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NAMA chief says property crash is over

THE property crash is officially over – that's according to NAMA chairman Frank Daly.

House prices, which went on a freefall after the heady heights of the boom, are now rising steadily once again.

And now the head of the National Asset Management Agency, tasked with acquiring 'bad' property loans, says that we are back on track once again.

Frank Daly told a business breakfast briefing in Cork that the recovery is occurring quickly in Dublin in particular.

And he said that he expected the recovery will spread to places such as Cork and then to other parts of the country.

"We are going to see this steady trend of greater confidence returning to the Irish property market," Mr Daly said.

He added that there will be strong demand for prime properties, and growth in the residential property market.

He also confirmed that NAMA would be funding the construction of up to 4,000 houses over the next few years.

However, he said that there would be no return to the reckless approach of speculating on property during the Celtic Tiger.

Meanwhile, the Construction Industry Federation (CIF) has pledged to create 10,000 jobs as demand for new housing in some urban areas rises.

BOOM

This year is the first time since the height of the property boom that there are reasons to be optimistic, Tom Parlon, CIF director general, says.

"We are expecting to see a strong increase in construction activity during the course of the coming year," he said

The CIF said building work to the value of €11bn will be carried out in Ireland during the year – up more than one billion euro compared to last year.

"You can see a wide variety of reasons why we expect the industry to grow on a macro level in the next 12 months," said Mr Parlon.

clairemurphy@herald.ie


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