Cork has most residental zoned land sold by Nama

Minister for Finance Michael Noonan has confirmed the largest amount of residential-zoned land sold on by Nama has been in Cork city and county.

In a written Dáil reply to Anti-Austerity Alliance TD Ruth Coppinger, Mr Noonan said 5,601 acres have been sold on either through debtor sales or the disposal of loan portfolios secured by Nama in the country.

In the Cork region, more than 1,500 acres have been sold since Nama was set up.

Mr Noonan said the second highest amount of sales was is Dublin, where residential-zoned land sold by Nama totals 1,099 acres.

Referring to the sales across the country, Mr Noonan said: “Not all of this sold land was commercially viable to develop for residential or commercial use at the point of sale.”

He said Nama advised that “some of the lands were not zoned, some had been dezoned by local authorities and many had a mixture of zonings including amenity, commercial, retail, community, educational, and green space”.

He said: “In some cases, development of the sold lands remains unviable for commercial, planning and infrastructural reasons.”

The county ranked third in terms of the disposals of Nama residential-zoned land was Meath where 931 acres have been disposed of.

Kildare had 370 acres of land disposed of, with the agency disposing of 353 acres in Wicklow. The figures show Waterford was ranked in sixth place, with 333 acres sold on.

Mr Noonan said that in Galway city and county, 192 acres of residential-zoned land have been disposed of, while 266 acres have been disposed of in Limerick City and County.

The lowest amount of Nama residential-zoned lands sold were in Sligo, Leitrim, Clare, and Kerry.

Mr Noonan said Nama had secured the sale of 3,383 residential units last year through assets sales by debtors or receivers.

In addition, some 1,772 residential units were sold through loan portfolio sales by the agency.

In 2014, Mr Noonan said that Nama completed the sale of 4,734 residential units through asset sales by debtors and receivers.

During the same year, Nama completed the sale of 1,772 residential homes through the sale of loan portfolios.

Mr Noonan confirmed that since Nama’s establishment it has sold 14,246 residential units through asset sales by debtors and receivers, and an additional 6,195 in residential units through the sale of loan portfolios.

Mr Noonan said: “Nama advise that properties which were sold as part of these portfolios were typically already tenanted and vacant possession was not sought prior to the sales. Such portfolios are typically acquired by investors seeking long-term rental streams and, therefore, existing tenancy arrangements tend not to be affected by such sales.”

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