Demand for houses and apartments remains strong, says Cairn via IrishTimesBiz
However, he said that the home builder tracks the sales price of new homes closely. For the most part, Mr Stanley said, new home price inflation has “substantially lagged” behind the level of increase seen in secondhand prices in recent years.
Among the developments Cairn has under way is Seven Mills, Clonburris, with the first phase of 569 new homes due to be delivered this year. Cairn has also closed its first transaction with the Land Development Agency with the Archers Wood development at Delgany in Co Wicklow. Looking ahead to the full year, the company said it was reaffirming its guidance of turnover in excess of €650 million from up to 1,800 closed new home sales. More than 800 homes are classed as social and affordable. Operating profit is also expected to grow, with progressive ordinary dividends of between 40-50 per cent of FY23 profit after tax.
“Ireland’s relative economic success in challenging times must be underpinned by more significant investment and new housing delivery, from both the State and the homebuilding industry,” said Mr Stanley. “It is very unfortunate that there has been such a significant increase in the cost of delivering new homes in Ireland and there is no sign these additional material and labour costs are unwinding.
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