Irish market defies smoking ban

Ireland's pub property market has weathered the storm of the smoking ban, according to leading agents.

With a ban on England due to hit next summer, some fear a negative effect on the value of pubs as they struggle to cope with a ban.

But reports from across the Irish Sea suggest the market has remained stable since the ban was introduced in March 2004. This is despite a claim last month from the Vintners Federation of Ireland that 600 rural pubs had closed because of the legislation.

Tom Collins, owner of agent Tom Collins, said: "The market has remained strong despite the ban. A lot of pubs have adapted well to the ban by providing smoking areas."

John Hughes, of agent CBRE Richard Ellis, agreed that the property market had not been unduly affected. "It has held up well in the face of the ban," he said.

But he added that in the rural areas pubs had found it far harder. "It's a tough business," he said. "Pubs are not opening until later in the evening and many have had to turn to food to survive.

"Buyers have been far scarcer in these areas."

But he suggested there was already a surplus of pubs in these areas.

In city areas some of the most prominent sales have been sites with large car parking areas, which developers are looking to convert into residential sites, according to Mr Hughes.

Meanwhile a spokeswoman for Max Choice properties said the market had been "very good" since the ban. She added that many pubs had benefited from developing their food offering.

She also suggested that pubs in rural areas had felt the pinch, while city centre pubs had proved more adaptable to the ban.

As the trade in England pushes for the smoke ban regulations to be published, it appears that with regards to the property market there is no need to panic.

Mr Hughes added: "The market in England may be affected initially, but once the trade has adapted I do not predict a big impact on the value of pubs."