Property firms have enjoyed a €13.3m bonanza from providing property valuations to the National Asset Management Agency, new figures show.
According to figures provided by Michael Noonan, the finance minister, Nama has paid €13.3m to property firms since 2010 to the end of January this year.
In a written Dáil response to Sinn Fein’s Gerry Adams, Mr Noonan confirmed that the firm to receive the highest amount through its work for providing valuations for Nama is Jones Lang Lasalle which has received €1.239m.
The only other firm to receive in excess of €1m in fees was Donal Ó Buachalla & Co, which received €1.2m.
The figures further show that Colliers International Dublin received €978,000 over the two years with Lisney receiving €861,000.
Knight Frank received €756,000 with WK Nowlan & Associates receiving €748,000.
Other firms to feature in the top ten include Cushman & Wakefield who received €697,000; Lambert Smith Hampton, who received €689,000; HWBC was in receipt of €630,000, and Savills Commercial (Ireland) Ltd received €612,000.
The figures show that last year property firms received €8.947m — more than double the total amount of €4m received by property firms for valuations in 2010.
Mr Noonan said that for January of this year, Nama paid out an additional €273,000 to property firms.
“A total of €13.3m has been paid by Nama for property valuations; €12.4m of the valuation fees paid relate to once-off property valuations carried out as part of the property due diligence in respect of the acquired loans,” he said.
“€900,000 of the valuation fees paid relate to valuations required as part of Nama’s ongoing management of the acquired portfolio,” he added.
“The property valuation fees incurred in respect of property due diligence are recovered from the financial institutions through a reduction in the acquisition value,” the minister said.
The latest accounts for the top earning firm, Jones Lang LaSalle, show that its pre-tax profits decreased by 31% in 2010 to €1.2m, after its revenues decreased from €10.1m to €9.2m.
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