It aims to address current inconsistencies in the way property of all types is measured from one market to the next, improving property market data and providing greater transparency.
IPMS standard is the collaborative effort of professional and nonprofit organisations from around the world.
These organisations convened for the first time at a meeting hosted by the World Bank in Washington on 01-2 May 2013, each putting forward a representative to join the IPMS Board of Trustees.
Collectively, these organisations (otherwise referred to as the International Property Measurement Standards Coalition, or IPMSC) have agreed to create and implement a single, shared standard for measuring property.
As of 2017[update] there are more than 80 professional and not-for-profit organisations from around the world working as members of the IPMS Coalition.