chartered surveyors prebudgetsubmission_2014
TRANSCRIPT
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Budget 2014
Submission to the Department ofFinance and the Department of
Public Expenditure and Reform
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Mr Michael Noonan TDMinister for Finance
Department of Finance
Merrion Street
Dublin 2
Mr Brendan Howlin TD
Minister for Public Expenditure and Reform
Department of Public Expenditure and Reform
Merrion Street
Dublin 2
Dear Minister
Budget 2014
On behalf of the Society of Chartered Surveyors Ireland, I would like to submit the attached report for your
consideration in advance of Budget 2014.
The Society is the largest professional body in the construction and property sector in Ireland, and our
mandate is to provide thought leadership in these sectors in the public interest. This over-riding public interest
mandate has determined the recommendations in this brief submission. They are intended to bring new
activity to the sectors, prevent any further erosion of the skill-base and capacity of the sectors, and ensure
that the construction sector and property market can perform in the optimum way to ensure economic
recovery and improve quality of life.
Overshadowing both sectors is the continued absence of private finance. In both the construction industry and
the property sector, there is a need to ensure that viable and necessary developments to meet the needs of
a new economy can secure the necessary finance to reach a successful conclusion.
Employment in the construction and property sectors has fallen dramatically in recent years. Nonetheless,
these sectors provide employment for over 5% of the Irish workforce; their jobs must be protected and
new job opportunities created if Ireland is to overcome its unsustainably high unemployment level and
return to growth.
Therefore, the recommendations which we make to you have two themes: the promotion of new financial
support to allow the completion of necessary development and the maintenance and growth of skilled
employment in the construction and property sectors.
My colleagues and I would be delighted to meet with you, and to continue our excellent engagement withofficials in your departments, to discuss these recommendations with you in more detail.
I hope that you will consider them in advance of the Budget.
Yours sincerely
Michel OConnor Ciara Murphy
President Director General
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Contents
The Economy
Table 1: Economic Growth Forecasts 2012 2014
Part One: Construction
Table 2: Value of Construction Output 2011 2013
Graph 1: Volume of Construction Output 2005 2013
Support economic growth through increased, targeted public investment
Graph 2: Construction Tender Price Index 1998 2012
Rollout of Capital Investment
Table 3: Capital Investment in Key Vote Groups to End-May 2013
Graph 3: Public Capital Investment as % of GNP 2003 2013
Graph 4: Public Capital and Current Expenditure 1997 2013
Graph 5: Annual Change in Public Capital and Current Expenditure 1997 2013
Supporting Efficiencies in Public Procurement
Built Asset Management
Investment in Public Buildings
Promoting Private Investment in Construction and Regeneration
Promoting Energy Retrofitting
Part Two: Residential Property
Encouraging International Investment in Ireland
Increase the energy efficiency of the built environment
Table 4: Office Refurbishment Options
Reform of Tax on Agriculture
Part Three: Commercial Property
Encouraging International Investment in Ireland
Increase the energy efficiency of the built environment
Table 4: Office Refurbishment Options
Reform of Tax on Agriculture
Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform
BUDGET 2014
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Construction
Targeted investment of capital and PPP funds in infrastructure which will support growth and meet the
future demographic, social and economic needs of Ireland.
Delivery of alternative funding for public works, coupled with measures to support improved bank
financing of private construction projects.
Published multi-annual pipeline of public and semi-state capital projects, overseen and evaluated
through improved governance of the construction sector, an improved planning system and
streamlined procurement process.
The creation of the post of Chief Construction Adviser to the Government, to co-ordinate meaningful
engagement between the sector and the State.
Investment in, and rationalisation of, public buildings to reduce running costs and improve the energy
efficiency of the public estate.
Reduction of VAT to 5% on labour and professional services for property repairs, maintenance, lettings
and management of residential property to reduce exposure to the Hidden Economy and drive high
standards of energy efficiency in the built environment.
Residential Property
Introduction of standardised mortgage application forms to ease mortgage application process with
unsuccessful applications open to review by an independent mortgage review body.
Address supply problems through the promotion of increased urban densities and development of
brown field sites; nationwide expansion of pilot schemes to refurbish Georgian areas.
Commercial Property Promotion of increased international investment in Irish commercial property through the support of
Real Estate Investment Trusts coupled with measures to support small-scale domestic investment by
pension and insurance funds in residential and commercial property on a syndicated basis.
Reduction of VAT on the retrofitting of private and public commercial buildings to improve the energy
efficiency of the Irish built environment; and a managed process of rationalising the public estate to
lower running costs.
Reform of the taxation regime for inter-generational transfer of agricultural property, including CGT
and re-instatement of roll-over relief.
Key Recommendations
Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform2
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The Irish Economy in 2013
The Irish economy continues to struggle to grow against a background of continued European and global
austerity. Domestically, low GDP growth is forecast for 2013 and 2014, but this will be fuelled by continued
strong exports; it is expected that in the absence of growth in indigenous businesses, public and private
spending will remain widely depressed. Unemployment remains high, and emigration continues to present
significant challenges to the skill-base and capacity of Irelands productive sectors. Deals on Irish debt which
have been secured in 2013 give some room for optimism that increased domestic investment may soon be
possible. Furthermore Irelands improving international reputation may open new funding sources for private
investment, particularly from the European Investment Bank.
