NAMA PROPERTY SALES
WHEN WILL NAMA SELL ITS PROPERTIES?

NAMA's plan to recover the €36 billion spent by the Irish taxpayer to save the banking system seems to consist of two strategies: selling overseas assets in those countries with a relatively normal property market whilst waiting to see if the domestic property market picks up during 2012 or 2013.

The 2012 budget contained some measures to stimulate the Irish property market. However the bad news for NAMA is that recent figures from the Daft.ie and Myhome.ie property websites suggest that, far from
showing any sign of recovery, the Irish residential property
market is still a long way from a definite bottom.

Although NAMA itself prefers take a long term view, and commercially this may make sense, public and political pressure is growing to see some return in the short term for the large amount of taxpayer's money invested. NAMA has responded to this pressure by, for example, promising to make available 2,000 properties for people on social housing lists. Another factor to consider is the reduction in value due to the physical deterioration of properties left idle for long periods.

NAMA has recently announced two incentive schemes to catch the interest of potential buyers,
the negative equity protection plan and a proposed new mortgage product to be offered through AIB, Bank of Ireland and Permanent TSB.

In early 2012, NAMA will test its incentive schemes by offering 750 houses for sale. Based on the sales results of these properties, NAMA will then be in a better position to decide if, and when, to release more residential properties for sale.



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