The National Asset Management Agency's chairman has said greater transparency on prices would be positive for the residential property market.

Frank Daly was speaking at the international governing council meeting of the Royal Institution of Chartered Surveyors. 

The NAMA chairman welcomed the proposed publication by the Property Services Regulatory Authority of residential property prices.

Mr Daly said that greater transparency would improve buyer confidence. 

This in turn would facilitate a more efficient property market, he added, while it would also be good news for sellers of residential property.

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

The NAMA chairman also repeated the agency's intention to make €2 billion in vendor finance available to prospective buyers of commercial properties controlled by NAMA debtors and receivers.

''To put this in context, Ireland's commercial property saw just €200m worth of investment last year. At the peak of the market in 2006, investment levels reached €3 billion,'' Mr Daly said.

He 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 added.

Meanwhile, the Chartered Surveyors today launched a new scheme to monitor, audit and ensure that all valuations are carried out by property valuers in accordance with international standards, called Valuer Registration.

The scheme has already been rolled out in the UK and Europe by RICS and was developed in response to the global financial and property crisis.

''It seeks to minimise the risks associated with property valuations for financial institutions and their customers,'' a statement from RICS said.

NAMA chairman Frank Daly said the introduction of Valuer Registration was a ''welcome and positive development''.