The Nigerian Institute of Quantity Surveyors says it has joined a coalition of 100 property professional bodies worldwide, which make up the International Ethics Standards, to publish the first set of ethics and principles for those working in land, property, construction, infrastructure and related professions.
The President, NIQS, Mrs. Mercy Iyortyer, was quoted as saying in a statement that standards would help to streamline the actions and products of any industry, and that with the advent of the IES standards, clients and the public could be assured of higher level of professionalism by members of the coalition, which would bring improved clarity and transparency.
The institute said in the statement signed by its Secretary, Marketing and Corporate Affairs, Mr. Jide Oke, “Globally, real estate assets reached a value of $217tn in 2015, which compares with the global GDP of about $80tn, and it is vital that organisations in these sectors continue to collaborate and bring greater recognition to the role that ethical values play in contributing to efficient property markets.”
The Chairman, International Ethics Standard Coalition, Peter Bolton King, was also quoted as saying, “Ethical values act as an anchor to appropriate behaviours and research tells us that investment in real estate markets by pension funds and sovereign wealth funds is predicted to double over the next decade.
“Therefore, publishing one set of international ethics standards helps to underpin existing codes of ethics and creates an opportunity to strengthen the role these values play in the property industry.”