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NAMA extends price guarantee scheme

Tuesday, October 16 07:54:08

The National Asset Management Agency has extended the 20 per cent deferred payment scheme to woo buyers for a further 180 residential properties after selling, or agreeing to sell, just over a third of the properties in a pilot scheme. A spokesman for the State loans agency said 41 of the 115 properties supporting Nama's loans that were put on the market in the pilot of the "80:20 Deferred Payment Initiative" had either been sold or sales had been agreed since May.

The initiative, which protects buyers against falls of up to 20 per cent in the value of the proprieties over the next five years, has been applied to 295 homes, or just over a third of properties Nama wants to sell in this way. The scheme was piloted on 12 developments in Dublin, Cork and Meath. Nama has now extended the initiative to nine more counties: Galway, Kerry, Carlow, Clare, Kildare, Kilkenny, Limerick, Sligo and Wexford.

The new properties in the latest group range from two-bedroom to five-bedroom properties with prices starting at E100,000. Nama said buyers were still concerned about further price falls.