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15 July 2016

RICS to make Ghana’s property market competitive, investor-friendly

riccThe Royal Institution of Chartered Surveyors (RICS), a global professional body in land and estates standards, has launched into the Ghanaian market.

Its presence in the country will help players in the nation’s construction industry adopt and take advantage of international standards in property measurement and validation.

At a stakeholders meeting held on Wednesday, July 13 in collaboration with Broll Ghana, one of Ghana’s foremost property managers, RICS announced key areas of its focus including real estate developers, businesses, government institutions, property owners and managers among others.

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Director of Global Property Standards at RICS, Peter Bolton King

The session was used to introduce the stakeholders in Ghana’s property market to the various international standards in property measurement and valuation currently being implemented in over 130 countries and adopted by more than 200 businesses including governments around the world.

Director of Global Property Standards at RICS, Peter Bolton King, emphasized the relevance of insisting on standards in Ghana’s property market.

Speaking to Joy Business on the sideline of the meeting, he explained standards in property management, the world over, are aimed at facilitating and boosting investment attraction into any country with a knock-on effect on the living standards of the people.

“If you are expecting international investors and big corporate users to invest in Ghana, then like every other country, you need to have the assurance that you are dealing with that transparency as far as the property market is concerned,” he said.

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West Africa Regional Manager for RICS, Benjamin Manu

According to him, even though the outside world may not know much about the Ghanaian property market, just the insistence of and consistency with international standards, will make it easier for multinational companies and institutions to invest in the country.

West Africa Regional Manager for RICS, Benjamin Manu, said businesses in Ghana stand to benefit from activities of RICS.

He underscored that any business that adopts international property measurement and evaluation standards in its activities de-risks its investment process.

“It also indicates that you are transparent in the way you measure this property. It also implies you are   abiding by the International Financial Reporting Standards, IFRS,” he said.

So as a bank or multinational institution, if you able to value your assets very well and record them adequately, it will contribute to your own assets as a bank year on, he added.

As a widely acclaimed expert in the promotion and enforcement of International Property Measurement Standards (IPMS) and International Valuation Standards (IVS) in lands, real estate, infrastructure and construction, RICS will help the property market witness a boost unmatched in the history of the country.

Together with other organisations worldwide, RICS will deliver five separate international standards in five different fields through five different coalitions including Ethics, Valuation, Property Measurement, Construction Measurement and Land Measurement.

Why international standards?

The built industry represents 70% of global wealth and contributes 10% of the global work force – thus the need to achieve consistent and comparable international property measurement and valuation standards to facilitate growth and development.

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