by Brianna Crandall — June 22, 2016 — Five leading international data standards organizations, FIDJI (France), gif (Germany), INREV (Europe), OSCRE International (U.K., North America) and REDEX (Netherlands) have just formed the International Real Estate Data Exchange Council (IREDEC) and signed a collaborative agreement. The intent is to harmonize existing international data exchange standards to meet the requirements of investors, fund managers and service providers of cross-border investments.
The initiative is expected to improve the integrity of data used by investors and others in the global investment arena, improve data transparency and data governance at all levels, and remove geographic barriers.
The collaboration will begin with the development of a common data structure that will enable conversion between existing national and regional models. IREDEC will also engage in a validation phase of the methodology with international practitioners.
Based on a methodology of FIDJI, the potential savings of an implementation of an efficient data management approach in the European real estate industry could be more than 1 billion euros per year, says the group.
IREDEC encourages other organizations to join in its efforts to develop a common data structure for the real estate industry and to support implementation globally. For more information, e-mail IREDEC.