Table 1: Economic Growth Indicators
Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform 3
(% annual change) 2012 2013 (f) 2014 (f)
GNP 3.4 0.8 1.5
GDP 0.9 1.1 2.3
Domestic Demand -1.5 -0.3 0.8
Private Consumption -0.9 -0.3 0.7
Public Expenditure -3.7 -2.4 -2.3
Investment 1.2 3.1 5.3
Exports 2.9 2.6 4.0
Imports 0.3 1.7 3.2
Unemployment Rate 14.7 14.1 13.5
Employment Growth -0.6 0.3 0.9
Wage Growth 0.8 0.7 0.9
CPI Inflation 1.7 1.2 1.7
General Government Balance -7.6 -7.3 -4.9
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Contents
Table 2: Value of Construction Output 2011 2013
Graph 1: Volume of Construction Output 2005 2013
Support economic growth through increased, targeted public investment
Graph 2: Construction Tender Price Index 1998 2012
Rollout of Capital Investment
Table 3: Capital Investment in Key Vote Groups to End-May 2013
Graph 3: Public Capital Investment as % of GNP 2003 2013
Graph 4: Public Capital and Current Expenditure 1997 2013
Graph 5: Annual Change in Public Capital and Current Expenditure 1997 2013
Supporting Efficiencies in Public Procurement
Built Asset Management
Investment in Public Buildings
Promoting Private Investment in Construction and Regeneration
Promoting Energy Retrofitting
Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform
Part 1
Construction
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The Irish Construction Industry in 2013
At the time of Budget 2014, the Irish construction industry will be half-way through its sixth year of recession.
During that period, the output of the industry has fallen sharply from a height of 38bn and employment in
the sector has halved. It is widely accepted by Government and the sector that in 2013, annual construction
output should be in the region of 16bn to 20bn if it is to perform at an appropriate level to meet the needs
of the economy. As the CSO Production in Building and Construction Index shows, the bulk of this decline
has been in the new residential property sector, but significant and prolonged declines in the volume of
construction output have been seen in the civil engineering and non-residential building sectors.
Reports produced over the course of the first six-months of 2013 suggest that actual construction output is
not likely to exceed 7.5bn this year.
Table 2: Estimates for the output of the construction industry in 2013 - 2014
During low levels of private activity, the output of the construction sector is largely determined by changes in
Government capital investment and the availability of non-traditional project financing. Thus, it is vital for the
future of the sector that public investment in construction is realised, so that each component sector of the
industry can perform at an optimum size.
Part One: Construction
Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform6
1
2012 2013 2014
Society of Chartered Surveyors Ireland 8.70 bn 7.50 bn 7.10 bn
Central Bank of Ireland 8.80 bn 7.99 bn 7.73 bn
BruceShaw 8.70 bn 7.48 bn 7.00 bn
Davis Langdon 8.50 bn 7.75 bn 7.50 bn
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Graph 1: Volume of Construction Output 2005 2013
While the loss of employment and output are quantifiable, the erosion of the sectors skill-base and its loss
of productive capacity are less easily quantified. Measures contained in Budget 2014 should not simply be
aimed at increasing the output of the sector, but ensuring that the sector retains the skills and diversity of
professional services to support economic recovery. The construction sector has invested heavily in new
products and processes during the last decades. This has reduced the cost of construction significantly; the
exchequer benefits of this private investment should be harnessed and utilised through continued investment
by the State.
Recognising the importance of a strong, dynamic, diverse and professional construction sector to economic
recovery, the industry has worked closely with Forfs to produce a strategic report on the future direction of
the construction industry to 2015. This report contains important reforms of the governance of the sector and
the way in which contractors, developers and construction professionals engage with Government, including
IDA Ireland, Enterprise Ireland and the planning authorities. The Society calls on Government to publish this
report and implement its recommendations and, for its part, the Society repeats its commitment to working
with Government and all other stakeholders to create better and stronger engagement which will avoid
repeating the errors of the past, and help the sector do its part to grow the economy.
Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform 7
2005
2006
2007
2008
2009
2010
2011
1012
2013
A ll c o n s t r u c t io n C ivil E n gi n ee rin g R e s id en t ia l N o n- R e s id en t ia l
140
120
100
80
60
40
20
0
Source: CSO (2005 = 100%)
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Support economic growth through increased,
targeted public investment
Irelands positive demographics will place increased pressure on the States built environment and the existing
physical infrastructure network over the next decades. The Central Statistics Office forecasts that between
2011 and 2021, an additional 143,000 households will be formed in Ireland; as Ireland returns to positive
inward migration and homeowners and businesses benefit from improved economic activity, public investment
in infrastructure to support this increased demand is required, not only to maintain the quality of our existing
infrastructure but to anticipate new demands created by a new economy.
The National Competitiveness Council has recently noted: Sustainable public and private investment
which supports the development and maintenance of an export-friendly environment by utilising world-
class technology and infrastructure to create and deliver goods and services efficiently to customers is an
important determinant of competitiveness. Thus, by investing in our infrastructure now, Ireland can make
a real difference to our future economic competitiveness.
Future demographics mean that we will experience acute pressure on our stock of public hospitals and
schools. By 2021, there will be an additional 76,000 children aged between 5 and 12 years old living in
Ireland, and 104,000 additional children aged between 13 and 18 years old. This increase in the number of
school-age children is likely to mean Ireland requires an additional 2,000 primary school classrooms and
4,000 additional secondary school classrooms if we wish to maintain current teacher: pupil ratio.
An ageing population will have an impact on the type, size and location of health service providers, as well
as residential accommodation. Government should prepare to construct these much-needed public buildings
now, so that they can be in place ahead of need. A national Predict-Provide model of ex-ante investment in
infrastructure should be at the heart of routine forward-looking dialogue between the construction sector,
state agencies and planning authorities. A failure to properly target and sequence the development of
necessary infrastructure on a regional and sectoral basis will simply repeat past errors of undersupplying the
right type of infrastructure.
The purpose of infrastructure is to create a national network of public utilities to support economic and socialactivity, and improve quality of life. As the nature of economic activity changes, so the infrastructural
requirement to support that activity must also change. It is important that infrastructure is provided ahead of
need, utilising a solid prediction-model. Having almost completed the road and rail networks, and having
upgraded ports and airports, Ireland must now continue to invest in its future through the provision of a
national broadband network and full national mobile telephone and 3G coverage.
