The International Property Measurement Standards Coalition is pushing for standardized floor measurements to boost confidence in the international property sector.
Creating a standardized floor measurement will serve as a common language in the property community. A recent study from Jones Lang LaSalle confirms that a property’s floor measurements are deviated by as much as 24%. Currently, there is a variation in measuring floor area, where in some countries this extends to the inner wall of the property, where in others it is computed from the outer wall.
These standards are being pushed to ensure that the buying public has a clear idea on how floor measurements are derived and to avoid any inconsistencies. The IPMSC is pushing for this standard to be implemented by June of this year.
Read more about this on the Australian Property Investor website.