Low-profile firm entered the market a decade ago and had 800 units at its peak across Dublin and other cities
First Step Homes, which had considered leaving the market here, is now thinking of scaling up over hopes of a change in government housing policy. Photograph: iStock
However, it has sold its portfolio down to about 300 homes, following the previous government’s decision in the Housing for All plan in 2021 to phase out long-term social housing lease schemes. It is understood that First Step Homes, where London-based Trinity Investment Management is backed by US real estate investment firm TPG Angelo Gordon, had previously been actively considering exiting the Irish market altogether as part of its strategy review.
The Central Bank of Ireland has said that if the State was to deal with the crisis within 10 years then it needed to build 70,000 homes a year to address the housing shortfall and future demand.
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