Getting back to normal

NAMA has to engage with the market in 2012 and funding for buyers must improve, writes Peter O’Flynn

LAST year I predicted here that there would be opportunities in the market and NAMA would start disposing of its Irish portfolio: unfortunately my prediction was not fulfilled.

It may not be politically correct, and is certainly not a media friendly message to portray, but Ireland is in need of a functioning property market which will assist in the national economic recovery. We will never go back to the poorly managed position where such a high percentage of public funds was derived from the construction industry, but the pendulum has now swung in the opposite direction which is equally unhealthy from an economic stand point. The reality is a functioning property industry encourages construction and this generates employment.