The Dubai Land Department (DLD) has hosted the third international meeting to discuss the International Property Measurement Standards (IPMS). Organised by the International Property Measurement Standards Coalition, the event took place from May 4-6 at the Sheraton Dubai Creek Hotel.
Members of the IPMS Standards Setting Committee from 10 countries attended the three-day forum, which was inaugurated by HE Sultan Butti Bin Mejren Director General of DLD. Included among the guests were representatives from the United States, Great Britain, Germany, Belgium, Australia and South Africa, who arrived to participate in sessions to discuss the final version of IPMS Offices. The final document will be published by the International Property Measurement Standards Coalition next month.
“Through DLD, the UAE is the first country to formally adopt IPMS in the real estate industry,” said HE Sultan Butti Bin Mejren Director General DLD. “It is both a privilege and an honour to have Dubai selected to host the IPMS and the Standard Setting Committee, with the invitation being given in September last year. We were delighted to have been able to host distinguished guests from around the world for the third meeting of the committee – that the event took place in Dubai is recognition of the prestige that we have reached in the field of real estate regulation,” he added.
The first two days of the conference were taken up with sessions to agree the proposed standards, with other experts from the United States, India, China and Japan participating via video conferencing. The third day was allocated to an open workshop in conjunction with Dubai Municipality and the major local developers to discuss the implications of adopting the IPMS in Dubai.
DLD’s involvement with the International Property Measurement Standards Coalition first has commissioned a delegation from the Department of Technical Affairs for representation in the previous meeting of the committee, which was founded in May 2013 with support from the World Bank, where the first meeting was held in Washington DC in May of last year 2013 and the second in London in February of this year of 2014. DLD also showed its commitment to provide support for this global project on the local and international levels to ensure greater transparency in the real estate market.
“Through its management and various arms, bin Mejren added: its different sections ideal conditions to ensure that the participants discuss important issue comfortably. In this regard we thank the marketing department for the abundance of support and media coverage of the event at the global level. And a Special thanks also administrations companies and technical Affairs, which coordinated with internal and external developers. Dubai will shine after this event for its importance to contribute in the formulation of international standards which will be followed by the world as a whole at the expense of real estate space.”
Mohamad Khodr Al-Dah, Director of Technical Affairs at DLD, said: “Dubai’s government was the first governments in the world that announced its support to the IPMS and this shows our commitment to regulating the real estate sector in Dubai to the highest international standards. In addition, the standardization of property measurements globally will contribute by increasing cross-border transparency, which will reflect positively in terms of investment in the real estate sector and the reduction of real estate disputes. We have a plan for the application of these criteria to the records department gradually in coordination with the Standards Setting Committee and developers in the emirate.”
Al-Dah added, “Being supporting founder of this organisation reflects our aim to push the local market to the highest levels professionally. We are planning to translate the standards into Arabic and coordinate fully with local governments and property developers for the successful implementation of the new standards.”
The DLD has announced its support to the IPMS in November 2013 after a meeting with Mr Ken Creighton, Chairman of the Board of Trustees at the office of the DLD Director General, HE Sultan Butti bin Mijren. DLD also participated in the last IPMS Trustees Meeting in London in February 2014.