With the Government awaiting final housing-completion figures for last year, due to be published by the Central Statistics Office next week, the indications from the two listed home-builders is that there was no significant uptick following a disappointing year in 2024.
Glenveagh has said it delivered 1,490 homes to the private market last year, down 10pc, although its total completions were 2,568, up from 2,309, due to partnerships with the State.
In a trading update today, Cairn says it now has over 4,000 apartments under construction, and that large schemes being built for the State are being delivered at Vat-inclusive selling prices in the low €400,000s.
“This clearly proves that apartments built to very high quality and energy-efficiency standards can be constructed in Ireland at similar costs to comparable apartments in other European countries,” chief executive officer Michael Stanley said.
“In addition, our housing delivery will also increase substantially, particularly for our core first-time-buyer market. As a result, Cairn’s total output will now reach 6,000 new homes between 2026 and 2027.”
The company said its forward order book has increased to over 3,000 new homes with a net sales value of €1.15bn, an increase from 2,361 new homes and about €910m last year.
The positive outlook from the company will be interpreted by the Department of Housing as an indication that its policy measures will yield results. These include reducing the Vat rate on construction and sale of apartments from 13.5pc to 9pc, and relaxing design standards, allowing a greater mix of sizes.
Cairn reported that it generated about €168.5m in operating profit with a 16.6pc return
Mr Stanley noted that the Government had taken “targeted measures designed to increase housing supply across various tenures” and said these are “significant steps which will be very impactful”.
Cairn reported that it generated about €168.5m in operating profit with a 16.6pc return on equity, increased its net assets by over €75m, and returned about €53m to shareholders through dividends.
The company, which has added 200 employees, said there is currently an “exceptional sales environment”, and it has 22 active selling sites, primarily addressing demand from the first-time-buyer market.
In its analysis, Davy said the net debt figure of about €172m was €40m ahead of its expectations, while the order book had increased by over 25pc year-on-year.
“The group completed 2,365 units in the year, modestly behind our expectation of 2,478. However, revenue for the period will be in line with our expectation of €945m (up 10pc year-on-year) due to a higher average selling price and higher other revenue,” Davy said.
“Net debt at year-end was €172m, down from €307.4m in June 2025 and ahead of our forecast of €213.7m. This was achieved despite the company acquiring 4,500 plots during the year while also increasing the strategic pipeline to 6,000 units. Cairn Homes now has six forward-fund contracts underway, allowing continued capital efficiency.”
In its analysis, Goodbody said the results represented “yet another strong out-turn from Cairn Homes” and increased its forecast of underlying profits for FY27 by 3pc to €190m.
“Cairn Homes remains a top pick for us amongst Irish and UK house-builders and this strong update is yet another example of why that is the case,” Goodbody said.
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