The time to buy is nigh. We now seem to moving out of the downward spiral of values for properties. We may have bottomed out. We should , therefore , be thinking of buying before the market starts to move up again
We have been waiting for this for the last few years.
In a recent speech Frank Daly, Chairman of NAMA has said that that the organisation will redeem €3 billion in Senior Bonds within the next two weeks and a further €3 billion before the end of 2014 assuming that sales currently proposed can be completed.
What does this mean then for the Irish property market?
Well, firstly, it means that a large number of the 2,475 properties held by NAMA are going to be sold, and sold fast.
Mr. Daly has said that these properties with a minimum value of €250 million will be marketed in each quarter of 2014.
More importantly, Mr. Daly went on to say “I think, as of today, it is highly unlikely that we will be around by 2020. I think we’ll have our job done”
The upshot of this is that once these properties are sold we should be back to “normal”.
The time to buy is in this five year window.
For anyone therefore who is looking to invest in property this is a great opportunity to strike while the iron is hot!
NAMA holds 36 public houses, 145 office developments, 27 hotels, finished and unfinished housing developments, agricultural land and retail outlets as well as an abundance of residential properties.
But we should stay away from NAMA sales, right?
Wrong! While NAMA sales can be somewhat complicated there can also be advantages such as the ability to remove burdens which may affect properties which can be done when NAMA acquire the asset to the ultimate benefit of the purchaser who then buys from them.
Also the prices for such properties are likely to be very favourable to any potential investor.
If you, or someone you know is interested in buying or selling a property we at Lynch Solicitors have over 30 years’ experience of acting for purchasers and sellers to achieve the results you want.
We have specific expertise in the area of conveyancing, particularly in Receivership and NAMA transactions and take a common sense approach to getting your transaction over the line.