According to the National Competitiveness Report 2013: it will be important that advanced broadband
services are quickly made available in Irish cities and towns to support the growth of emerging high value
information-intensive industries such as digital media, cloud computing, e-games, healthcare and
Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform8
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education. It is, therefore, worrying that Ireland has one of the lowest fibre broadband connection rates in
the OECD-28, and that it fell two places in the rankings between June 2011 and 2012 to 25. This slip inour international competitiveness will undermine the governments policy to make Ireland a high-tech
economy, and a country in which high-tech businesses should locate.
Graph 2: Construction Tender Price Index 1998 2012
During a period of low levels of activity in the construction sector, and low tender prices, planning, design and
construction of this anticipated demand for new public buildings and infrastructure should be commenced with
immediate effect. By harnessing innovation in design and construction methods, it is possible to construct
schools and other public buildings now, and lease them to the private sector for office accommodation before
retrofitting them to be used for their original purpose when pressure so demands. There is an opportunity to
design world-class innovative building solutions and generate a rental income from the private sector to off-set initial construction costs.
Rollout of Capital Investment
The current Public Capital Programme to 2016 commits the Government to an investment of 17bn, of which
some 70% will be spent on construction-related works. Additional announcements in 2012 and 2013 of further
capital expenditure on minor works such as road upgrades, local authority energy retrofitting and school-
building extension and retrofitting have been welcomed by the sector.
Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform 9
199
8
199
9
200
0
200
1
200
2
200
3
200
4
200
5
200
6
200
7
200
8
200
9
201
0
2011
201
2
Source: Society of Chartered Surveyors Ireland (1998 = 100)
160
150
140
130
120
110
100
90
80
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According to the Stabil ity Programme Update and other Government plans, the total capital allocation for
2013 is 3.4 bn, some 7.3% lower than 2012. According to Budget Day projections, total scheduled capitalexpenditure to the end of May 2013 should have been 859m. Actual expenditure for this period was 751m,
a 12.6% under spend against profile. The Society is concerned that a pattern of monthly under spending has
emerged in many line departments, most especially the Department of Environment, Community and Local
Government whose capital investment programme is some 25% behind profile.
Comparing this years output to that of 2012, during the year to end-May 2013, total actual public capital
investment in Ireland fell by 18.1% compared to the same period of 2012. It is vital that if projects receive
funding approval, that they are rolled out as per schedule. The Society looks forward to working with
Government on identifying blockages to expenditure and remedying them.
Table 3: Capital Investment in Key Vote Groups to End-May 2013
Source: Department of Finance. Exchequer Statement June 2013
As a proportion of overall Government expenditure, capital investment has fallen from 18% in 2008 to 6% in
2013. In 2009, capital investment was cut by 18.6%; further cuts were experienced in all subsequent years
to 2013. This represents a significant reduction in the public investment in Irelands economic future. The
Society recommends that during a period of tight public finances, rigorous ex-ante analysis of investment must
be undertaken. Any further declines in direct exchequer capital investment should be augmented through
increased PPPs and other private finance models. As Irelands international reputation improves, opportunities
for investment from international banks, including the European Investment Bank should be further explored.
Between 2003 and 2010, total public investment in capital projects was between 4% and 6% of GNP, in line
with commitments made in previous National Development Plans which aimed for annual public capital
investment to be in the region of 5.5% of GNP. Since 2010, investment has fallen at a faster rate than the
economy, so that by 2013, the public capital programme (assuming all allocations are invested as per
schedules) will be around 2.5% of GNP.
Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform10
Vote Group End-May End May Variance Variance
Profile Out-Turn (m) (%)
Communications, Energy and 17m 14m -3m -15.3%
Natural Resources
Environment, Community and 116m 88m -29m -25%
Local Government
Health 138m 74m -64m -46.4%
Justice and Equality 26m 22m -4m -15.5%
Transport, Tourism And Sport 175m 164m -11m -6.5%
Total Public Capital Programme 858m 751m -108m -12.6%
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Graph 3: Public Capital Investment as % GNP 2003 2013
Graph 4: Public Capital and Current Expenditure 1997 2013
Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform 11
0
1
2
3
4
5
6
7
2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3
Source: Department of Public Expenditure and Reform, ESRI
0
1 0 , 0 0 0 , 0 0 0
2 0 , 0 0 0 , 0 0 0
3 0 , 0 0 0 , 0 0 0
4 0 , 0 0 0 , 0 0 0
5 0 , 0 0 0 , 0 0 0
6 0 , 0 0 0 , 0 0 0
7 0 , 0 0 0 , 0 0 0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Capital
Current
Source: Department of Public Expenditure and Reform ( thou)
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Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform12
Graph 5: Annual Change in Public Capital and Current Expenditure 1997 2013
The Society recognises that funds which will be invested in Irelands physical infrastructure must be borrowed
internationally. This comes at a cost to the tax-payer. Nonetheless, the Society believes that a failure to
maintain a commitment to the quality of Irelands infrastructure will be at a much greater longer-term cost. Past
errors of cost-over-runs and a failure to plan, sequence and deliver an agreed pipeline of works can be
avoided through rigorous analysis of value for money, engagement with practitioners and finding alternative
sources of capital finance.
