Page 20 - Building Journal - September 2016

project News

New global measurement standard launched

A new international measurement standard IPMS: Residential Buildings is the second
has been launched to offer more clarity and in a series of global open-source standards
consistency to users of residential property aimed at creating a uniform approach
services, whether they re buying, selling, to measuring buildings. Representing
renting or investing. many hundreds of thousands of property
The International Property Measurement professionals globally, the IPMS Coalition
Standards (IPMS): Residential Buildings conducted a public consultation giving
will provide a uniform global method to property professionals everywhere a
determine the size and dimension of floor chance to have their say on this landmark
space measures that can be used anywhere residential standard.
in the world. Evidence of the variance in residential
Currently, the way residential property measurements is also highlighted in a
is measured can vary significantly from new RICS Research report "Residential
one market to the next. As a consequence, Property Measurement Practice (September
owners, occupiers and investors in 2016), written by Dr Lesley Hemphill
domestic property are often left confused or and Dr Jasmine Lay Cheng Lim of Ulster
misinformed when it comes to the reported University. The report investigated local
floor space. This causes substantial issues measurement practice in locations across
when property is listed off-plan or bought the world and compared the variance to
by investors, but it has also led to disputes using the new globally benchmarked IPMS:
where rental calculations and service charges Residential Buildings. The difference in
have relied on erroneous measurement measurement for residential apartments, for
information. example, varied by as much as 27% while
Published by a Coalition of more than measuring residential homes can vary by
80 property organisations around the up to 58%.
world, and drafted by an independent For more information, visit www.ipmsc.
group of 18 experts from 11 countries, org/standards/residential

18 Building Journal www.building.hk