Belfast Telegraph

Nama keen to revive property market

State-owned "bad bank" Nama is looking at ways it can lend to kick-start the devastated property market.

The agency said it is exploring options to provide finance for commercial and residential deals but only at the low prices people are willing to pay.

Frank Daly, head of the National Assets Management Agency (Nama), claimed getting funding to prospective buyers is very much part of its brief.

"Many sellers may still retain unreasonable expectations of the prices that can be realised for the foreseeable future," he said.

The Nama boss said the only way the four-year long property market collapse can be reversed is if buyers are allowed to dictate the prices.

The Central Bank has warned that house prices would come down by about 60% from the peak at the end of 2006 and start of 2007, with a fall of about 14% this year alone.

But Mr Daly warned the market level should be set "at whatever prices buyers are currently willing to pay".

The Nama chairman also told the newly-formed Society of Chartered Surveyors Ireland - which now represents 4,000 auctioneers, valuers and surveyors - that the 30 biggest property developers whose loans have been taken over by Nama will shortly face further enforcement.

He warned that speculators face further action if business plans are not viable or they try to prolong the process as much as they can while not dealing with the issues.

Nama has acquired 72 billion euro of loans from the main banks in the names of major property developers.


From Belfast Telegraph