Belfast Telegraph

Sunday 31 August 2014

Big player Nama offers a peek at some of its assets

Ah the property market, where would we be without it? Well, aside from homeless, we'd certainly be without one of the most volatile sectors of our local economy and one which never fails to capture everyone's interest.

As a business desk, we've had to cover any number of bankruptcies in the building trade over the last few months as the great property boom, which peaked in 2007, continues to unwind.

No-one enjoys writing about bankruptcies, particularly from a sector which provided for many ancillary businesses.

Yesterday's revelations of Northern Ireland properties which Nama has placed in administration isn't much of a surprise, certainly to the property market gurus who were hard pushed to find any signs of new sales on a list where detail was conspicuous by its absence.

Most are already on the market and although Nama is looking to off-load them, it has promised to do so in a restrained manner so as not to upset the apple cart.

Of more interest is what they're going to do with the bulk of the assets which they're keeping hold of.

It's difficult, nay impossible, to put a finger on how much the addresses named yesterday are now worth but there's little doubt that Nama is still in charge of a hefty volume and it remains a pretty powerful player in the local property market.

For that reason, any signs of transparency such as yesterday's are welcome, if only to give the market an idea of where it stands when it comes to the main protagonist.

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