FOR RELEASE January 5, 2015 Contact: Alan F. Cohen Corporate Affairs Associate, Communications t: +1-202 602-1450 m: 646 847-5706 e: [email protected] Jamaica agrees to RICS International Property Measurement Standards, Valuer Registration Steps could help improve valuation, attract foreign investment Washington, D.C. – As a result of high-level talks between RICS and the National Land Agency of Jamaica, the NLA has agreed to two important RICS standards initiatives: the International Property Measurement Standard and Valuer Registration. As a result, valuation of property – both residential and commercial – in Jamaica should be on firmer footing overall, which in turn could help strengthen the nation’s business climate in the country and draw foreign investors. Neil Shah, Managing Director for RICS Americas, and Michael Zuriff, Manager of Regulation, met recently with Elizabeth Stair, NLA CEO/Commissioner of Lands, and Eric Allen, Commissioner of Land Valuations. The NLA confirmed that it is requiring the mandatory use of IPMS in all valuations of office buildings undertaken by the NLA effective January 2, 2015. The NLA also confirmed its full support of the overall RICS designation, including Valuer Registration. RICS is an international body that promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, property and construction. “The National Land Agency is pleased to endorse both International Property Measurement Standards and RICS Valuer Registration, and believes these two measures will put valuation in Jamaica on a firmer footing as well as increase professionalism in all aspects of the property industry,” said Stair. “The NLA greatly appreciates RICS’ leadership and assistance on this important front,” said Stair. “Mandatory Valuer Registration and mandatory IPMS make Jamaica a market that has truly embraced standards across the property spectrum,” said Shah. “Leadership by the National Land Agency will continue to move the market towards greater transparency, quality and consistency across the profession. Those professional attributes will help attract needed foreign investment capital to grow the economy and can make Jamaica an attractive market for future property and infrastructure development,” Shah added. International Property Measurement Standard (IPMS): Office Buildings resulted from a global effort to create a uniform method for measuring property, and is set to replace dozens of existing standards now in use around the world. RICS was a founding member of the coalition that developed IPMS. Implemented by professionals and professional organizations throughout the world, the standard will ensure a single, coherent methodology. The need for IPMS arose due to differences in measuring property historically around the world, causing inconsistencies and confusion. RICS recently announced that as of March 5, 2015, its Valuer Registration program will be mandatory across the Caribbean, meaning that all RICS members performing valuations must become Registered Valuers. This policy is aimed at sending a clear message to clients and prospective clients in the region that RICS members welcome open scrutiny and comparison with industry best practice. With the designation, RICS aims to raise confidence in the delivery of consistent valuation advice and reinforce the highest professional standards in property valuation. RICS announced Jamaica’s endorsement of mandatory Valuer Registration during a December 17 forum held at the Spanish Court Hotel in Kingston, in which approximately 45 professionals, including quantity and land surveyors, participated. During the forum, Shah and Zuriff spoke at length on RICS’s effort to increase professionalism in the Caribbean in the property sphere, and highlighted the strong regulatory mechanism under which its members are required to operate. They also encouraged financial institutions, including regional and international funding agencies, to seek out RICS members for valuations because of the high standards to which these members are held.
Posted on: Fri, 09 Jan 2015 21:07:47 +0000
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