SAPOA ensures South African input on global property standard
The South African Property Owners Association (SAPOA) is at the vanguard of a new initiative to create global property measurement standards for property investors and users alike as part of the International Property Measurement Standards Coalition (IPMSC). Established in 2012 at a meeting in New York hosted by the World Bank, SAPOA is one of 20 founding members and the only African organisation represented.
As a first step towards achieving its goal of global property measurement standards, the IPMSC set up its Standards Setting Committee (SSC) with 19 property experts covering property sectors in 50 countries across five continents. As an independent body, its mandate is to define a global standard for measuring property.
South Africa is represented on the SSC by Tony Gebhardt, principal at Hamlyn Gebhardt and a member of SAPOA’s Method of Measuring Floor Areas Committee. Once the SSC has completed its work (this may take some months), it will make a recommendation to its constituent bodies, including SAPOA.
“The next step will be for SAPOA and other local organisations to undertake a separate process to consult with its members,” explains Gebhardt.
“For SAPOA, the discussion will be about the advisability of progressively amending the SAPOA Method of Measuring Floor Areas to incorporate the international recommendations.”
Global investors and occupiers have long grappled with the fact that consistent, international property standards simply don’t exist. “Property assets are measured differently in different places, and methods can vary widely, making accurate comparisons virtually impossible,” says SAPOA CEO Neil Gopal. “In this way, we can help drive a more transparent and stable property market worldwide by enhancing public trust and building investor confidence,” says Gopal.
Other positive spin-offs include improved valuations and financial reporting for property holdings worldwide.