Ireland’s National Asset Management Agency has moved one step closer in its plan to provide finance for commercial and residential property buyers in Ireland and help kick-start the property market.
Speaking at a conference yesterday, Frank Daly, chairman of Nama, said that the agency had held preliminary talks with both AIB and Bank of Ireland and said he was hopeful of announcing measures in the autumn to help borrowers to buy residential properties linked to Nama.
Daly said the talks would continue over the coming weeks and that he and the agency saw “tentative evidence” that the Irish commercial property market, stuck in the doldrums since 2007, was close to the bottom of the cycle.
The agency said a key impediment to sales in the residential property market was the concern that prices could fall further and with prices close to the floor it was time to investigate ways to provide finance through the banks for purchasers of residential property and through sovereign and private investment funds for commercial property.
james.a.kenny@estatesgazette.com
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