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Dubai set to implement new international Property Measurement standards
DUBAI: Dubai has become the first country in the Middle East to support international property measurement standards (IPMS) that aims to remove anomalies in the real estate industry because of a multitude of measurement standards.
By: IS Real Estate
The IPMS values the insight from Dubai region. The Dubai Land Department calls this initiative a quantum in raising the benchmark for unifying surveying standards in Dubai.
Benefit for Property Owners
The unification of survey standards will benefit property owners and investors as there are lots of issues arising from differing standards adopted by real estate operators. This marks the convergence of global markets and hopes to resolve disparities by developing a set of international property measurement standards applicable to all nations across the globe.
It is known to all that real estate measurements vary from country to country and between different developers. This has resulted in great disparity in measuring methods for rent or sale purposes.
Issues Needing Uniformity
There are issues begging such a unification because often the following issues surface.
· Should balconies come under saleable area of residential units?
· Are common areas such as corridors and washrooms form part of the lettable area in an office building?
This confusion makes it difficult for tenants as well as purchasers to make informed decisions. This problem persists across the Middle East where common standards have been absent and made it difficult to compare various options. This dilemma has impacted on the sector’s transparency and investors’ passion for buying or leasing.
It has been established that there is a clear connection between transparency and investment in the real estate market. A more structured approach to measuring buildings should boost confidence and investment is a requirement to establish separate national codes but government authorities and local developers have to adhere to new international standards.
IS Real Estate
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