Residential Delivery Progress
Part of the security held by NAMA in respect of debtor loans comprises residential development land in Ireland. This land is owned by NAMA debtors or, in the case of enforcement, is managed on behalf of debtors by duly appointed insolvency practitioners.
Section 10 of the NAMA Act requires NAMA to obtain the best financial return for the State, deal expeditiously with the assets acquired by it and protect or otherwise enhance the value of those assets. In line with this, NAMA works with debtors and receivers to identify, where commercially viable, opportunities to facilitate new residential development on this land. In 2015, NAMA agreed the objective of facilitating the construction of up to 20,000 new residential units in Ireland on these lands, subject to commercial viability. This equated to approximately one-fifth of expected demand for housing over that period. Notwithstanding this significant contribution, other sources of new housing output are also required.
The majority of residential zoned land in Ireland was not held by NAMA. Even in Dublin, where NAMA debtors' and receivers' assets are concentrated, NAMA debtors and receivers have only ever held a minority share of the residential zoned land.
Reflecting both demand and economic viability, over 90% of the potential delivery was in Dublin and the neighbouring counties of Wicklow, Kildare and Meath and with a particular focus on the starter home market.
In some areas within Dublin and in the Greater Dublin Area, there are very substantial commercial, planning and infrastructural barriers to new development. Much of the future development of land outside the major urban areas is dependent on substantial progress in a number of areas including planning frameworks and addressing public infrastructure deficits, for example, roads, water, sewerage, transport and schools.
NAMA Residential Delivery Progress to end-March 2024
36,00+ homes delivered
NAMA has facilitated the delivery of 36,260 residential units since 2014 comprising 14,270 directly delivered and 21,990 indirectly delivered on sites which initially benefitted from NAMA funding.
389 units under construction
389 residential units are currently under construction on NAMA-secured sites or have funding approved for construction, the delivery of which is subject to commercial viability.
NAMA Pipeline - Delivery post-2025
14,000 units
NAMA has identified potential capacity for the delivery of almost 14,000 units on secured sites within its remaining portfolio post 2025. Throughout its remaining lifetime, NAMA will continue to asset manage and prepare sites for future development. The delivery of housing on such sites is subject to planning, appropriate services and infrastructure, and updated local development plans.
