Abstract:
“Property Standards”, “Property Management” and “Property Values” are interrelated and
interdependent variables. It is revealed that as there is an increasing shift towards International Valuation
Standards (IVS), most of responsible authorities in developed cities have set particular standards for
residential properties to ensure safe and healthy living space. Accordingly, provision of standard and
valuable properties can be recognized as one of major aims of real estate management in such cities. In Sri
Lanka, national and international standards relating to products, commodities, materials, processes &
practices are in operation to certain extent. Even though real estate is treated as a product, standards
relating to real estate are not adequately available. Further, real estate valuers use some standard only in
methods of valuation but not about the quality of properties. Yet, application of accepted property standards
is an essential factor for high level satisfaction of property users as well as for the better management of
properties. Accordingly this study aims to discuss the importance of application of property standard and
impact of property standards on property management and thereby property values. This is done in
collaboration with private sector property valuation firms which have experience of conducting valuation
and real estate consultancy on a vast range of property types for various purposes. This is an exploratory
study for which basically qualitative research approach is adopted. The study considered only residential
properties in the city of Colombo-Sri Lanka with special emphasis on social aspects of property standard
and the well-being of the users by means of standard properties. Findings of the study helps to understand
the need of establishing an acceptable set of standards for properties ensuring higher property values and
higher user satisfaction especially in the residential property sector in Colombo - Sri Lanka.
Keywords: Property Management, Property Standards, Property Values, Real Estate Sector, Residential
Property