RECOMMENDATION: Targeted investment of capital and PPP funds in infrastructure which will
support growth and meet the future demographic, social and economic needs of Ireland
Supporting Efficiencies in Public Procurement
The construction of new buildings and the installation of new infrastructure is a complex process, with an
increasingly burdensome tendering and procurement process. The Society recognises that Government must
be diligent in tendering public contracts to ensure the best possible value for money. While supporting value
for money, the Society repeats its call for state agencies not to accept tender bids which are below-cost as
-40.00%
-30.00%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Current y-o-y Capital y-o-y
Source: Department of Public Expenditure and Reform
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this will inevitably result in additional costs further along the design and construction stage of development
due to project failure. Accepting tender offers which are priced at below the cost of undertaking the work mayresult in the successful tenderer resorting to using the Shadow economy with further negative impacts on
tax receipts. In tendering for public works, construction firms and design professionals must be assured that
works for which they tender will be commenced and completed as per the timetable announced in
Government publications.
The promotion of investment in Green Procurement and sustainability have the potential to improve the life-
cycle running costs of Irelands new public buildings and infrastructure thereby making Exchequer savings
on overall running costs of public buildings. Building Information Modelling (BIM) is now a key part of public
procurement in a number of developed countries, so there is an opportunity for the Irish Government to
harness international best practice in designing sustainable buildings.
The Society welcomes previous commitments by Government to reimburse the costs of tendering for works
by three unsuccessful bidders and Government and EU efforts to reduce bid-costs. Access for small,
regionally-based construction firms and design professionals to the public procurement process is vital in
order to maintain a diverse and regionally-based national construction sector. The Society recommends that
Government redoubles its efforts to ensure that small, indigenous firms are not displaced by larger multi-
nationals in the effort to reduce design and construction costs. The Society recognises, of course, that value
for money must be at the heart of the Governments construction strategy, but this must not be with the result
of below-cost tendering or the monopolisation of public contracts by a small number of large firms.
RECOMMENDATION: Published multi-annual pipeline of public and semi-state capital projects,
overseen and evaluated through improved governance of the construction sector, an improved planning
system and streamlined procurement process, including the creation of the post of Chief Construction
Adviser to the Government, to co-ordinate meaningful engagement between the sector and the State.
Built Asset Management
Two key efficiencies can be achieved through strategic management of built assets. It is firstly possible to
improve efficiency and effectiveness in the management of public land and property assets, and secondly
through the use of the value in surplus, under-utilised and non-core Government assets to transform areas
and to accelerate delivery of much needed infrastructure.
The Strategic Investment Board in Northern Ireland adopted such a strategy to the running of their built state
which has subsequently been expanded to cover the following potentials which can come from undertaking
an audit of existing State-owned property:
Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform 13
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Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform14
Rationalisation of accommodation portfolios
Redevelopment/refurbishment of assets Re-gearing/renegotiation of leases
Master planning of sites
Development of service commercialisation opportunities, and
Disposal of assets, where appropriate.
Investment in Public Buildings
In April 2011, the McCarthy Report recommended that there should be one state property management
agency and a consolidated register of all state property howsoever owned (Recommendation 51). The Report
also recommended that an annual target should be set for the sale of state property over each of the next
five years (Recommendation 52), and that a study should be completed on the means and feasibility of
privatising the operations of such bodies as the Property Registration Authority Ireland. The Society wholly
endorses these recommendations.
As noted elsewhere in this Submission, reports produced for the private residential sector and the private
commercial sector have shown the positive return on meaningful retrofitting works. Ireland is a net importer
of energy, so any effort to reduce the energy needs of public buildings will assist in securing energy
independence. Lower running costs will further represent a longer-term saving to the exchequer.
The State, through its various institutions, gathers an enormous amount of datasets on property in Ireland,
including its type and age, location, ownership, last transaction price and current use. Much of this data is
collected at point-of-sale and accumulates with each transaction. The movement towards geo-tagging data
has meant that it is now possible to link all of this disparate and historical data and record it centrally, linked
to the location of each individual property. The State, which itself is the largest owner and tenant of property
in Ireland, does not yet own a map of all buildings under its control.
The Sustainable Energy Authority of Ireland suggests that the running cost of Irelands public built estate is
in the region of 600 million per annum, and that a national programme of retrofitting public buildings, and
private buildings leased by the State could see that figure fall by one-third. The Society therefore welcomes
the fact that the Office of Public Works (OPW) has assumed executive authority for the procurement of office
accommodation and the allocation of office space. The potential savings which can be made can be seen in
the fact that the first phase of rationalisation generated a 20% fall in leasehold expenditure, annual rental
savings of 27.6 million and a property footprint reduced by almost one million square feet. According to
recent reports, the total property portfolio held and managed by OPW comprises of 2,255 holdings with 635
buildings housing the Civil Service, 840 Garda properties and 780 heritage properties.
Leasehold expenditure has come down from a high of 130m in 2009 to 107m in 2012. The total floor area
of its office portfolio has fallen from a high of 950,714sqm in 2008 to 879,742sqm at the end of 2012.
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A national energy efficiency framework should include learning lessons from current exemplar projects in
the public sector, to seek new ways to stimulate economic activity in the field of energy efficiency and tocreate indigenous businesses in the retrofits sector. The Sustainable Energy Authority of Ireland suggests that
one half of retrofit costs in Ireland are labour. During a period of high unemployment, this represents an
opportunity to reduce unemployment in the construction sector.
The Society urges Government to continue to work to reduce the size of the States property footprint and to
continue to dispose of surplus property on a programmed basis. In 2012, the shortage of high-quality
commercial property has become acute in some areas; in order to promote the efficient use of buildings, the
Society recommends that Government works with the private sector in promoting the transfer of surplus
office and other properties into the private sector where demand from occupants is strongest.
RECOMMENDATION: Investment in, and rationalisation of, public buildings to reduce the running
costs and improve energy efficiency of the public estate.
Promoting Private Investment in Construction
and Regeneration
It is recognised by all stakeholders in the construction sector that increases in direct exchequer investment
in capital projects are unlikely until the economy improves. This requires greater short-term efforts to offset
cuts in direct funding with alternative funding sources, including from private pension funds and through
measures to release private savings into new models of Public-Private Partnerships.
