Residential Development Land

Part of the security held by NAMA in respect of debtor loans comprises approximately 1,930 hectares of residential development land in Ireland. This land is owned by NAMA debtors or, in the case of enforcement, is managed on behalf of debtors by duly appointed insolvency practitioners.

Section 10 of the NAMA Act requires NAMA to obtain the best financial return for the State, deal expeditiously with the assets acquired by it and protect or otherwise enhance the value of those assets. In line with this, NAMA is working with debtors and receivers to identify, where commercially viable, opportunities to bring forward new residential development on this land. In this respect, NAMA indicated in 2015 that it aims to facilitate the construction of up to 20,000 new residential units in Ireland on these lands by 2020, subject to commercial viability. This equates to approximately one-fifth of expected demand for housing over that period. Notwithstanding this significant contribution, other sources of new housing output will also be required.

The majority of residential zoned land in Ireland is not held by NAMA. Even in Dublin, where NAMA debtor’s and receiver’s assets are concentrated, NAMA debtors and receivers have only ever held a minority share of the residential zoned land.

Reflecting both demand and economic viability, over 90% of the potential delivery will be in Dublin and the neighbouring counties of Wicklow, Kildare and Meath and with a particular focus on the starter home market.

In some areas within Dublin and in the Greater Dublin Area, development remains unviable for commercial, planning and infrastructural reasons which particularly continue to adversely impact the delivery of many apartment developments.

Outside of the Dublin area, there are very substantial commercial, planning and infrastructural barriers to new development. Much of the future development of land  outside the major urban areas is dependent on substantial progress in a number of areas including planning frameworks and addressing public infrastructure deficits, for example, roads, water, sewerage, transport and schools.

Breakdown by county of residential development land controlled by NAMA debtors and receivers as of 31 December 2017

  

CountyArea HectaresArea Acres
Cork310767
Dublin10312,547
Galway3279
Kildare199492
Kilkenny1331
Limerick2971
Louth1128
Meath3586
Monaghan513
Waterford615
Wexford50124
Wicklow208515
Grand Total1,9294,768

 

 

NAMA residential Delivery Progress to end-December 2017

UnitsNo. of Units
Residential Units completed since start 20147,200
Under Construction2,500
Planning permission granted by not yet under construction7,000
Planning applications lodged3,000
Planning applications to be lodged within 12 months5,500
Pre-Planning work underway12,000
Feasibility and pre-planning on long-term sites6,000

 

 During 2017, NAMA funded construction on more than 50 residential sites in Ireland.