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September 27, 2001
© Copyright 2001, IRED.com, Inc.
International Consortium of Real Estate Associations
The International Consortium of Real Estate Associations (ICREA) is an alliance whose members are leading national real estate organizations in the world's major markets. Through a multilateral agreement and specific business practice protocols, this alliance will provide significant benefits not only to its constituent members who seek to do transnational business but, also, to its domestic constituents. The Consortium's primary objective is to assist members of the respective organizations in efficiently and profitably facilitating transnational business.
On May 13, 2001, ICREA was launched at the National Association of RealtorsÒ mid-year meeting in Washington, DC when twenty-two national associations worldwide signed a multilateral agreement. Several other associations have expressed an interest in joining as well. Ad hoc working groups will deal with a variety of business issues: an international code of ethics, international referrals, compliance and enforcement of norms and standards, terminology, and technical standards.
Several factors led the formation of this global alliance needed for the new millennium, as national real estate associations look to respond it industry issues:
- Globalization has had an immediate and powerful impact on real estate markets, attracting the attention of real estate professionals worldwide. Local practitioners want to expand globally and need assistance from the real estate associations.
- The rapid growth of the Internet has made the international market accessible to millions of consumers and to most of the real estate agents. Most of the growth will take place in Asia, Latin America and parts of Europe.
- The value of commerce of the real estate industry is staggering -- one trillion U.S. dollars for real estate sales in the U.S. in 2000 alone! The global real estate market is seen as a source of significant revenue potential.
The origins of ICREA date back to August of 1999 when nine national associations originally met to discuss globalization. Initial signers of the consortium agreement in 2001 include the National Association of RealtorsÒ, representing the United States, and representatives from Australia, Brazil, Canada, Denmark, Hong Kong, Czech Republic, El Salvador, France, Greece, Guatemala, Hungary, Ireland, Italy, Netherlands, Norway, Poland, Romania, Russia, Singapore, Sweden, Venezuela, and the United Kingdom, and CEREAN (Central European Real Estate Network), CEPI (European Council of Real Estate Professionals) and FIABCI (International Real Estate Federation).
Pat Rioux
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