With so many different methods in use, it makes it difficult for global investors and occupiers to accurately compare space.
With the implementation of a global property measurement standard, properties will be consistently measured; creating a more transparent marketplace, greater public trust, stronger investor confidence, and increased market stability. The standard will have a significant impact on the way property is measured, leading to improvements in valuation and financial reporting consistency across international markets.
"The International Property Measurement Standard Coalition is delighted that the Dubai Government has shown its support for this important initiative. Like them, the IPMSC is firmly of the opinion that an internationally adopted measurement standard can only be a good thing for real estate markets worldwide. We hope that other governments will be quick to follow Dubai's lead in committing themselves to this best practice approach."
Ken Creighton, Director of Professional Standards, RICS
-Ends-
The International Property Measurement Coalition was established at a meeting hosted by the World Bank in Washington on 1-2 May 2013. Members of the IPMSC are:
- American Society of Farm Managers and Rural Appraisers (ASFMRA)
- The Appraisal Foundation (TAF)
- Appraisal Institute (AI)
- Asia Pacific Real Estate Association (APREA)
- Asociacion Professional de Sociedades de Valoracion (ATASA)
- ASTM International
- Australian Property Institute (API)
- Building Owners and Managers Association International (BOMA)
- China Institute of Real Estate Appraisers and Agents (CIREA)
- Commonwealth Association of Surveying and Land Economy (CASLE)
- CoreNet Global
- Council of European Geodetic Surveyors (CLGE)
- Counselors of Real Estate (CRE)
- International Consortium of Real Estate Associations (ICREA)
- International Federation of Surveyors (FIG)
- International Monetary Fund (IMF)
- International Real Estate Federation (FIABCI)
- Open Standards Consortium for Real Estate (OSCRE)
- Property Council of Australia (PCA)
- Royal Institution of Chartered Surveyors (RICS)
- São Paulo State Housing Syndicate (Secovi)
- South African Property Owners Association (SAPOA)
Last month the IPMSC appointed an independent committee of 19 experts from 11 different countries to begin work on drafting the new standard. The Standard Setting Committee aims to have a draft ready for widespread consultation in the early part of 2014.
The independent standards setting committee is comprised of nominated representatives of the IPMSC. The 19 SSC members are:
- Max Crofts, Commonwealth Association of Surveying & Land Economy (UK) - Chair
- Allen Crawford, Australian Property Institute (Australia) - Vice Chair
- Alexander Aronsohn, RICS (UK) - Executive Secretary to the Committee
- Will Chen, China Development Bank & GoHigh Capital (China)
- Anthony Gebhardt, South African Property Owners Association (South Africa)
- Kent Gibson, Capstone Property Management (USA)
- Prof. Marc Grief, Society of Property Researchers (Germany)
- Liu Hongyu, China Institute of Real Estate Appraisers and Agents (China)
- Prof. Sr Dr Ting Kien Hwa, Centre for Real Estate Research, University Teknologi MARA (Malaysia)
- Luke Mackintosh, Ernst & Young (Australia)
- Scott McMillan, International Monetary Fund (USA)
- Howard Morley, NZ Realtors LTD (New Zealand)
- Frederic Mortier, Council of European Geodetic Surveyors (Belgium)
- Sara Stephens, Appraisal Institute (USA)
- Peter L. Stevenson, Stevenson Systems, Inc (USA)
- Nicholas Stolatis, TIAA-CREF (USA)
- V. Suresh, HIRCO Developments (India)
- Koji Tanaka, Mitsui Fudosan (Japan)
- Dr. Piyush Tiwari, RICS School of Built Environment, Amity University (India) and University of Melbourne (Australia)
About RICS
RICS is a founding member of the International Property Measurement Standard Coalition.
RICS is the world's leading qualification when it comes to professional standards in land, property and construction.
In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining RICS status is the recognised mark of property professionalism.
Over 100 000 property professionals working in the major established and emerging economies of the world have already recognised the importance of securing RICS status by becoming members.
RICS is an independent professional body originally established in the UK by Royal Charter. Since 1868, RICS has been committed to setting and upholding the highest standards of excellence and integrity - providing impartial, authoritative advice on key issues affecting businesses and society. RICS is a regulator of both its individual members and firms enabling it to maintain the highest standards and providing the basis for unparalleled client confidence in the sector.
For more information:
Zoe Holder
RICS External Relations and Communications
T 0207 695 1601
E zholder@rics.org
© Press Release 2013
