According to the NAMA legislation the long-term economic value has the following definition.
IMO this is going to be almost impossible to calculate with any degree of confidence and exposes the taxpayer to massive property risk.

(a) a reference to the current market value of the property comprised in the security for a credit facility that is a bank asset is a reference to the estimated amount that would be paid between a willing buyer and a willing seller in an arm’slength transaction where both parties acted knowledgeably, prudently and without compulsion,

(b) a reference to the current market value of a bank asset is a reference to the estimated amount that would be paid between a willing buyer and a willing seller in an arm’s-length transaction where both parties acted knowledgeably, prudently and without compulsion,

(c) a reference to the long-term economic value of the property comprised in the security for a credit facility that is a bank asset is a reference to the value that the property can reasonably be expected to attain in a stable financial system when current crisis conditions are ameliorated and in which a future price or yield of the asset is consistent with reasonable expectations having regard to the long-term historical average, and

(d) a reference to the long-term economic value of a bank asset is a reference to the value that it can reasonably be expected to attain in a stable financial system when current crisis conditions are ameliorated.

The government claims that because the banks are unwilling to loan money for these type of investments the current market value is well below the long-term value.

If we were smart we could get some practical information on what this long-term economic value is. If we removed the financing problem then we should be able to get a much better idea of what this value is.

To do this the government should auction off some of these assets but most importantly the winner of the auction would also get the necessary finance to purchase and fund the development from the state at commercial rates.

Surely this would give us a much better picture of the real long-term economic value than any economists or professional valuers could ever achieve.