Savills said last month that there were only four investment deals in the Irish PRS sector in the first quarter, down from 13 for the same period in 2021. Aside from the impact of rising interest rates, it said investor interest had also been hit by “negative media attention and interventions”, rising construction costs and rental growth caps.
Nama has identified scope to deliver about 17,000 additional new homes, chiefly post 2025. However, these homes can be delivered only if they are commercially viable, with the necessary supporting infrastructure put in place by other parties and planning permission obtained, it said. The State-owned bad bank posted a net profit of €81 million last year, down from €195 million for 2021, to mark its 12th consecutive year of profitability.
Nama transferred €500 million from its surplus to the exchequer last year, bringing the total surplus of cash transfers to date to €3.5 billion. A further €1 billion surplus is projected before it is wound down by the end of 2025, subject to market conditions, it said. Some €350 million is on track to be transferred to the exchequer later this year.
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