Residential Development Land

Part of the security held by NAMA in respect of debtor loans comprises approximately 1,150 hectares of residential development land in Ireland as at end-March 2019. 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.

NAMA Residential Delivery Progress to end-March 2019

UnitsTotal Ireland
Completed (across 104 developments) since start 2014
Under construction / funding approved for construction (across 50 sites)
Planning permission granted4,341
Planning applications lodged681
Preparing planning application
Approval to proceed to planning / consultation underway
Grand Total

An additional 3,722 residential units have been built to date on sites sold by NAMA debtors and receivers, many of which benefitted from NAMA funding in relation to planning. This brings the overall total number of units directly and indirectly delivered by NAMA to 13,481.

Breakdown by location of NAMA-funded residential units at end-March 2019