Cyprus is in a pole position to implement the International Property Measurement Standard for Offices (IPMS), which was discussed at the 10th Real Estate and Construction Conference in Nicosia, the Royal Institution of Chartered Surveyors (RICS) said on Tuesday.
“With five members in the IPMS Coalition (including RICS), and three firms currently partnering, Cyprus is in the pole position to implement the International Property Measurement Standard for Offices. If it becomes one of the first countries to fully embrace this new standard, it will, through increased consistency, comparability and transparency, make it easier for foreign real estate investors and corporate occupiers to invest and locate in Cyprus,” said Head of External Affairs & EU Liaison, Europe, RICS Sander Scheurwater.
According to statement, from RICS, the rise in cross-border property investment and expansion by global corporate occupiers underpins the need for the uniformity of measurement practices that currently vary from country to country. The first of its kind, the International Property Measurement Standard, seeks to standardise the way property assets are measured around the world by creating transparency and promoting market efficiency and confidence in the minds of all property users.
More than 50 of the world’s leading property institutions, including RICS, have contributed to the development of an international standard for measuring property and created the International Property Measurement Standards Coalition (IPMSC).
In Cyprus, the Coalition is represented by the Cyprus Scientific and Technical Chamber (ETEK), the Cyprus Architects Association, the Cyprus Association of Civil Engineers and the Federation of Associations of Building Contractors Cyprus (O.S.E.O.K.). For their part, the Urban Splash real estate agency, Iacovou Brothers (Constructions) Ltd. and the Neapolis University Paphos are supporting the initiative through partnership. (CNA)