Chartered surveyors will play a pivotal role in helping boost the local economy, according to the new chairman of RICS (Royal Institution of Chartered Surveyors) Northern Ireland.
Michael Hannaway said surveyors’ involvement in key issues such as Nama in the Republic and the management of public sector property assets mean they will be vital in creating the conditions for economic recovery.
Mr Hannaway — a Newry-based geomatics surveyor — takes over the post from the University of Ulster’s, Professor Alastair Adair.
He said that government austerity measures mean that there is a great need to ensure maximum value from public sector assets.
The effective valuation of property in all sectors is also essential to create a viable and sustainable local property market, he said.
“Our economy will continue to face significant headwinds, with the constraints on public spending and the current dysfunctional nature of property markets amongst the key challenges.
“The good valuation and management of property assets is critical to dealing with both of these issues. RICS and its members are therefore well placed to provide the opinion, guidance, and implementation and delivery skills to ensure that key decisions that affect our economy and society are properly taken.
“In this respect, it is important that groups holding large portfolios of property, including governments, publicly controlled bodies and banks manage these assets in a way that doesn’t compromise the recovery and good functioning of property markets. Property also needs to be valued in a realistic way that ensures best value is achieved.
Michael Hannaway is a partner in Hannaway & Hannaway.