The decision follows a meeting between the IPMS Coalition and the Dubai Land Department on September 16th. According to Rics, Dubai officials were supportive of the standards and aware of the problems created by too much variation. IPMS are designed to eradicate this inconsistency and bring transparency and confidence to the UAE real estate market.
During the coalition meeting, the director general of the Dubai Land Department HE Sultan Butti Bin Mejren praised the collaboration of the 22 organisation working together on the initiative. The meeting was attended by Rics director of the Middle East Rob Jackson, chief executive officer of Dubai Properties Group Khalid Al Malik and chairwoman of the Real Estate Investment and Promotion Centre Majda Rashid.
HE Sultan Butti Bin Mejren commented: "We are proud of this achievement, which we see as being a quantum leap for the Dubai Land Department. Our involvement in this initiative supports our position in raising the benchmark for unifying surveying standards in Dubai. The efforts to unify surveying standards should benefit property owners and investors, as it will negate some of the issues and problems that can arise from differing standards used by real estate operators."
He added that IPMS will increase trust in the UAE property market and improve global convergence. What's more, setting the precedent for these standards will support Dubai's bid to host Expo 2020, which bears the important slogan 'connecting minds, creating the future'. During the meeting, two new members were also appointed to the IPMS Coalition: Brazil-based housing syndicate Secovi and US body the Counselors of Real Estate.