RICS sets standard in property measurement

An international coalition, including RICS, has launched a property measurement standard for floor space to benefit residential property investors, developers, real estate agents, professionals and ultimately consumers. This new international measurement standard will offer more clarity and consistency to users of residential property services, whether they’re buying, selling, renting or investing. The International Property Measurement Standards (IPMS): Residential Buildings will provide a uniform global method to determine the size and dimension of floor space measures that can be used anywhere in the world. Currently, the way residential property is measured can vary significantly from one market to the next. As a consequence, owners, occupiers and investors in domestic property are often left confused or misinformed when it comes to the reported floor space. This causes substantial issues when property is listed off-plan or bought by investors, but it has also led to disputes where rental calculations and service charges have relied on erroneous measurement information. Published by a coalition of more than 80 property organisations around the world and drafted by an independent group of 18 experts from 11 countries, IPMS: Residential Buildings is the second in a series of global open-source standards aimed at creating a uniform approach to…

Read More »