The skills of chartered surveyors are more important to the local economy than ever before, according to the new chairman of RICS (Royal Institution of Chartered Surveyors) Northern Ireland.

Michael Hannaway says that chartered surveyors are centrally involved in key issues such as NAMA and the management of public sector property assets, and, as such, will be vital to creating the conditions for economic recovery.

Mr Hannaway – a geomatics surveyor based in Newry – takes over the prestigious post of RICS Northern Ireland chairman from University of Ulster Pro Vice Chancellor, Professor Alastair Adair today.

Mr Hannaway says 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 says.

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"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," Mr Hannaway points out.

"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, he continues.

"During my time as chairman of RICS Northern Ireland I will endeavour to ensure that the organisation and its members continues to provide sound and timely guidance to decision-makers in the interests of the Northern Ireland economy.

"I will also seek to help ensure that RICS continues to support the development of skills amongst the profession and helps ensure the very highest professional standards," he added.

Michael Hannaway is a partner in Hannaway & Hannaway, a leading firm of chartered surveyors specialising in accident reconstructions and the provision of expert reports on boundary and right of way issues to the legal sector and land and engineering surveys to corporate and government bodies.

Michael is the RICS representative on the Northern Ireland Geographic Information council.

(GK/BMcC)