WILL NAMA SELL MORE IRISH PROPERTIES IN 2012?
In January 2012, NAMA stated that just 21% of its loans are currently being repaid according to the terms of original loan agreements it had with developers.
83% of NAMA loan repayments are now in arrears of 4 months and these non-performing loans now amount to 18.8 billion euro.
So now NAMA has to decide whether to restructure the loans to improve its chances of repayment of the money lent or, in some cases, to take action and add some of the houses and lands that underlie these
non performing loans to its Property Enforced listing.
The Property Enforced listing, which currently lists over 1,000 buildings, lands and sites for sale, details those assets that NAMA considers may be sold on the open market.
NAMA has approved the sale of assets worth around 6.6 billion Euros, with 80% of these sales being associated with non Irish assets. NAMA's plan to recover the its loans consists of selling overseas assets whilst waiting to see if the domestic property market picks up during 2012 or 2013.
NAMA recently delayed, until April 2012, the introduction of its negative equity protection plan for residential properties. NAMA has previously announced that 750 properties will be offered for sale "in early 2012".
Whether more NAMA assets are offered in 2012 is probably dependent on the level of interest and the prices these properties achieve. By clicking the links, you can find more details on The Prices of NAMA Property, 750 NAMA Houses For Sale and NAMA's House Sales Deferred Purchase Plan.
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