The National Asset Management Agency (NAMA) has launched the third phase of its residential mortgage 80:20 Deferred Payment Initiative, featuring an additional 100 houses and apartments in 4 counties bringing the overall offering to close to 400 properties.

The properties included in the new phase are located in counties Cork, Dublin, Limerick and Wicklow.

They range in size from two-bedroom apartments to five-bedroom houses, with prices ranging from €95,000 to €370,000.

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The Agency is extending the initiative after a positive response from home buyers. The initiative has resulted in 120 houses being sold, generating sales proceeds of €22 million, since it was launched last year.

NAMA Chief Executive Brendan McDonagh said: "This initiative has made good steady progress, generating sales proceeds of €22 million to pay down debts owed to NAMA. It has also been good for families, couples and individuals seeking to buy a home with an element of protection from falling values."

Mr McDonagh also said the success of the initiative to date means it makes sense to extend it to more properties.

He continued: "While CSO figures suggest residential property prices appear to be stabilising, protection against falling values continues to be an attractive feature for prospective buyers."

(CD)