Saturday, July 20, 2019 Latest Real Estate News

New RICS Professional Measurement Standards Begin in January

Posted by Aliza Xandria Arellano on Dec 29, 2015 09:38 AM EST
The Growing Economy of Dubai more big
DUBAI, UNITED ARAB EMIRATES - DECEMBER 03: Indian expatriot workers construct an advertising hoarding late at night in front of the iconic Emirates Towers on December 3, 2007 in Dubai, United Arab Emirates. The towers have been lit up this week to celebrate the 36th UAE National Day. Pakistani and Indian labourers form the backbone of a workforce that over the last few years has transformed Dubai in to a futuristic city that now boasts the tallest building in the world (the Burj Dubai). However, life is hard and many of the workers live in poor conditions in labour camps in areas such as Sharjar and Al-Quoz. This exponential growth in the construction industry has led to problems such as excess traffic and congestion. A metro line is due to be completed in 2008 in an attempt to alleviate the problem. (Photo : Chris Jackson/Getty Images)

A new professional measurement will soon be used as the tool for chartered surveyors all across the globe. According to a report from PropertyWire, "Chartered surveyors around the world will be required to use the new Property Measurement Professional Statement from the Royal Institution of Chartered Surveyors from January 1."

Like Us on Facebook

The same report also added, "This replaces the existing Code of Measuring Practice and is in line with the International Property Measurement Standard (IPMS), which is the first globally agreed standard that brings transparency and consistency to the way property is measured."

The new system was developed through the collaborative efforts of IPMS Coalition (IPMSC), an independent group, along with more than 73 professional bodies from around the world. Furthermore, all noted RICS professionals are required to comply unless instructed otherwise in writing by the client.

In addition, Mark Walley, RICS Regional Managing Director of EMEA, said, "We have been working with several Middle Eastern governments, many relevant associations, and corporate occupiers, to ensure the new standards will be fit for purpose in local markets."

He further added that the group wants their professionals to be recognized as the leading experts when it comes to providing coherent, transparent and comparable property measurement information, and that using IPMS will prepare and place their professionals as the finest experts in the distribution of IPMS-compliant measurements of office buildings.

Meanwhile, Dubai was the first government in the world to commit to adopting IPMS as they recognized the significant benefits it brings in terms of market transparency and confidence for all stakeholders, particularly as the Middle East and North Africa markets look to target more international clients and investors, as stated in a report by Gaspark.

RICS is also adopting a form of regulation in the initial months where compliance with the Professional Statement will be assessed in response to complaints made against any of its professionals, as further reported in the same article.

Get the Most Popular REXE Stories in a Weekly Newsletter
© 2015 REXE All rights reserved. Do not reproduce without permission.