By Ian Cameron, CIO OSCRE International 

In the face of changes and increasing pressures around property valuation and performance, OSCRE and IRDEC are looking at ways to improve the flow of information exchange around property valuation. 

Investors are looking for faster, more accurate updates on property values. This calls for ease and speed of sharing the underlying assumptions and information used to generate property valuations.
Regulatory pressures also call for consistency across a portfolio, even when national practices vary in how properties are valued. 

Investment performance reporting agencies are refining their definition of core performance measures - this places even greater importance on effective data exchanges. 

IREDEC is the International Real Estate Data Exchange Council, a collaboration of OSCRE, INREV, Fiji from France, gif from Germany, and Redex from the Netherlands. For the first time, these organizations are combining their strengths to establish international standards for data exchanges and are already working on a pilot for core data associated with property valuation. For many years in the UK, OSCRE, and it's predecessor, PISCES, have been the standard for exchanging valuation data between property managers, valuers, leading valuation software firms and the reporting agencies. The IREDEC collaboration will take the industry farther down this path on an international level.