NAMA TO PROVIDE INCREASED HOUSING
DUBLIN, CORK, GALWAY, LIMERICK
15th JULY 2014.
NAMA recently announced plans to finish it's job 2 years early, in 2018, and to increase it's operations in the Dublin housing market.
A particular target that NAMA (and the Government) has set, is to encourage the development in the near future of NAMA's land bank holdings in the south and west
This is in an effort to prevent (or at least reduce the
severity of) another property bubble by supplying more
housing in a region where properties are in very short
Although NAMA does not own the land in itself, it controls
the loans used to buy the land and hopes to "influence"
developers by providing finance from it's 2 billion euro
A further part of NAMA's plan is to make use of currently
unused property by taking legal action against defaulting
borrowers and to acquire direct ownership of houses,
apartments and office space. It is hoped that this will partially mitigate the effects of the reluctance of Irish banks to provide mortgages.
In addition, the Government recently stated it's intention to provide a planning permission legal framework whereby, if planning permission is granted, it will expire unless the developer acts promptly to develop the land or property.
NAMA also has stated that, since the recent planning approval of Dublin Docklands Strategic Development Zone, it will become more involved in the development of office space, finance for this being provided by both joint venture arrangements and through the use of NAMA's own considerable cash reserves.
Based on a recent article in the Irish Times newspaper
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