Step Taken By Dubai to Support Its Real Estate Market
MIPIM 2014 says that Dubai has become the first every country, which has officially supported the IPMS (International Property Measurement Standards). Its aim is to stamp out all the problems that have been created in the real estate industry. It is one of the wisest steps that have taken so far to make its property market stable.
After this announcement, a meeting was held between the Dubai land department and IPMS to address the problems in the measurements of the standard. It is hoped that IPMS will bring confidence as well as transparency in the market.
How will this achievement help?
The Dubai land department is looking forward to form a committee for organizing and coordinating the feedback of IPMS. The director of professional standards at the Royal Institution of Chartered Surveyors Ken Creighton says that they are proud of this achievement. This will help them to raise the benchmark for unifying the surveying standards in Dubai.
The unifying standards will help the property owners and the investors. There is more, it will help in negating some of the issues that could rise from the difference in the standards being used by the real estate operators. This will, hence, support transparency and trust will be contributed by giving a convergence to the global market.
This initiative came to offer second affirmation. Two new members entered into the IPMS coalition along with Brazil, being the base member. This coalition was created in Washington in May 2013 with an aim to resolve the disparities, which were developed by implementing a set of international property measurement standards. These standards are adopted by all nations at a global level.
Benefits to the investors
Many of the real investor experts have predicted that the step of coming in coalition with IPMS will open new opportunities for the property market business in Dubai. It surely is a good sign because for the first time, the investors will get to use such a standard way of measuring the property assets, which is recognized internationally.
We all are well aware that real estate is being measured differently in different countries. There are times that these measures also differ between various developers within the same country. That could be a real problem. So, getting to use such standards that could be accepted globally and everyone could apply it at their own level is going to be a good thing. This will streamline the property market in Dubai.
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