Outlook cloudy for Irish residential property- NAMA

DUBLIN, Sept 28 Wed Sep 28, 2011 6:21am EDT

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DUBLIN, Sept 28 (Reuters) - The outlook is cloudier for Ireland's residential property market than its commercial market due to its dependence on the real economy, the chief executive of the state-run National Asset Management Agency (NAMA) said on Wednesday.

"The outlook for the residential property market is more clouded than for the commercial market, not least because it is more closely linked with the real economy and the overall outlook for employment, net pay and interest rates," Brendan McDonagh said in a speech.

Irish residential house prices have fallen for 43 straight months and on average fetch just over half as much as they did at their 2007 peak while commercial property prices have fallen by around two-thirds since the bursting of the property bubble. (Reporting by Padraic Halpin; Editing by Toby Chopra)

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