Two RICS Initiatives Adopted by CI
(CNS Business): Two new RICS initiatives, recently adopted by the Cayman Islands, are set to bring a new level of standards to property valuation to the islands and across the Caribbean. After talks between the RICS, Cayman Islands Lands & Survey Department and the Valuation & Estates office, Cayman officially adopted the new standard for office buildings called the International Property Measurement Standard. The endorsement was announced at the Second RICS Cayman Islands Property and Construction Conference. RICS said IPMS is the first global standard for measuring office space and is expected to bring consistency and transparency to the market for investors and occupiers. This initiative means that all properties valued by the department will be conducted according to the new international standards. The agency will require the use of IPMS in all valuations of office buildings for here on out. Officials explained that the initiative, IPMS: Office Buildings, resulted from a global effort to create a uniform method for measuring property, and it set to replace dozens of existing standards now in use around the world.
RICS officials said the need for IPMS came about due to differences in measuring property historically around the world, causing inconsistencies and confusion. RICS Global President Louise Brooke-Smith told CNS Business at the conference that it’s all about international standards, and IPMS reflects the international standards that RICS stands for. Part of that is the International Property Measurement Standards and it’s an initiative instigated by the World Bank to bring more confidence to the market base so investors know what they are dealing with around the world, she said. The Cayman Islands is the third government valuation agency so far to adopt IPMS after Dubai and Jamaica. The Valuation & Estates Office is pleased to endorse the International Property Measurement Standards and believes this step will put valuation of office buildings in the Cayman Islands on a stronger foundation as well as increase professionalism on the commercial side of the property industry. The department greatly appreciates RICS leadership and assistance on this important front, Chief Valuation Officer Jon Hall said.
This is a significant step that will strengthen transparency and confidence in property management and investment in the Cayman Islands, said Director Rupert Vasquez. Another initiative announced at the conference was RICS Valuer Registration program. As of Friday, the Valuer Registration program is now mandatory across the Caribbean. Under this initiative, all RICS members in the Caribbean who perform building valuations must become Registered Valuers. Valuer Registration is intended to provide quality assurance and reduce the risk associated with valuations throughout the Caribbean region. Brooke-Smith told CNS Business that Valuer Registration has been in place in parts of Europe and the UK for some time. She said the Cayman Islands is the first area in the Caribbean to pick it up and now it’s being rolled out across the region. We are looking at residential, we’re looking at industrial property and then we are looking at international ethical standards and construction standards. The Valuer Registration scheme is part of a big push to have international standards that people can be accountable to, Brooke-Smith explained. She added that it is all part of a larger push to set a global standard for valuing and registration of properties.