The chairman of the National Asset Management Agency has said that property prices in Ireland have begun to rise to such a level as to signal the end of the property crash.
Frank Daly was speaking at a breakfast briefing in Cork and said that Ireland’s property market has moved into a different phase.
RTE News reports that Daly stressed that the recovery was “not homogeneous” but was more evident in Dublin than the rest of the country.
However, he pointed out that the upturn in the market is expected to spread to Cork and other parts of the country before long.
He said Daly believed that the change was occurring in both the residential and commercial property sectors.
Daly said signs of recovery were evident in increased interest in NAMA properties, as well as in increased investor interest in Ireland, while those looking to purchase are more confident that they will not fall into negative equity.
Prime properties are to see strong demand, he predicted, while growth in the residential sector is expected to experience a slower but steady recovery.
Daly revealed that NAMA will fund the construction of up to 4,000 houses in Ireland over the next couple of years.
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