Local property professionals have been urged to adopt new international property standards as a way to make Northern Ireland more attractive to inward investors.
Signing up to the standards Martin Hare, President of RSUA, said, “We’re in a global market and it is important that the area of a property in Belfast can be compared to a property in any other city around the world on a like for like basis. This gives clarity to investors and could help more clearly demonstrate the great opportunities available in Northern Ireland. Equally, as the excellence of Northern Irish architects is increasingly recognised around the world IPMS will help improve communication with clients in other countries.”
The International Property Measurement Standards Coalition (IPMSC) is a group of 70 professional and not-for-profit organisations from around the world. They are working together to develop and implement international standards for measuring property.
Depending on the standard used, the area quoted in different markets for an equivalent building can vary by as much as 24 per cent.
IPMS has already been endorsed by some governments, international organisations and corporate occupiers.
Mr Brühl explained, “Due to differences in how property is measured, identical buildings in different parts of the world could be recorded as being thousands of square feet different in terms of size. IPMS are intended to deal with this by introducing a uniform approach.
“RICS is signed up to the IPMS Coalition, and we are delighted that the Royal Society of Ulster Architects (RSUA) has signed up as well. The widespread adoption of IPMS here will send out an important message thatNorthern Irelandis very much open to international investment.”
IPMS: Office Buildings is now published and can be downloaded at: http://ipmsc.org/