The UK overseas property industry will be heading for London for its annual business to business overseas property exhibition and conference. The event called OPP Live06 is taking pace on 7th and 8th December 2006 at Alexandra Palace London. Industry professionals will be reflecting on the hot topic of conversation concerning regulating the rapidly growing overseas property industry in the UK.
The Overseas Property Professional (OPP) trade magazine which was launched in 2004 provides a dedicated focus for the industry. It is stimulating debate regarding whether the industry future and the possiblity of official regulation.
Amazingly there is no regulation and little guidance for the consumer as to which companies are working honestly legally and professionally.
The move to self regulation is apparent with voluntary overseas property organisations in existence which aim to helping regulate the industry in the UK. These organisation include
- The Association of International Property professionals (AIPP)
- The Federation of Overseas Property Developers, Agents and Consultants (FOPDAC)
- The International Property Agents & Dealers Association (Ipada)
The Association of International Property professionals (AIPP)
The AIPP is a voluntary organisation which was set up at the beginning of 2006 after many overseas property companies felt that they needed a single body to help friends and rivals work together to improve the industry. AIPP members work to a code of conduct which states that its members shall adhere to the highest standards of honesty and professional integrity.
The Federation of Overseas Property Developers, Agents and Consultants (FOPDAC). Membership is restricted to companies or individuals whose probity is beyond reasonable question. The individual principals must have the experience and professional expertise to meet the strict criteria set in the Federation's Code of Ethics. The Committee of the Federation and its members provide a valuable reservoir of many cumulative years of experience in international property.
The International Property Agents & Dealers Association (Ipada)
Established some twenty years ago exists to promote honourable and reliable business practices to purchasers investing in property overseas. Ipada is a trade organisation. Members are vetted and must abide by its strict code of ethics
In the November issue of the industry trade magazine 'The Overseas property professional' debates whether trade organisations are simply just an extension of an agent marketing campaigns.
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