Representatives of the University of Ulster's Real Estate Initiative have met with First Minister Peter Robinson to discuss the planning system.

The Titanic Quarter event was hosted by Professor Mike Smith, CEO Titanic Quarter Ltd, UUREI Founding Board Member and Visiting Professor at Ulster.

The meeting was used as a platform for the First Minister to hear issues of importance to the REI Founding Board and those relating to the wider economy, an REI spokesperson said.

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After the presentation, given by PVC Professor Alastair Adair, there was a discussion session which focused on the planning system in Northern Ireland and the necessary reforms required to create the conditions for sustainable economic growth and attract what limited international investment is currently available.

Also under discussion were the areas of valuation practice in a property market downturn and the constraints on bank lending; and the resultant frustration in market momentum in spite of the relative improvements in affordability.

Other areas of interest included the reinstatement of an IPD commercial property market index for Northern Ireland.

Contributors said this was considered essential to demonstrate the competitive advantage of Northern Ireland in terms of rental and property costs - particularly in the current economic conditions in which companies are trying to reduce their overheads.

(PR/JM)