RICS: New global standard to aid property market
The IPMS:Residential Buildings will provide a uniform global method to determine the size and dimension of floor space measures that can be used anywhere in the world
A new international measurement standard will offer more clarity and consistency to users of residential property services, whether they are buying, selling, renting, or investing, according to RICS.
The International Property Measurement Standards (IPMS): Residential Buildings will provide a uniform global method to determine the size and dimension of floor space measures that can be used anywhere in the world.
Currently, the way residential property is measured can vary significantly from one market to the next. As a consequence, owners, occupiers and investors in domestic property are often left confused or misinformed when it comes to the reported floor space.
This causes substantial issues when property is listed off-plan or bought by investors, but it has also led to disputes where rental calculations and service charges have relied on erroneous measurement information.
Published by a coalition of more than 80 property organisations around the world, and drafted by an independent group of 18 experts from 11 countries, IPMS: Residential Buildings is the second in a series of global open-source standards aimed at creating a uniform approach to measuring buildings.
Robert Jackson, RICS' regional director MENA, said: “International standards are absolutely critical to the development of the market in the Middle East. This has become a complete game changer and a catalyst for developing internationally competitive real estate markets in this region.”
Earlier this year, RICS Property Measurement (1st edition) which incorporates IPMS: Office Buildings, became the mandated standard to use for all RICS professionals who perform measurements on commercial properties.
A number of governments, corporate occupiers and employers of property professionals are adopting IPMS to benchmark their property measurements around the world.
Over the coming months RICS professionals will be encouraged to share their expertise and shape the professional statement to include IPMS: Residential Buildings as an update to the Code of Measuring Practice.