Despite huge injections of public finance into Irelands banks over recent years, evidence from practitioners
suggests that normal, sustainable lending to the private sector has not yet recommenced. This failure by the
banks to fund even the most sustainable, modest and necessary new developments are undermining the
completion of many, much-needed new buildings and urban regeneration projects.
The banking sector has an important role to play in national economic recovery, in terms of providing capital
to businesses which want to invest for their future. Without such capital, potential growth is likely to be
undermined. The Society recommends that Government maintains pressure on Irish pillar banks to support
the private sector in improving the quality of new and existing buildings through appropriate funding measures.
RECOMMENDATION: Delivery of alternative funding for public works, coupled with measures to
support improved bank financing of private construction projects.
Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform 15
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Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform16
Promoting Energy Retrofitting
In the United Kingdom, the Cut the VAT coalition comprising of 21 organisations, has been highlighting the
opportunity to reduce the rate of VAT on repair, maintenance and improvement work on residential property
in order to promote energy repairs and to undermine the growth of the shadow economy. The coalition
commissioned Experian to conduct a rigorous analysis of the size of the shadow economy in the sector, and
the economic effects of a reduction in the VAT rate.
The Experian report highlighted the fact that in the UK, the hidden economy is potentially worth 22.8% of
the home repair, maintenance and improvement sector. This represents a multi-billion pound loss to the UK
Exchequer in taxes. The report noted that while a reduction of VAT to 5% for this work would result in
declines in exchequer income from the legitimate economy, it would have a positive impact in bringing non-
compliant work into the tax-compliant sector.
One area of construction activity supporting the private housing repair, maintenance and improvement sector
in Ireland has been investment in energy efficiency. The Government has committed to achieving a 20%
reduction in energy demand across the whole of the economy through energy efficiency measures by 2020.
It is expected that the residential sector will contribute 35% of the targeted savings.
In recent years funds have been allocated for improving the energy efficiency of the residential building stock.
This funding has taken the form of direct grant payments to households. It is estimated by SEAI that to date
over 300 million in public and private funding has been spent on 270,000 energy efficient measures in
110,000 homes.
The existing grant supports in this area are captured under the Better Energy: the National Upgrade
Programme - which was launched in May 2011 and replaces previous energy efficiency and renewable energy
programmes: the Home Energy Savings Scheme (HES), the Warmer Homes Scheme (WHS) and the
Greener Homes Scheme (GHS). The Better Energy programme is designed to support the energy efficiency
upgrades of one million homes, businesses and public buildings.
The total capital allocation in 2012 for grant supports was 76.1 million for energy efficiency measures in
private residential housing, low income homes and the public and commercial sectors. Although the
Government is committed to providing a significant level of support in 2012 and 2013, it has also noted that
there will be a transition to a non-Exchequer based funding model no later than the start of 2014.
According to the Societys own Annual Construction Report 2012, the total housing RM&I market was worth
an estimated 2.83 billion in 2010. The RM&I figure covers investment by households in major housing
improvements and minor housing repair works as well as public sector investment in refurbishment of the
public housing stock. In terms of expenditure by the private sector, the Society estimates that the overall
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volume of housing RM&I expenditure declined by 10% in 2011, as household incomes continued to be
affected by adverse developments in the economy.
Notwithstanding the boost from energy efficiency measures and a focus on renovation and improvement
works by the local authority sector, overall investment in housing RM&I declined by almost 8.5% in volume
terms in 2012 as private household incomes and local authority funding continue to be affected by austerity
and fiscal consolidation measures. The Society recommends that the reduction in VAT on this form of
construction activity could have a significant positive effect in stimulating new activity and promoting private
investment in the built environment.
Aside from the obvious benefits of such an increase in employment levels, a reduction in VAT in this sector
of the economy would mean that the Government would benefit from an increase in income tax receipts,
additional spending in the economy and a reduction in the social welfare bill.
RECOMMENDATION:Reduction of VAT to 5% on labour and professional services for home repairs,
maintenance, lettings and management of residential property to reduce exposure to the Hidden
Economy and drive standards of statutory and regulatory compliance in the construction sector.
Budget 2014 Submission to the Department of Finance
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Contents
Market Supply of Residential Property
Mortgage Availability
Graph 6: Quarterly Mortgage Lending 2006 2013
Recognition of Tenure Mix Change in Ireland
Graph 7: Annual Sale Price Change 2007 2013
Graph 8: Annual Rental Price Change 2007 2013 Help to Buy
Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform
Part 2
Residential Property
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The Irish Residential Property Market in 2013
According to the Central Statistics Office, national residential property prices peaked in the third quarter of
2007, following a peak of apartment prices in the first quarter of the year. In Dublin, prices peaked in Q1
2007, a full quarter before the rest of the country saw peak prices. House prices have now been falling forsix years, driven in part by a lack of consumer confidence, uncertainty about the future direction of house-
prices and by a lack of mortgage availability.
Reports over 2013 have suggested that the market in Dublin has begun to stabilise as interest and confidence
in property has grown in some areas. In the rest of Ireland, the property market is split as rural areas perform
less well than urban areas. During the period of house-price reduction, the private rental market has
performed well, so that in 2013, there are areas of undersupply of appropriate property types to serve this
changing tenured market.
The introduction of the Local Property Tax and the ending of mortgage interest relief in 2012 had only amarginal impact on the property market. The Society continues to believe that a transparent, fair and
sustainable property taxation regime can have a positive impact on public finances and local Government
autonomy. The Society looks forward to working with Government in advance of 1 January 2015 when local
authorities are given power to vary the property tax rate. This is an opportune moment to assess how the
energy efficiency agenda could potentially be built into the property taxation regime, and to make meaningful
changes to stamp duty on transaction of residential property, the levying of commercial property rates and
development contribution schemes.
