units, fewer windows, and less communal space.
Michael Stanley, the company’s CEO, said that as Ireland’s “most active apartment builder”, it welcomed the changes introduced by Housing
Minister James Browne and said that the new regulations would reduce building costs.
“These guideline changes will also lower selling prices for future Croí Cónaithe developments and Local Authority Affordable Purchase Schemes,” Mr Stanley insisted.
The Government has agreed that about 50,000 apartments in developments that have planning permission, but which are not started, can be completed using the new guidelines.
“We plan to submit revised designs and prioritise projects for our Affordable Housing Body (AHB) customers,” Mr Stanley said. “When
amendments are approved by planning authorities, we will pass on the significant cost savings to our AHB customers, which should in turn
reduce affordable rents for new cost-rental apartments.”
The Cairn boss said that the new guidelines, which mean that developers no longer have to offer the same mix of unit type and size in apartment
blocks, will reduce the selling price for units in the local authority affordable purchase schemes, and in Croi Conaithe, the Government
initiative to support the building of apartments for sale to private owners.
Shares in Cairn Homes rose on Wednesday after it reiterated its full-year guidance and said it continues to see strong demand from first-time buyers.
The homebuilder said in a trading update that it generated revenue of €280m in the first six months of the year from the sale of approximately 700 units. That compared to revenue of €366.1m from 894 units in the first half of 2024.
The company’s trading is traditionally weighted towards the second half of the year. It added that its “significant investment” in scaled construction activity in the first six months of 2025 will support its performance for the remainder of the year.
Cairn said that it had seen strong private sales in the first half of the year. It increased its multi-year closed and forward order book to about 3,700 new homes, with a net sales value of roughly €1.4bn.
The company launched eight new schemes across Dublin, Kildare, Meath, Cork and Galway in the period, with strong demand witnessed from it core first-time buyer market.
The performance comes amid a backdrop of a continued housing shortage that is set to persist for years to come.
“We have witnessed exceptional demand in the year to date, including in our numerous private sales launches in this spring and early summer sales season,” said chief executive Michael Stanley.
“We were also encouraged to see such strong support for our first Croí Cónaithe development in Cork, from first-time buyers seeking affordable private ownership of apartments,” he added.
Mr Stanley noted that this week the government has announced amendments that will permit smaller apartments and relax rules on internal space, dual aspect ratios, ceiling heights and other design elements.
As Ireland’s most active apartment builder, we welcome this initiative, which will reduce build costs,” said Mr Stanley. “These guideline changes will also lower selling prices for future Croí Cónaithe developments and Local Authority Affordable Purchase Schemes,” Mr Stanley insisted.
Cairn Homes is predicting that it will generate revenue growth of more than 10pc this year and generate an operating profit of around €160m.
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