Mr Benjamin Yao Manu, Regional Manager, Royal Institution of Chartered Surveyors (RICS) speaking at a seminar in Accra, said the adoption of the measurement standards was key to spurring growth across markets.
The event also marks the beginning of RICS’ operations in Ghana, which will serve as the Hub of RICS’ operations in West Africa.
Mr Manu said the move to encourage the adoption of a measurement standards would bring greater transparency to the market and enable all parties with an interest in real estate, including investors, financiers, developers, occupiers and professionals to more easily compare and assess properties.
IPMS is the new global standard that aims to enhance the transparency and consistency in the way property is measured across markets.
This means that all measurements of office buildings will be done in line with the new International Property Measurement Standard (IPMS) to consistently measure space and to accurately and consistently measure energy efficiency and, consequently, the impact of the built environment on climate change.
Experts said the increased urbanisation of the world’s population hastens the need to adopt standards in the way floor space is measured and managed the energy efficiency of the space.
Mr Richard Bolton King, RICS’ Global Property Standards Director, said there was the need to promote education and standards that foster ethical behaviour within the sector.
He said international standards would rebuild public trust and boost business as well as investment while it would help address a major barrier to creating an international benchmark for building sustainability performance.
He said global standard would fit into any existing local standard and complement existing standards not necessarily replace them and implementation was entirely up to the individual coalition members.
Meanwhile, the RICS Futures programme explores the implications of key drivers for change to 2030, from mass urbanisation and the emergence of real estate as an investment class, to the rise of the worldwide middle class and the revolutionary promise of big data.
It bothered on six key actions to guide the plans and strategic direction of organisations and professional bodies across the land and built environment sector, including support employers in attracting and retaining a more diverse talent pool to run the businesses of the future.
Develop strategic alliances with companies and organisations at the forefront of technological innovation, and advise professionals on how to integrate into and benefit from these new ways of working.
There was the need to create successful and sustainable cities by improving city management by using professional advice to help leverage finance for development and incorporate all aspects of sustainability into land use planning and procurement practices.
Create a more dynamic profession that can respond to changes in the market and the wider society it operates in and build a credible voice with government for the land and built environment sector.
Source: GNA/News Ghana
