HomeBussinessCairn housing output to increase by almost 30pc in 2024

Cairn housing output to increase by almost 30pc in 2024

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Cairn Homes sign at a development in Greystones.

Cairn Homes has reported that its current total closed and forward order book has a net sales value of more than €1.05bn.

The order book includes more than 2,750 new homes, according to a trading update from the housebuilder before its AGM today.

Over 1,000 of these units will be delivered next year and beyond, while Cairn’s total housing output is expected to grow by nearly 30pc in 2024, the company reported.

Cairn pointed to the “exceptionally high” demand backdrop for these homes, driven by State supports, a more favourable mortgage market, limited supply and a focus on first time buyers.

Cairn has also agreed commercial terms with an Irish university to deliver 500 beds in a development located beside the campus.

It has also been granted planning permission for around 1,500 new homes through the Large-scale Residential Development (LRD) and Strategic Development Zones (SDZ) planning processes.

Cairn also said that its first three forward fund transactions with a number of different State supported counterparties are expected to deliver almost 1,300 social and affordable new homes.

Parkside in Dublin 13 is expected to close in the short term, with 368 new homes available at this site.

The other two sites are expected to be ready in the second half of the year.

Cairn reaffirmed its guidance for 2024 and expects to deliver 2,200 units this year. Operating profit is anticipated to be around €145m.

Last year, Cairn recorded an operating profit of €113.4m.

“We are pleased that our housing output will grow by nearly 30pc this year and our forward order book of in excess of €1bn is a testament to the exceptional demand for our homes,” chief executive Michael Stanley said.

“What is equally pleasing is that the broader industry is ramping up completions and Government initiatives are working,” he added.

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