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Real estate professionals from around the globe agreed that transparency and professional standards are keys to attracrlng sustainable real estate investment. Several industry professionals were in Dubai last month to attend the International Property Show (IPS) Conference, which provided an expert insight into the key elements that create a thriving and sustainable real estate market that can compete in the global investment arena.
There was a particular focus on the level of standards and regulation needed to boost market transparency and investor confidence.
The new International Property Measurement Standard.
(IPMS), for example, due to be introduced in Dubai in June, will for the first time standardise the way buildings are measured around the world.
At present, the way property assets such as residential, office buildings or shopping centres are measured varies dramatically from one market to another. With so many different methods of measurement in use, it is difficult for global investors, occupiers and tenants to accurately compare space.
"Dubai is the first government worldwide to commit to the adoption of the IPMS. This is one of a number of initiatives the Dubai Land Department is working on to secure a sustainable real estate market through transparency, accountability and the introduction of a robust regulatory system," said Mohamad Khodr Al Dah. "Our commitment to the adoption of the new standard will not only improve accuracy in property valuation and financial reporting, it will confirm Dubai as an attractive and stable investment market for all property transactions."
Also discussed at the conference was how governments can create opportunities for institutional investment, which not only demonstrates a longer-term interest and increasing stability in real estate markets, but also promotes occupier commitment.
"Many comparisons were made to Dubai, where significant steps are being taken to attract longer-term investment in the real estate market.
The consensus from the panel of experts was that the adoption of international standards and imposing stricter regulations to promote transparency and Professionalism in the sector were key," said Rob Jackson, the Royal Institution of Chartered Surveyors (Rics) Regional Director for the Middle East and North Africa.
"Transparency, professionalism and standards were the recurring themes throughout the discussions and are fundamental to sustained and steady growth and helping markets earn their place as top competitors on the global stage."
Source: Property Weekly, gulfnews.com