Residential Delivery Progress
Part of the security held by NAMA in respect of debtor loans comprises approximately 479 hectares of residential development land in Ireland as at end-March 2023, excluding sites under construction or with funding approved. 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 to facilitate new residential development on this land. In 2015, NAMA agreed the objective of facilitating the construction of up to 20,000 new residential units in Ireland on these lands, subject to commercial viability. This equated to approximately one-fifth of expected demand for housing over that period. Notwithstanding this significant contribution, other sources of new housing output are also required.
The majority of residential zoned land in Ireland is not held by NAMA. Even in Dublin, where NAMA debtors' and receivers' 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 2023.
The infographic above illustrates that 29,710 new residential units have been facilitated by NAMA since 2014, of which 13,840 were delivered through NAMA funding and 15,870 were delivered on sites formerly secured to NAMA. 600 new homes were delivered from NAMA-secured sites during 2022 and 850 units are under construction or have funding approved.
Residential Pipeline – Delivery post-2025
17,150 units
NAMA has identified potential capacity for the delivery of almost 17,150 units on secured sites within its remaining portfolio post 2025. Throughout its remaining lifetime, NAMA will continue to asset manage and prepare sites for future development. The delivery of housing on such sites is subject to planning, appropriate services and infrastructure, and updated local development plans.