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Dubai becomes the first city in the Middle East to implement the new International Property Measurement Standards (IPMS), which is aimed at eradicating inconsistencies happening due to a multitude of measurement standards being used in the real estate sector.
The IPMS Coalition (IPMSC) is a group of professional and not-for-profit organizations from around the globe dedicated to developing and implementing an international quality standard for property measurement. According to a report from the RICS website, IPMS will ensure that property assets are measured in a consistent way, creating a more transparent marketplace, greater public trust, stronger investor confidence, and increased market stability.
The Dubai Land Department (DLD) is currently in the process of setting shared standards in line with IPMS criteria. With the initiative expected to raise the benchmark for unifying surveying standards in Dubai, the DLD will be the first government agency in the world to adopt IPMS.
There are a lot of measurement methods in the real estate segment which are not the same and show significant differences worldwide in their criteria. Real estate measurements vary from country to country, and between different developers, which have resulted in disparities in measuring methods for rent or sale purposes.
Currently, the way property assets – such as homes, office buildings or shopping malls, are measured varies radically from one market to the next. With so many different methods of measurement being practiced, it makes it difficult for global investors, occupiers and tenants to accurately compare space.
Unifying the measurement standards will have multi-level benefits for property owners. The mechanism will address and negate issues arising from different standards used by real estate operators. It will support transparency and trust, and will contribute to the convergence of global markets.
• Dubai will be the first city in the Middle East to implement the new IPMS.
• DLD is in the process of setting shared standards in line with IPMS criteria.
• Unified measurement standards will give multi-level benefits to property owners.
Source: Yash Shah, Special to Properties
The writer is Property Sales & Leasing Manager, SPF Realty