Glenveagh to deliver 2,700 homes this year amid strong housing demand

Company's forward order book rose to €963m, up from €805m at the end of February this year

Stephen Garvey, CEO of Glenveagh Properties

Favourable market conditions and greater scale marked a "strong start" to the year for homebuilder Glenveagh as high demand for housing continues into 2024.

In a trading update on Thursday ahead of its annual general meeting, chief executive, Stephen Garvey said the firm expects to deliver 2,700 homes across its three segments in 2024.

In addition, the firm said it had 1,440 suburban units either sold, signed or reserved for the full year, compared to 1,106 units at the end of February 2024.

Contracted urban projects are proceeding as planned and are expected to deliver approximately 650 units this year, the company said, adding that it had agreed commercial terms for a forward fund transaction on an existing higher density urban development.

The company had planning permissions granted for over 1,000 units so far in 2024, adding that it is also on track to lodge planning applications for over 2,000 units over this year.

However, Glenveagh noted that industry and private sector capital will have to work together with the State to meet the Government's targets of 50,000 homes per year, adding that building on its current momentum is critical in achieving the next phase of output growth.

"It is now clear that the Government’s targeted and effective initiatives are having the desired effect on industry performance and output," said Mr Garvey.

"The range of demand and supply side incentives, coupled with enhanced compact growth guidelines and encouraging improvements in planning policy and system, supported an increase in annual completions to approximately 33,000 in 2023, up 55% since 2019."

Glenveagh reported a "strong forward order book" which now totals €963m across its three business segments, up from €805m at the end of February 2024.

"The review of the national planning framework needs to provide a housing target that accurately reflects current and future population requirements, a target that is designed for viable and desirable homes in locations where there is demand," Mr Garvey continued.

"Most importantly, this next phase of growth will need the industry and private sector capital to work together with the State to achieve this increased supply in a sustainable manner.”