New RICS professional measurement standards start in January

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Chartered surveyors around the world will be required to use the new Property Measurement Professional Statement from the Royal Institution of Chartered Surveyors from the 01 January.

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

It was developed by the IPMS Coalition (IPMSC), an independent group of 73 professional bodies from around the world and will be used by all RICS professionals unless instructed otherwise in writing by the client.

Dubai was the first government in the world to commit to adopting IPMS as they recognised 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.

‘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,’ said Mark Walley, RICS regional managing director EMEA.

He explained that the IPMS initiative is receiving huge support, with Dubai and Ajman’s governments, in the United Arab Emirates, already pledging their support. The Saudi Arabian Government is also now actively engaging with stakeholders in its market on IPMS.

The European Commission, as well as the governments of Cyprus and Bulgaria, has expressed its support for IPMS. ‘Many European countries already have high quality, but very different, national standards, and we will be working with national measurement experts to look at including these in our online conversion tool,’ said Walley.

‘We want our professionals to be recognised as the leading experts when it comes to providing consistent, transparent, and comparable property measurement information. Using IPMS will equip and position our professionals as the preeminent experts in the delivery of IPMS compliant measurements of office buildings,’ he pointed out.

‘We will provide members with a free online tool which will enable conversion to the Code of Measurement Practice. Guidance, FAQs, and web training classes will be also available to support uptake,’ he added.

He also pointed out that 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.

‘We want to provide assurances to clients of surveyors that they will benefit from international best practice as the norm when working with our professionals,’ Walley concluded.

 

[SOURCE :-propertywire]