NAMA to help first time buyers but property tax up to €600pa
> Cash boost for first-time buyers: Nama plan will make it easier to buy
> Hit for property tax of up to €250: middle-income families face yearly bill
Published 28/07/2011 | 05:00
TWO separate attempts to generate badly needed Exchequer cash from property can be exclusively revealed today.
In a desperate attempt to kickstart the market, NAMA will stump up some of the money needed by first-time buyers to buy its apartments.
And those who own their own homes face swingeing property tax bills of up to €600 a year when the permanent scheme is introduced in three years' time.
NAMA will sell hundreds of apartments in various parts of Dublin from October in a radical move to bring some life to the moribund property market.
Chairman of the agency, Frank Daly, has outlined fresh details of plans to give loans to buyers of apartment blocks that it currently owns.
He said this would include asking both domestic and foreign lenders to join with it in the initiative.
The pilot phase will be in Dublin and start in October, with a "couple of hundred'' apartments being offered.
In an interview with the Irish Independent on the eve of NAMA's first annual report, Mr Daly said banks were not lending enough to the property market and had gone to the "other end of the spectrum'' after the carefree lending of the boom.
The urgent need for the new plan will be revealed today when NAMA discloses that the value of its properties has plunged by about €1.3bn in just one year.