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Mason Hayes & Curran sponsor Chartered Surveyors Annual Conference

The Society of Chartered Surveyors (SCS) Annual Conference took place in O’Reilly Hall, UCD on Friday 17 October.

The theme of this year's conference was 'Ireland's Future in the Global Economy'. The conference was attended by some 250 people, comprised mostly of chartered surveyors and industry professionals.  It provided a useful opportunity to hear the views of a number of experts in the immediate aftermath of Budget 2009.

MH & C were the sole Law Firm Sponsor for the conference.

A series of diverse presentations were delivered by the following speakers:

1.  Pat Walsh, Director of Lending, Ireland, Anglo Irish Bank was a late replacement for David Drumm who was unavailable to attend.  Pat presented an interesting history of the evolution of Anglo Irish Bank since its foundation, and examined the relationship between the Irish Banking Sector and International Capital Markets during the recent period of economic uncertainty.  He admitted that banks had made “too much money, too easily available” to borrowers over the past decade and that the coming years would see a “back to basics, back to banking” approach on the part of lending institutions. 

2. Professor John Fitzgerald, Economist with ESRI, spoke to a captivated audience regarding recent changes in the economic climate, with a particular focus on the property market.  He stated that Irish property will be subject to a permanent fall in prices, rather than a temporary adjustment, and stated that 5 of his fellow economists had sold their homes within the last 12 months and are now renting.  Professor Fitzgerald suggested that the property market will have turned the corner when the first of these 5 economists purchases again, but he would not agree to notify delegates when/if this occurs, despite a specific request from one attendee!  He feels that Budget 2009 was “mild” and that further and more drastic cut-backs are required.  He supported a one-off Government investment into Banks.  In response to a query as to whether our Minister for Finance should have introduced taxation changes to reignite the construction industry, Professor Fitzgerald expressed his view that the market needs to adjust and prices need to reach a natural plateau.  He felt that a realistic projection for new homes over the coming years would be 40,000 – 45,000 units per annum. 

3. Tom Costello, Managing Director, SISK,presented figures re the slow down in construction projects and reminisced about the “glory days” from 1994 – 2008. He avoided talk of doom and gloom and re-assured attendees that figures had returned to more modest 2001/2002 levels.  He also advised that there was now greater value for money in construction projects; for example the average road construction cost per kilometre has dropped from €5m in 1997 – 2001, to €4m today, which is 10% - 20% lower than in the UK.  Tom stressed the need for the government to hold its nerve on capital spending and he was supportive of Budget 2009 in this regard.  On a positive note, he also stressed the benefit of major infrastructural projects which have been undertaken during the boom years, such as the redevelopment of Croke Park and Lansdowne Road, and he highlighted the skill set that Irish professionals have developed as a result.   

4. Professor Stig Enemark, President of the International Federation of Surveyors, FIG; Professor Enemark examined the changing role of surveyors from “measurement to management” and stressed the importance of the industry by noting that 12.5% of Britain’s GDP (or £100 billion) is based on the activity of Ordnance Survey of Great Britain, which equates to 1,000 times the turnover of OSGB.  He also presented an analysis of land registration systems around the world and the elements of a good property/planning system, namely decentralisation of planning responsibilities, comprehensive planning and public participation. 

5. John Bruder, Managing Director, Treasury Holdings; John discussed Treasury’s experience in expanding from an Irish market to become a global player, with particular emphasis on it’s development in the UK and China.  He presented a fascinating analysis of existing and planned developments, including DongtanEcoCity on ChongmingIsland, just to the north of Shanghai, which will include approximately 4.2 million square metres of mixed accommodation and will be a world leader in sustainable, environmentally responsible construction.  John also spoke about Treasury’s plans for the re-development of Battersea Power Station along the River Thames in London.  The master-plan proposes the re-use of the power station building for a mix of retail, residential and hotel uses. A new landmark building is proposed next to the power station containing commercial uses in what is proposed to be the most sustainable building ever built in the UK.

6. David Strahan, Journalist, Documentary Filmmaker and Author of The Last Oil Shock; David examined the likely impact of the impending global oil crisis and provided some guidance on the implications for Ireland.  He highlighted Ireland’s vulnerability in these times but praised the Irish government for its acknowledgment of “Peak Oil” and its efforts with regard to renewable energy, public transport and sustainable bio-fuels.  We were told that mass aviation is under threat as the 238 million tonnes of conventional jet fuel consumed in 2007 could not be replaced by bio-fuels.

Overall the Conference considered the threats and opportunities that the international context presents to the Irish economy and its component parts, particularly, the property investment and construction sectors.

Event report compiled by Michael Hanley, Senior Associate and Tom Davy, Solicitor, Real Estate Department, Mason Hayes & Curran.

Pictured are: Sean McCormack, President, SCS and John Minihane, Partner Real Estate Department Mason Hayes & Curran.