Glenveagh, a home construction firm, reported a robust beginning to the year 2024, attributed to enduring high demand for housing. The company’s CEO, Stephen Garvey, stated that they plan to construct above 2,700 residences within the year due to the encouraging market ambiance and Government support.
However, Glenveagh emphasized that to reach the government’s set goal of 50,000 residences annually, a combined effort between the industry, private capital, and the State would be essential for it to be sustainably successful.
The firm announced in the prelude to its yearly conference that it has already marketed, agreed on or set aside over 1,440 suburban homes in the underway year, displaying a rise from the 1,106 homes at February’s end. The same year, a prediction of about 650 residences is drawn, with Glenveagh confirming business terms for a forward funding deal on an existing higher-density urban project.
Garvey commended the Government’s strategies for promisingly impacting industry functioning and yield. The broad spectrum of demand-supply inducements, enhanced with better dense growth instructions and boosts to planning regulations were instrumental in escalating the yearly conclusion to 33,000 in 2023, displaying a 55 per cent increase since 2019.
Garvey further added that the 63 per cent surge in commencements in this year’s first quarter shows further growth potential for 2024. To maintain this velocity, the industry should gear towards the next growth phase with an aim to provide significantly more than 50,000 homes annually.
The forward order turnover for Glenveagh has risen to €963 million from €805 million at February’s end. Expectations are set at a 17 cent rise in earning per share within the fiscal year.
In the housing sector, Glenveagh has been granted planning consent for over 1,000 homes since 2024 started, with an intention to file applications for over 2,000 homes within the year.
Garvey further stressed the necessity for the national planning framework review to project a housing target reflecting present and future population needs. It aims to create both a feasible and attractive built environment exactly where the demand is.
For the effective implementation of design, planning, and development, it’s essential to thoroughly resource every aspect of the process and to simplify national design standards. Joint venture models, partnered with the existing abilities of the LDA, have the potential to fast-track the construction of housing on state-owned land. Crucially, the forthcoming stage of expansion requires collaboration between the commercial industry, private investment, and the State to yield this enhanced supply sustainably.