Irish homebuilder Cairn Homes said revenue and profit at the company rose last year, despite a fall in the average selling price of homes.
Cairn said an increase in the number of affordable homes it produced for State partners led to a decline in average price from €389,000 in 2023 to €383,000 last year. Output rose 29 per cent over the year to 2,243 units.
Commencements also ramped up during 2024, with more than 4,100 new homes started, including 19 large-scale developments, compared to 2,162 commencements in the prior year.
Revenue was about €860 million for the 12-month period, up 29 per cent year on year. Operating profit was 32 per cent higher at €150 million, beating guidance of €145 million.
“This represents the biggest annual step-up in operational and volume growth since the company was established,” said chief executive Michael Stanley. ”Cairn’s scaled platform, strong balance sheet and our continual reinvestment will support further significant growth in housing output in 2025.“
The 12-month period also saw the construction company close a number of deals that will deliver about 2,150 social and affordable homes in the coming years, including a transaction with the Land Development Agency, Cairn’s first under the Project Tosaigh 2 platform.
Cairn signed four new option deals that adds to its strategic landbank, with the company already beginning construction on one of the sites.
“With the imminent formation of a new Government, intense focus will quickly shift to housing policy. While this remains a complex and multi-faceted challenge, the new Government must continue to prioritise essential affordable housing delivery,” Mr Stanley said.
He added that the current suite of affordable housing initiatives, including Croí Cónaithe, Local Authority Affordable Purchase and Cost Rental accommodation, were well-designed and effective, but are currently sub-scale, and needed increased investment, broader awareness and support.
“Ireland’s stuck middle is made up of hundreds of thousands of young working people, desperately trying to avail of the new homes which these affordable housing initiatives can deliver,” he said. “The State plays a pivotal role, directly and indirectly, in the delivery of vital social housing in Ireland. However, the State can play an equally pivotal role in supporting the delivery of affordable homes for the stuck middle. Affordable housing policies should also be expanded to attract or partner with international and domestic private capital. This will reduce the burden on the State and make increased housing targets more realisable,” he said.
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