Glenveagh Properties PLC (GVR.F)

Ireland's two big homebuilders eye growth in state-partnered projects

Ireland's two largest homebuilders, Glenveagh Properties and Cairn Homes, are ramping up building on behalf of the government and see it is a major growth area, the companies said after reporting full-year results this week. Despite recovering to a 15-year high of almost 33,000 units last year, new housing supply in Ireland has for a decade failed to keep up with demand. Cairn and Glenveagh, who have accounted for around 15% of housing output since 2019, according to Goodbody Stockbrokers, said the share of that output being sold to the state is rising thanks to increased government funding, new initiatives and shrinking demand from institutional investors.