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Register for commercial property to track prices

NAMA and the Central Bank are to co-fund the development of a commercial property statistical system to provide a comprehensive database on what’s going on in the sector.

The initiative will be developed and maintained by the Central Statistics Office (CSO), but won’t be up and running until 2018.

It will include prices and give a database of sales and lease transactions.

A NAMA spokesman said the agency has long recognised that there has existed a deficit of information on the Irish commercial property market.

“NAMA was in favour of the introduction of the residential property price register and is co-funding the CPSS as it will support the improved functioning of the commercial property market.

“It is relevant to NAMA’s ongoing work and its benefits will extend beyond NAMA,” he said.

The agency said the system will incorporate the existing commercial lease register, currently produced by the Property Services Regulatory Authority (PSRA).

“Details on the operation of the new system will be a matter for the Central Statistics Office (CSO),” the spokesman added.

The level of funding to be provided has not been disclosed.

The agency yesterday published its end of year review for 2015 and said it had generated €9.1bn in cash during the year, with €8.5bn in loan and assets sales.

During the course of the year €5.5bn in senior debt was repaid.

It also claimed that more than 2,300 new homes had been funded by it up to the end of 2015.

And it claimed that all ghost housing estates in the State will be resolved by the end of this year.

The agency said that with €5.5bn in senior debt redeemed during the year, €22.1bn has been repaid so far.

“NAMA’s strong financial position at 31 December 2015, including a closing cash position of €3.4bn, means that it remains on course to meet the cumulative 80pc (€24bn ) senior debt redemption target set for the end of 2016 and the target of redeeming all senior debt (€30.2bn) by 2018.

The agency said €9.1bn in cash was generated in 2015, which included €8.5bn from the proceeds of asset and loan disposals.

Total cash generated since 2010 has reached €32.7bn, with €27.2 billion arising from asset and loan disposals.

And it claimed it had achieved its end-2015 target of delivering 2,000 houses and apartments for social housing.

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