It has been revealed NAMA will spend more than €100m bringing properties up to standard.

The agency took over the loans of 16,000 properties nationwide from bankrupt developers, but found extensive defects overwhelmingly involving fire safety regulations.

NAMA Chairman Frank Daly recently told the Banking Inquiry the agency had faced multi-million euro costs remedying buildings of "low quality or no quality at all".

It has since emerged that the total cost will be over €100m and that around 10% of apartments in the Dublin area it has taken over were found to be below standard.

Surveyors and fire safety experts have said buyers of homes built within the past decade should have their buildings checked.

Chartered building surveyor Val O'Brien said that some groups of apartment residents are facing bills of up to €300,000 to get their blocks up to standard.

But he said that unless the work is done, the apartments have no value as they cannot be sold.

Meanwhile, the Department of the Environment has confirmed that private home owners have to bear the cost of compliance work.