[c#] Implementing INotifyPropertyChanged - does a better way exist?

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using System;
using System.ComponentModel;
using System.Reflection;
using System.Reflection.Emit;
using System.Runtime.Remoting.Messaging;
using System.Runtime.Remoting.Proxies;


public static class ObservableFactory
{
    public static T Create<T>(T target)
    {
        if (!typeof(T).IsInterface)
            throw new ArgumentException("Target should be an interface", "target");

        var proxy = new Observable<T>(target);
        return (T)proxy.GetTransparentProxy();
    }
}

internal class Observable<T> : RealProxy, INotifyPropertyChanged, INotifyPropertyChanging
{
    private readonly T target;

    internal Observable(T target)
        : base(ImplementINotify(typeof(T)))
    {
        this.target = target;
    }

    public override IMessage Invoke(IMessage msg)
    {
        var methodCall = msg as IMethodCallMessage;

        if (methodCall != null)
        {
            return HandleMethodCall(methodCall);
        }

        return null;
    }

    public event PropertyChangingEventHandler PropertyChanging;
    public event PropertyChangedEventHandler PropertyChanged;



    IMessage HandleMethodCall(IMethodCallMessage methodCall)
    {
        var isPropertySetterCall = methodCall.MethodName.StartsWith("set_");
        var propertyName = isPropertySetterCall ? methodCall.MethodName.Substring(4) : null;

        if (isPropertySetterCall)
        {
            OnPropertyChanging(propertyName);
        }

        try
        {
            object methodCalltarget = target;

            if (methodCall.MethodName == "add_PropertyChanged" || methodCall.MethodName == "remove_PropertyChanged"||
                methodCall.MethodName == "add_PropertyChanging" || methodCall.MethodName == "remove_PropertyChanging")
            {
                methodCalltarget = this;
            }

            var result = methodCall.MethodBase.Invoke(methodCalltarget, methodCall.InArgs);

            if (isPropertySetterCall)
            {
                OnPropertyChanged(methodCall.MethodName.Substring(4));
            }

            return new ReturnMessage(result, null, 0, methodCall.LogicalCallContext, methodCall);
        }
        catch (TargetInvocationException invocationException)
        {
            var exception = invocationException.InnerException;
            return new ReturnMessage(exception, methodCall);
        }
    }

    protected virtual void OnPropertyChanged(string propertyName)
    {
        var handler = PropertyChanged;
        if (handler != null) handler(this, new PropertyChangedEventArgs(propertyName));
    }

    protected virtual void OnPropertyChanging(string propertyName)
    {
        var handler = PropertyChanging;
        if (handler != null) handler(this, new PropertyChangingEventArgs(propertyName));
    }

    public static Type ImplementINotify(Type objectType)
    {
        var tempAssemblyName = new AssemblyName(Guid.NewGuid().ToString());

        var dynamicAssembly = AppDomain.CurrentDomain.DefineDynamicAssembly(
            tempAssemblyName, AssemblyBuilderAccess.RunAndCollect);

        var moduleBuilder = dynamicAssembly.DefineDynamicModule(
            tempAssemblyName.Name,
            tempAssemblyName + ".dll");

        var typeBuilder = moduleBuilder.DefineType(
            objectType.FullName, TypeAttributes.Public | TypeAttributes.Interface | TypeAttributes.Abstract);

        typeBuilder.AddInterfaceImplementation(objectType);
        typeBuilder.AddInterfaceImplementation(typeof(INotifyPropertyChanged));
        typeBuilder.AddInterfaceImplementation(typeof(INotifyPropertyChanging));
        var newType = typeBuilder.CreateType();
        return newType;
    }
}

}