SAPOA is at the forefront of a new initiative to create global property measurement standards for property investors and users like a part of the international Property Measurement Standards Coalition (IPMSC).
SAPOA was established at a meeting in New York held in 2012 which was hosted by World Bank. SAPOA is one of the twenty founding members and the only African Organisation represented.
IPMSC has set up its Standards Setting Goal Committee (SSC) consisting of 19 property experts covering the property sectors in fifty different countries across five continents around the world. This is a first step towards achieving the goal of global property measurement standards.
It is compulsory to define a global standard for measuring property as an independent entity. Tony Gebhardt - principal at Hamlyn Gebhardt and a member of SAPOA’s Method of Measuring Floor Areas Committee is representing South Africa on the SSC. Once the work is completed by SSC, it will make a suggestion to its constituent bodies including SAPOA.
Gebhardt explains further that “The next step will be for SAPOA and many other local organisations to undertake a different process to discuss with its members.”
“For SAPOA the discussion will be in the matter of modifying the SAPOA Method of Measuring Floor Areas to incorporate the international proposals.”
Global investors and occupiers have deal with the fact that consistent, international property standards simply does not exists.
Neil Gopal- the CEO of SAPOA said that “Property assets are measured in different manner at different places and these methods can vary widely, making the perfect comparisons virtually impossible.”
“By this method we can run a more clear and stable property market all over the world, by strengthening public trust and generating investors confidence.”
Other positive derivatives also include improved valuations and financial reporting for property for property holdings worldwide.
