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Establishing International Ethics Standards for real estate industry

This week (21 to 24 October 2014), organisations from around the world are meeting at the United Nations (UN) in New York to discuss the creation of an international code of ethics for the real estate industry

The International Ethics Standards (IES) initiative seeks to create common ethical principles aimed at improving transparency and enhancing the value that property and built environment professionals can offer their clients.
 
This is a significant development because the code will provide the global market with a set of standards that is essential for how professionals conduct their work in a way that is transparent and consistent.
 
Many ethical standards exist around the world, created and promoted by numerous organisations in different ways. The aim of the New York meeting is to establish an international coalition of organisations that will write and implement the international code in their own organisations.
 
The Royal Institution of Chartered Surveyors (RICS) is at the forefront of this ambitious project and is encouraging like-minded professional organizations globally, to participate in creating this new international code.
 
RICS Global Residential Director, Peter Bolton-King says: “Ethics is a global professional issue and is fundamental to what we do. From an in­­ternational perspective, a shared set of global ethics standards means consistency across markets and protection for clients and the public alike, no matter where in the world or what the economic climate.”
 
In recent months, RICS has also worked as part of a coalition of organisations to create International Property Measurement Standards (IPMS) that will create a consistent global standard for how buildings are measured across world markets.  The hope is that work around creating the International Ethics Standards will follow a similar approach to IPMS by drawing on the views and insights of global professional organisations.


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