Consolidate to survive recession, Yates tells agents

The Irish Times Property Advertising Awards:THE FIRST sign of recovery from the economic situation that faces us today will be six months after property prices stabilise, said Ivan Yates, keynote speaker at the sixth annual Irish TimesProperty Advertising Awards.

But that could be some time away, he warned the close to 400 estate agents, advertising professionals and developers attending the event at the Four Seasons Hotel in Dublin last week.

In the meantime, businesses should consolidate and merge to survive, knowing that recessions are cyclical and that the economic wheel will turn, eventually.

He called on the Government to bring public finances back into order by taking bold measures: these could include halving the National Development Plan and diverting monies from the National Pensions Reserve Fund into a voluntary severance package for the public sector, for at least two years.

In the medium term, the economic outlook should improve, with a fall in interest rates and inflation down to 2 per cent next year. And if the euro falls in value, that would improve Irish business competitiveness.

Mr Yates, chairman of Celtic Bookmakers and a former senior Fine Gael minister, told the story of his own career in an entertaining speech that was both challenging and encouraging.

Michael Carey, executive chairman of Jacob Fruitfield and chair of the awards panel, also told the meeting that businesses will have to be adroit to survive the next few years.

Seven awards were made: the New Homes Development award was won by Hooke & MacDonald (agent), Ellier Developments (developer) and First Impression (design). Agent Sherry FitzGerald with designs by Irish International BBDO won the Resale Residential Property, Campaign Series and Corporate Advertisement awards.

The MyHome.ie Best Property Website award went to HT Meagher O'Reilly, with design by ICAN. The overseas Residential Property award went to agent CBRE.

The panel of judges were: Chairman Michael Carey; Orlaith Blaney, IAPI; Kersten Mehl, IAVI; Fintan McNamara, IPAV; Jeanette Mair, CIF/IHBA; Justin Comiskey, The Irish Times.