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NAMA residential properties lie idle in a time of crisis in housing and rents – Brady

27 January, 2017 - by John Brady TD


Sinn Féin TD for Wicklow/East Carlow John Brady has said that the length of time vacant residential properties are being held by NAMA is outrageous.

Commenting on figures released through a Parliamentary Question to Minister for Finance Michael Noonan, Teachta Brady said:

“Not only is it concerning that NAMA currently hold 173 vacant residential properties across the State  but the actual length of time these properties are sitting vacant.

“NAMA have advised that of the 173 residential properties they hold, 82 of these properties have been vacant for more than fifteen months.  

“54 properties have been vacant for a period between 6 and 15 months and 37 have been vacant for less than 6 months.

“While the Minister states that these 173 residential properties are ‘temporarily’ vacant, this is questionable when the majority of these properties have been vacant for over one year.

“This is absolutely unacceptable especially, when we are in the middle of the greatest housing crisis since the foundation of the State.

“People and families need homes now and houses sitting vacant for months on end cannot be allowed to continue.

“These figures raise serious questions about NAMA’s role in providing housing assistance and the Government’s dependence on NAMA to do this.” 

Note: Please see the PQ in question below

QUESTION NO:  57

DÁIL QUESTION addressed to the Minister for Finance (Deputy Michael Noonan)

by Deputy John Brady

for WRITTEN ANSWER on 26/01/2017 

To ask the Minister for Finance if he will provide a breakdown of the length of time NAMA residential properties have been vacant; and if he will make a statement on the matter.

REPLY.

As indicated in my reply to Parliamentary Question 255 of 17 January 2017, NAMA debtors and receivers currently have exposure to 173 residential properties which are temporarily vacant.  The majority of these properties are currently on the market for sale, with many already sale agreed, or are being prepared for sale, are undergoing remediation works, or are between tenancies.

I am advised, by NAMA, that 37 of the properties have been vacant for less than six months, that another 54 properties have been vacant for a period between six and fifteen months and that 82 properties have been vacant for more than fifteen months.  The Deputy will be aware that it is NAMA's policy to ensure that all vacant properties that are fit for purpose and meet the required safety standards are occupied and income-producing and, in many instances, this involves NAMA providing funding to complete partially-finished properties to ensure they are made available to potential purchasers or tenants as soon as practicable.

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