Markets to improve - new Lisney MD

Agencies Mr Peter Stapleton has been appointed managing director of Lisney estate agents from January next.

He will replace Mr Peter Browne, who held the position for the last nine years and who will continue to take responsibility mainly for the commercial agency.

Mr Stapleton has been with Lisney since 1974 and joined the board in 1990. He is a fellow of the Society of Chartered Surveyors.

Peter is looking forward to the challenge of leading one of Ireland's top commercial and residential estate agencies in what he sees as very interesting times for anyone involved in the property market. "Contrary to many commentators' predictions, the market has proved extremely robust this year. Property investment reached record levels despite the slowdown in the economy and a 50 per cent increase in stamp duty for commercial property in the 2002 budget," he says.

Mr Stapleton says the unprecedented amount of investment property offered to the market by the institutions was to allow them to rebalance their portfolios. This went a long way to satisfying pent-up demand and he expected the total turnover of investment property to reach €800 million or more by year-end. Notwithstanding this, an alarming €2 billion of investment funds were placed overseas by Irish investors, 90 per cent of which went to the UK market.

Mr Stapleton says there are encouraging signs in Europe and the US that the markets are going to improve which will have significant effect here. Rental levels and interest rates are most likely going to increase in 2004 as the economy strengthens and returns to more solid growth.

However, he is emphatic that "competitiveness is the key to this anticipated growth and even thought the fundamentals of the economy remain strong, cost containment in both the private and the public sector is essential."

This is an issue that he admits to being worried about. In a recent study of Europe's top cities carried out by Lisney's international associates, Cushman & Wakefield Healey & Baker Dublin's poor transport links, quality of telecommunications and internal transport were identified as problem issues when the city was being judged as a location for international business.

"Government commitment to prioritise investment in infrastructure is crucial to ensuring the delivery of positive economic returns. The fall in construction inflation from a peak of 12.5 per cent p.a. during the tiger years of 1998-2000 to a current 4 per cent is very welcome news."