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Glenveagh increases home building targets

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Glenveagh Properties CEO Stephen Garvey

Glenveagh Properties CEO Stephen Garvey

Fennell Photography

Glenveagh Properties CEO Stephen Garvey

Glenveagh plans to build an extra 2,650 homes between 2022 and 2024, amid “favourable” market conditions.

Over the four year period the group now plans to build a total of 8,400 homes. It had previously targeted 5,750 units.

Ahead of an investor day in London today, the listed company said there is “significant” private and institutional demand for housing, particularly starter homes.

The extent of the investor demand for residential homes is such that the group now expects to forward fund a series of urban apartment developments.

A relatively new phenomenon in Ireland, the build-to-rent market is becoming increasingly popular as institutional investors - dubbed cuckoo funds - radically change the country’s traditional housing market by buying or building entire blocks of accommodation to be rented long-term.

Stephen Garvey, CEO of Glenveagh, said: “We have now completed our net investment in land and, with the inherent opportunities in our business and underlying strengths of our organisation, I’m confident in our ability to deliver the significant ramp-up in volumes alongside maximising sustainable returns to our shareholders.”

Online Editors