Part Two: Residential Property
Budget 2014 Submission to the Department of Finance
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Market Supply of Residential Property
Ireland will soon experience a shortage of urban properties, and efforts should be made now to reform the
planning and development regulations to facilitate urban renewal and brown field developments, to maximise
urban densities and supply well-located property types which are most needed.
The Society believes that normalisation of market activity can best be promoted through a more timely
receivership process, speedier decision-making amongst NAMA and financial institutions and the clearance
of insolvent properties from the market. Furthermore, over the next year, reform of the personal insolvency
regime and receivership process has the potential to increase the supply of properties coming on to the
market and have a wider societal impact on the property market.
The Society notes that a policy of greater urban density can only be achieved through a reformed planning
system so that necessary residential and commercial property construction on brown field development
can take place. In many areas, while the preference of planning authorities is for promoting the development
of high-density apartments, there is a greater need to supply high-density housing to meet current shortages.
The Society recommends that greater attention is given by planning authorities to supplying high-quality
family housing to meet market demand while achieving greater densities.
The Society recommends that the pilot scheme announced in Budget 2013 to promote refurbishment
investment in some Georgian areas be expanded nationwide, coupled with processes to promote infill
developments.
RECOMMENDATION: Address supply problems through the promotion of increased urban
densities and development of brown field sites; nationwide expansion of pilot schemes to refurbish
Georgian areas.
Mortgage Availability
Despite the large injections of public money into Irish banks, there is concern that anecdotally, even the
safest and most modest applicants for mortgages are routinely being refused credit. In 2012, mortgage
lending represented approximately 2.96 billion. It has been estimated that as the market recovers, a
residential mortgage market size of 4-4.5 billion is achievable in Ireland; Furthermore, it is reasonable to
assume that Ireland may experience an annual mortgage market of 8-10billion within 5-10 years. This will
require strict lending criteria and Government oversight.
The Society recognises that by the end of the first quarter of 2013, there were some 142,000 mortgages in
some form of arrears, and that the number of mortgages in longer-term arrears continues to grow. The
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Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform22
Society welcomes initiatives taken by Government to assist those in arrears and repeats its offer to work with
Government and all stakeholders to assist those who are in financial difficulty.
In the buy-to-let sector, it is notable that at end-March 2013, there were 149,395 residential mortgage
accounts for buy-to-let properties held in the Republic of Ireland, to a value of 30.9 billion. Of this total
stock of accounts, 29,369, or 19.7%, were in arrears of more than 90 days. This compares with 28,366
(18.9% of total) that were in arrears of more than 90 days at end-December 2012. The outstanding balance
on BTL mortgage accounts in arrears of more than 90 days was 8.6 billion at end-March, equivalent to
27.7% of the total outstanding balance on all BTL mortgage accounts. This represents a significant challenge
to the smooth-running of the Irish property sector.
Graph 6: Value of Mortgage Lending 2006 - 2013
The Society recommends that the mortgage application process should be standardised, so that potential
mortgagors can make a number of applications to different lending institutions simultaneously. The Society
also recommends that Government creates an independent mortgage review body so that unsuccessful
borrowers can have their refusal independently assessed.
RECOMMENDATION: Standardised mortgage application forms to ease mortgage application
process with unsuccessful applications subject to an independent mortgage review body.
0.000
2.000
4.000
6.000
8.000
10.000
12.000
2006
2007
2008
2009
2010
2011
2012
Source: IBF/PWC ( bn)
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Recognition of Tenure Mix Change in Ireland
According to the latest daft.ie report sale prices grew in Dublin by 0.6% during 2012. This represents the
first increase in prices in any region of Ireland since Quarter 4 of 2007, in all other regions, prices continue
to fall, although as the graph below shows, there is significant regional variation. Looking from 2007, as the
graph below shows, the Dublin market saw the greatest declines in sale prices from 2007 and has shown
the strongest recovery since 2011. Evidence from property practitioners in Dublin confirm the heightened
interest in property in the capital, and the looming pinch-point where demand outstrips supply of some
property types in Dublin. As the information from daft.ie usefully shows, if cities are excluded from the sale
price data, rural homes declined in price by -10.3% during 2012, confirming the urban-rural and Dublin-
Ireland split in the residential property market. Government, when deciding spatial and property related
policy, must recognise this regional variation in the property market, and avoid blanket policies which do not
respond to the specific regional and sectoral needs of the residential market.
Graph 7: Annual Sale Price Change 2007 2013
In 2012, the Society of Chartered Surveyors Ireland undertook a major research project to examine attitudes
of the public towards renting or buying residential property. The report found that amongst younger, urban
people, renting was seen as a positive option, especially during periods of house-price uncertainty. An
examination of the annual change in rents since 2007 shows that while rents fell at the same pace as sale
Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform 23
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
2007q1
2007q2
2007q3
2007q4
2008q1
2008q2
2008q3
2008q4
2009q1
2009q2
2009q3
2009q4
2010q1
2010q2
2010q3
2010q4
2011q1
2011q2
2011q3
2011q4
2012q1
2012q2
2012q3
2012q4
2013q1
National Dublin Other cities Leinster
Munster Connacht-Ulster Ex-Dublin Ex-cities
Source: daft.ie (% annual change)
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prices between 2007 and 2009, they have seen a stronger recovery than sale prices. Nationally, rents
increased by 2.2% over 2012, driven by strongest growth In Dublin and Leinster. Unlike the sales market,
which is notable for its wide regional variation, the rental market is performing in a more uniform way, with
fewer differences in rents between rural and urban properties.
