The National Asset Management Agency (NAMA) has today welcomed the proposed publication by the Property Services Regulatory Authority (PSRA) of residential property sales prices.

Speaking in Dublin at the International Governing Council meeting of the Royal Institution of Chartered Surveyors, NAMA Chairman Frank Daly said greater transparency on prices would be positive for the residential property market.

Greater transparency would improve buyer confidence, said Mr Daly. This would in turn facilitate a more efficient property market and also be good news for sellers of residential property, he said.

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Mr Daly said the commercial property market could also benefit from improved confidence if the proposal was extended to this sector.

"We favour extending this proposal to commercial property sales transactions because we believe that transparency would enhance the efficiency of that market also," he said.

The NAMA Chairman also reiterated the Agency's intention to make €2 billion in vendor finance available to prospective buyers of commercial properties controlled by NAMA debtors and receivers. Referring to the scale of the commitment, the NAMA Chairman said:“€2 billion is a substantial injection of capital.

However, Mr Daly warned that, while market-based mechanisms could help reinforce the emerging signs of stability in the Irish property market, these mechanisms are not a panacea: "Recovery will ultimately be anchored in economic and financial developments here and internationally," he said.

(CD/GK)