The Royal Institution of Chartered Surveyors is continuing to play a key role in the real estate industry in Brazil as growth in the markets continues in the first quarter of 2016.
RICS entered Brazil following in the wake of real estate market growth which has been largely stimulated by foreign investment and has worked mainly within the valuation and facilities management sectors..
The association has developed relationships with the Brazilian Institute of Valuations and Building Inspections and the São Paulo State Housing Syndicate. More recently RICS moved towards signing memorandum of understanding with the Brazilian Association of Developers.
Much has changed in the last decade in the Brazilian market with growing investment from abroad, a surge of interest in professionalism and international standards. Both multinationals and local companies seek qualified people to join their workforce. It’s this demand for professionals that is spurring regulatory improvement in the market.
Brazil has also signed up to the International Financial Reporting Standards (IFRS) which will make it easier for a foreign investor to buy a Brazilian company, as they will be able to understand their accounts. The same goes for real estate valuations with the adoption of the Red Book and International Valuation Standards (IVS). On top of this, RICS is working closely with over 30 associations on International Property Measurement Standards.
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