New HOK boss bullish on health of property market

Paul McNeive, new managing director at Hamilton Osborne King, tells Edward Power he believes prophets of doom will be proved …

Paul McNeive, new managing director at Hamilton Osborne King, tells Edward Power he believes prophets of doom will be proved wrong

Mr Paul McNeive, new managing director of Hamilton Osborne King (HOK) estate agents, believes the property market will remain robust over the next few years. With the number of people of home-buying age continuing to increase and supply still behind demand, he is confident the downturn forecast in some quarters will not emerge.

In addition, with interest rates predicted to rise over the long term, many vendors and house hunters are taking advantage of current low rates to enter the market. Those prophesying a collapse in house prices have tended to focus on the climbing unemployment rate, although the numbers at work have steadily increased in tandem, he says.

"There has been a dearth of supply most of this year and vendors have good confidence," he says. Mr McNeive also believes Irish investors will begin to look further abroad, with emerging economies in Eastern Europe likely to be of particular interest. Overseas investments accounted for about a fifth of the turnover of HOK last year, compared to virtually nil only a decade ago.

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Earlier this year HOK suffered a blow when global commercial property giant CB Richard Ellis said it would sever links with the firm in favour of an alliance with domestic rival Gunne. The decision came as CB prepared to formalise its takeover of Insignia, which has for several years controlled a shareholding in Gunne's commercial property wing.

CB had until then maintained a closes links with HOK. It's decision was seen as a surprise as HOK's international business is significantly more substantial than that of Gunne. The retail market is also proving resilient says Mr McNeive, although the office sector is flat, as industry await an economic upturn.

Taking the helm at one of the State's oldest estate agents is, he says, a challenge but one to which he is looking forward. It is his ambition to build market share for HOK through achieving the highest possible prices for clients. He assumes command at an exciting time, with the Irish housing market on the brink of a period of unparalleled diversity. Apartments and other forms of high-density housing are becoming increasingly prevalent, although demand for the traditional suburban home remains strong.

"We are going to get more city centre apartments ... more mixed development," he says. Admitting to be something of a showman, Mr McNeive says he would like to see HOK apply to the commercial sector a little of the promotional savvy it has built up over decades in the home market.

Making the step up to managing director is especially satisfying for Mr McNeive who has had to overcome serious disability. He lost both legs in a car accident in the early 1980s.

Coming to grips with adversity may have increased his determination to reach the top although he feels he would have proved his worth regardless. "I think I probably had to give 10 per cent extra than the next guy - and when you have someone who is always putting in that additional 10 per cent then people are going to notice that you are a good person to have on a job."

He is lavish in his praise for the way HOK facilitated his return to work after an 18 month lay-off and helped him come to terms with his disability.

Nothing proves his extraordinary single-mindedness more than his qualification as a helicopter pilot. Mr McNeive is to his knowledge one of the few - perhaps the only - disabled helicopter pilots in the world.

Flying is therapeutic but brings practical benefits also. Any part of Ireland is accessible within 90 minutes. Viewing properties from the air is useful in formulating future plans. It's even handy for dodging rush-hour traffic - although Mr McNeive admits that, with developers descending on derelict docklands areas in ever greater numbers, finding landing space is more of a headache than it used to be.

"I've always been interesting in flying. Most disabled pilots chose fixed-wing aircraft and these are often modified for them. But I fly a helicopter with absolutely nothing changed. Looking back I suppose it was something of an achievement but at the time I didn't consider it such a big deal. Getting a pilots licence was just something I wanted to do."

Chief among Mr McNeive's ambitions will be to build the HOK brand, both in the commercial and residential sectors.

The key to success is he feels combining marketing savvy with hard work and ambition. With the property sector likely to remain buoyant for the foreseeable future he believes there is still further potential for growth, although he acknowledges that, with competition among the estate agents, increasingly fierce, there is little room for complacency. "The market is healthy but there is also a lot of competition out there so we're going to have to be on top of our game," he says.

"I'm looking forward to the challenge and hope to bring Hamilton Osborne King on to greater things in the future."