The Society of Chartered Surveyors Ireland recommends that recognition is given by Government to the
strong rental sector in Ireland. It recommends that the Private Residential Tenancies Board is properly
resourced to identify and eliminate unregistered landlords, and reform of taxation on investment properties
should be examined to support legitimate landlords who may find themselves in financial difficulty. To
support the supply of quality rental accommodation to meet the increased demand, the Society recommends
the creation of an investment scheme to assist in the syndication of landlords to purchase multiple properties
on a professional business basis. The measure to reduce the VAT rate on residential retrofit work would be
of financial assistance to landlords as well as ensuring higher standards of rental accommodation in Ireland.
Graph 8: Annual Rental Price Change 2007 2013
Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform24
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
2007q1
2007q2
2007q3
2007q4
2008q1
2008q2
2008q3
2008q4
2009q1
2009q2
2009q3
2009q4
2010q1
2010q2
2010q3
2010q4
2011q1
2011q2
2011q3
2011q4
2012q1
2012q2
2012q3
2012q4
2013q1
National Dublin Other cities Leinster
Munster Connacht-Ulster Ex-Dublin Ex-cities
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Help To Buy
The Society has noted with interest the Help to Buy initiative which has recently been launched by the
British Government to facilitate potential home owners to raise the necessary deposit. The intentions of this
scheme are for Government to act as a guarantor of a percentage of a homeowners debt and to be the
provider of interest-free loans to potential home-owners. The equity loan aspect of the initiative will apply
to first-time and existing homeowners who wish to buy a new-build property. Once borrowers can raise a
deposit of 5% of the homes value, they can borrow an additional 20% interest-free from the State, to a
maximum of 120,000. This must be repaid when the property is sold. After five years, interest of 1.75% will
be applied.
The second aspect of the initiative is the governments guarantee. Again, if borrowers are able to raise
between 5% and 20% deposit, the Government will provide the mortgage lending institution with a guarantee
of up to 15% of the mortgage. This scheme is not limited to the purchase of newly built properties. In both
cases, the scheme is limited to those wishing to buy their principal private residence, and is not available
on a commercial basis.
The Society recommends that Government explore similar options for assisting those who are struggling to
raise a deposit to buy their home, or to explore the possibility of providing a form of limited loan guarantee,
to assist potential home-owners. To avoid repeating errors of the past, the Society recommends that these
initiatives should be limited to first-time buyers of principal private residences, and their impact on the
residential property market reviewed on an on-going basis.
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Contents
Encouraging International Investment in Ireland
Increase the energy efficiency of the built environment
Table 4: Office Refurbishment Options
Reform of Tax on Agriculture
Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform
Part 3
Commercial Property
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The Irish Commercial Property Market in 2013
As commercial property investment is intrinsically tied to consumer confidence, investor sentiment and
Irelands international reputation overseas, the Society continues to recommend that measures in Budget
2014 should have a focus on restoring confidence in Irelands economic future, both domestically and
amongst potential international investors.
Reforms to stamp duty on the the transactions of commercial property made in previous Budgets have had apositive impact on lowering entry costs into the Irish market. Lower property values, coupled with these reduced
costs, have resulted in a growth in international and domestic investment in the market. Initial data for 2013
suggests that transactions in the investment market may reach 610m in 2013, up from 179m in 2011.
While interest from investors is showing signs of increasing, and yields are improving, there is a dearth of new
commercial property coming onto the market. Leading indicators from the construction sector suggest very
few new commercial property projects are being commenced, and there is already evidence of a shortage of
some property types, especially third-generation offices in key growth areas, including the centre of Dublin.
Encouraging International Investment in Ireland
In 2013, the IPD/SCSI index recorded a positive return on investment in Irish commercial property. Lower
entry costs and reduced transaction taxes have stimulated a greater international appetite for investment in
Irish commercial property. It should be noted, however, that difficulties for both international and domestic
investors to secure project financing has significantly slowed the process of successfully completing
transactions. The Society recommends that Government continues to work with lending institutions, private
finance agencies and real estate agents to identify and resolve financing and property transaction
bottlenecks, so that Ireland can benefit from increased private investment in our commercial property stock.
Part Three: Commercial Property
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The Society recommends that the legislation giving effect to REITs is commenced, to further attractinternational investment into Ireland. The REITs model should be supplemented with a smaller-scale
investment trust model to give a financial benefit and reduced risk to smaller, domestic investors in
commercial property portfolios, including pension and insurance funds which are risk averse and which
represent a significant stock of potential capital which could be released into the economy.
RECOMMENDATION: Promotion of increased international investment in Irish commercial
property through the promotion of Real Estate Investment Trusts coupled with measures to support
small-scale domestic investment by pension and insurance funds in residential and commercial
property on a syndicated basis.
Increase the energy efficiency of the built environment
Recommended measures to improve the environmental quality of the residential sector through incentives
to undertake meaningful retrofitting projects should be complemented with the reduction of VAT on energy
retrofitting of commercial property. This will incentivise the improvement of Irelands commercial property
stock, as well as reducing the size of the Shadow Economy in Ireland. While rents and yields have stabilised,
support is needed to increase the commercial viability of improving the quality of existing buildings.
It has been well-recognised that IDA has been extremely successful at attracting investment into Ireland.
Ireland is now the international hub for many of the worlds most important and demanding companies. As
a result, the commercial property market is one of the few sectors which is experiencing real transactional
and construction activity. Foreign Direct Investment is at the heart of that economic activity and these
business wins have generated good demand for office accommodation for business service enterprises
establishing a base in Ireland. Demand, particularly seen in Dublin, is for small units between 5,000 and
10,000 sq. ft. In addition, there are a small number of higher profile clients who require significantly larger,
bespoke, properties.
