The Chief Executive of the National Asset Management Agency (NAMA), Brendan McDonagh, has welcomed measures dealing with the property market announced as part of the Budget for 2012.

“The Budget contains a number of measures which will give greater certainty and greater support to Irish and international investors considering investing in Irish property,” he said.

In particular, Mr McDonagh welcomed the greater certainty that measures dealing with upward-only rent reviews would bring. He also welcomed the reduction in stamp duty on commercial property from 6% to 2% and the exemption from Capital Gains Tax for any property purchased up to end 2013 if held for 7 years.

“Lack of certainty on this issue was a major concern among investors. This has now been resolved as a result of the Budget statement and investors can now make investment decisions with greater confidence,” he said.

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