THE teams of property valuers to tackle the national NAMA valuation mountain have been finalised, for work to be done on a national and regional level.
NAMA could cost taxpayers an estimated €2.5 billion in fees and costs over the coming decade.
Most of the country’s biggest national property firms are listed with lucrative valuation roles, according to sources, while another tier of valuers has also been established for each of the provinces.
The work in valuing commercial and property loans and assets over €5 million — reckoned to be 18,000 loans, involving some 1,500 developers — will begin in earnest almost immediately with the appointed firms.
Many have already been doing micro and macro-level valuations for lenders in advance of being selected by NAMA as its valuers.
Successful firms being given valuation work by NAMA met up for the first time in Dublin with interim NAMA chief Brendan McDonagh for a preliminary briefing on Monday.
The five major firms charged with doing valuations on a nationwide front are DTZ Sherry FitzGerald, CBRE, Lisneys, Savills and Jones Lang. The latter’s former chairman, chartered surveyor John Mulcahy, was seconded to NAMA in August as chief valuation advisor, and a NAMA panel will itself oversee the independently supplied valuations given to it by it just-appointed agents.
Some 30% of the loans being taken on by NAMA are overseas.
NAMA is buying property loans with book value of €77 billion from five lending institutions, for €54bn, based on long-term economic value.
Most recent valuations — and a paucity of deals — show commercial property values to be down 50% or more.
The full team of valuers being appointed by NAMA hasn’t yet been confirmed, but sources say the Munster line-up is Rooneys in Limerick, WH Giles & Co in Kerry, Purcells in Waterford, with Cohalan Downing and Irish & European in Cork.
Valuers are expected to analyse trends since 1971, and give a real assessment of the market price at the trough, as well as projected growth prospects.
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