On the supply side, the continued difficulty in securing finance means that vacancy rates are falling and there
is a shortage of prime office space in central Dublin. As a result, there is an opportunity for new construction
activity in this area. In the short-term, it is likely that the focus of activity will be on short-term leases and
the refurbishment of existing office space.
Options open to owners of commercial property have been explored by Davis Langdon in recent months.
The table below shows refurbishment options and the potential extension of the economic life of property.
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Table 4: Office Refurbishment Options
In recognition of the shortage of quality office accommodation in many urban centres, the Society
recommends that NAMA should commence a process of development of commercial buildings under its
control, either alone or as Joint Ventures, to prevent any further market shortage.
RECOMMENDATION: Reduction of VAT on the retrofitting of private commercial buildings to
improve the energy efficiency of the Irish built environment; and a managed process of rationalising
the public estate to lower running costs.
Reform of Tax on Agriculture
Government proposals to develop the agricultural sector of the economy are to be welcomed, and the
Society believes that such proposals can be enhanced through minor revisions of the agricultural properties
taxation regime.
As the taxation regime for agricultural land and farm buildings has developed, a number of anomalies have
emerged. The Society is concerned that not only do these taxation issues have a significant impact on
individual families and small businesses, but collectively they undermine the efficiency of the wider tax
regime. One significant anomaly is the levying of Capital Gains Tax on CPO compensation, which limits the
investment opportunities for farmers who have received compensation for land which was removed, but
then effectively prevents them from using the full compensation given. The Society recommends that
government explores opportunities to re-instate Rollover Relief to avoid the current difficulties in acquiring
land following the CPO process.
Budget 2014 Submission to the Department of Finance
and the Department of Public Expenditure and Reform30
RepairMinor Refurbishment
Re-ModelMedium Refurbishment
RenewMajor Refurbishment
Scope Focused on common areasand involves essentialrepairs only. Often doneduring occupation
Full upgrade of Mechanicaland Electrical and finishes.No major structural changes.If occupied, some decantingand phasing
Significant Structuralalterations/ facades/rooffinishes. Renewal of fittings,finishes and Mechanicaland Electrical.
Extension ofEconomic Life
Increase of approx 5 years Increase of approx.15 years
Increase of approx15 20 years
Benchmark cost persq. ft of Gross Internal
Area
30 75 per sq ft 75 - 125 per sq. ft. 125 - 175 per sq. ft.
Source: Davis Langdon Ireland Annual Review 2013
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Under the Succession Act (1965) land is automatically returned to parents on the death of a farmer without
any spouse or descendents. However, anomalies arise in regard to the Early Farm Retirement Scheme
which was abolished in 2009 for new entrants. It appears no allowance is made in the event of the death of
a new owner, and in this case, parents of the farmer may be subject to capital gains tax based on the
difference between the value of the land on the sons death, and the current market value. The Society
recommends that this rule should be abolished or clarified as it should not be left to the revenue
commissioners to decide on the application of capital gains tax.
A second anomaly exists in regards the transfer of all agricultural property. If property is not transferred as
part of the farm, it may be liable to capital acquisition tax and does not qualify for agricultural relief. In
Ireland, many farming parents retain their residence as a source of security when transferring the farm over
to the next generation. This tax law needs to be reformed, as it causes financial hardship in having to pay
additional capital acquisitions tax. This anomaly should be removed to allow protection of parents when
they retire. Equally if a farmers son buys a site to build his own dwelling with the intention of inheriting the
family farm in due course his main residence will not qualify for agricultural relief. However, the Societys
understanding is if the same site given by way of gift on the farm then that residence will qualify.
If a farm makes less than 750,000, the farmer is exempt from capital gains tax. However, if the farm makes
in excess of 750,000, the farmer would be subject to marginal relief, provided he owned and farmed the
lands for a minimum of 10 years. If, however, the farm had been rented out prior to the selling, then the
farmer would not have qualified for tax relief and would be subject to CGT as normal. Many
widows/widowers or those suffering from ill health have no option but to let their land. But when they choose
to sell up, they are, unknowingly, hit with a tax bill. This anomaly should be reformed as part of Budget 2014
and in an attempt to streamline the agricultural land and property taxation regime.
RECOMMENDATION: Reform of the taxation regime for inter-generational transfer of agricultural
property, including CGT and re-instatement of roll-over relief.
Budget 2014 Submission to the Department of Finance
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Dating back to 1895, the Society of Chartered Surveyors Ireland is the
independent professional body for Chartered Surveyors working and
practicing in Ireland.
Working in partnership with RICS, the pre-eminent Chartered
professional body for the construction, land and propertysectors
around the world, the Society and RICS act in the public interest: setting
and maintaining the highest standards of competence and integrity
among the profession; and providing impartial, authoritative advice
on key issues for business, society and governments worldwide.
Advancing standards in construction, land and property, the Chartered
Surveyor professional qualification is the worlds leading qualification
when it comes to professional standards. In a world where more and
more people, governments, banks and commercial organisations
demand greater certainty of professional standards and ethics,
attaining the Chartered Surveyor qualification is the recognised
mark of property professionalism.
Members of the profession are typically employed in the construction,
land and property markets through private practice, in central and local
government, in state agencies, in academic institutions, in business
organisations and in non-governmental organisations.
Members services are diverse and can include offering strategic advice
on the economics, valuation, law, technology, finance and management
in all aspects of the construction, land and property industry.
All aspects of the profession, from education through to qualification
and the continuing maintenance of the highest professional standards
are regulated and overseen through the partnership of the Society ofChartered Surveyors Ireland and RICS, in the public interest.
This valuable partnership with RICS enables access to a worldwide
network of research, experience and advice.
Society of Chartered
Surveyors Ireland
38 Merrion Square,
Dublin 2, Ireland
Tel: + 353 (0)1 644 5500
Email: [email protected]
www.scsi.ie