{"id":254493,"date":"2026-01-20T15:49:10","date_gmt":"2026-01-20T15:49:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/254493\/"},"modified":"2026-01-20T15:49:10","modified_gmt":"2026-01-20T15:49:10","slug":"cairn-has-4000-apartments-under-construction-with-sales-seen-topping-e1bn-this-year-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/254493\/","title":{"rendered":"Cairn has 4,000 apartments under construction with sales seen topping \u20ac1bn this year \u2013 The Irish Times"},"content":{"rendered":"

Cairn Homes<\/a> currently has 4,000 apartments <\/a>under construction, the company says, with units in some larger schemes for State funded partners being sold for the \u201clow \u20ac400,000s\u201d amid recent Government supports to boost construction in this segment of the market. <\/p>\n

The Dublin-listed homebuilder expects its total output to reach 6,000 between 2026 and 2027 and is forecasting sales of \u20ac1.02 billion to \u20ac1.05 billion this year, according to a trading statement on Tuesday. Revenue rose 9 per cent last year to \u20ac945 million, it said.<\/p>\n

Residential unit completions rose 5 .5 per cent last year to 2,365. <\/p>\n

Cairn sees its 2026 operating profit coming in at between \u20ac175 million and \u20ac180 million, having risen 12.3 per cent last year to \u20ac168.5 million. That 2025 out-turn beat Goodbody Stockbrokers\u2019 estimate by 3.6 per cent. <\/p>\n

Chief executive Michael Stanley<\/a> said a number of Government initiatives and supports aimed at addressing a shortage in urban apartments \u201care significant steps which will be very impactful\u201d. <\/p>\n

\u201cWith this backdrop, Cairn has made substantial investments in our growth opportunity. In 2025, we incurred our largest ever outlay in construction activities and new site commencements,\u201d he said. \u201cWe also acquired new near-term development land in Cork, Galway, Dublin and surrounding counties, and entered into new joint ventures and partnerships.\u201d<\/p>\n

Apartment schemes are typically constructed with pre-funding from partners. Approved Housing Bodies and the Land Development Agency had stepped into the market in recent years to fund apartment schemes, following an exodus of mainly overseas money from the private rental sector amid spikes in interest rates and construction costs after the Covid-19 pandemic. <\/p>\n

The private rental sector showed initial signs of a rebound in the second half of last year, helped by falling interest rates and new supports for the sector, according to industry observers. <\/p>\n

The Government decided in Budget 2026<\/a> to cut the VAT rate on the sale of completed apartments<\/a> to 9 per cent from 13.5 per cent, and introduce enhanced corporation tax deductions for certain apartment construction projects in an effort to improve the viability of development projects.<\/p>\n

It followed new apartment construction guidelines, unveiled over the summer, including an increase in the number of studio apartments developers could include in a project and a reduction in the minimum permitted size of apartments.<\/p>\n

Those guidelines have been the subject of a High Court legal challenge<\/a> amid claims they should have been subject to an environmental assessment. The court last month referred aspects of the case to the Court of Justice of the European Union (ECJ) for clarification on EU legislation. <\/p>\n

\u201cCairn now has developments with over 4,000 apartments under construction, including cost rental, social, affordable purchase, Cro\u00ed C\u00f3naithe, age friendly housing and for other private purchasers,\u201d said Mr Stanley. The Cro\u00ed C\u00f3naithe scheme is designed to support construction of apartments for owner-occupiers. <\/p>\n

\u201cLarger apartment schemes under construction for our State-funded partners are now being delivered at VAT inclusive average selling prices in the low \u20ac400,000s. 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.\u201d <\/p>\n

Cairn\u2019s forward order book now stands at more than 3,000 new homes with a net sales value of \u20ac1.15 billion at the end of last year, an increase from 2,361 new homes and \u20ac910 million a year ago. <\/p>\n

Cairn sees its return on equity \u2013 a measure of profitability \u2013 coming in at 16.5 per cent this year, down just 0.01 of a percentage point from 2025. <\/p>\n","protected":false},"excerpt":{"rendered":"Cairn Homes currently has 4,000 apartments under construction, the company says, with units in some larger schemes for…\n","protected":false},"author":2,"featured_media":254494,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[11423,72,21443,113,3662,61,60,126998],"class_list":{"0":"post-254493","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-apartment","9":"tag-business","10":"tag-cairn-homes","11":"tag-economy","12":"tag-housing-crisis","13":"tag-ie","14":"tag-ireland","15":"tag-michael-stanley"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/254493","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=254493"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/254493\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/254494"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=254493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=254493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=254493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}