Developer Glenveagh has upgraded its home delivery estimate for this year to 2,900 homes, and forecast its own completions will rise to 3,100 in 2027.
Glenveagh chief financial officer Conor Murtagh said the company’s average selling price is also expected to be closer to €350,000 next year, compared to €380,000 in 2026.
In the first six months of this year, the company’s average selling price rose 6.6 per cent year on year to €402,000.
“We’re building a lot of non-Glenveagh product [this year], which is product that others got planning for,” Murtagh said. “As we get into our own standardised product, which benefits from off-site manufacturing, you see a natural trend in that down towards €350,000.
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“The expectation is we will build 3,100 units next year, so we see growth of between 5 and 10 per cent next year.”
Glenveagh chief executive Stephen Garvey said the €350,000 average price forecast for 2027 was also linked to land costs falling on its existing sites because some landbanks were rezoned due to Government policy.
“The average cost of our plots are probably €32,000. We expect probably 3,000 to 4,000 units to enter our land bank from rezoning, so that brings our average plot cost down,” he said.
“From a selfish context, the lower we can make our house prices, the more demand we create for our houses. The more demand, the more scale that we can add, the more efficient we can be.”
Glenveagh previously said it would deliver 2,750 homes this year, which would include 1,600 homes for the private market and 1,150 for the State.
The update said construction activity “accelerated materially” during the first half of the year and it would now deliver more than 2,900 units this year, including 1,700 homes for homebuyers and 1,200 units for State-backed social and affordable housing projects.
The increased forecast has come following a 34 per cent increase in construction spend by Glenveagh, which led to work in progress rising from €346.8 million to €504.7 million.
“Ireland’s housing delivery system is beginning to move more decisively, supported by a strengthening policy backdrop,” Garvey said.
“Sustaining that momentum will require continued progress on zoning, servicing capacity and enabling infrastructure, and we will continue to engage constructively to help translate policy intent into homes on the ground.”
Glenveagh also confirmed it will expand its current share buyback programme to €100 million, up from €50 million.
“We expect the group will be highly cash generative in the second half, supporting further returns to shareholders,” Garvey said.
Glenveagh said it generated revenues of €239.7 million in the first half of the year, down from €341.6 million in the same period of 2025 .
The company’s homebuilding division, which delivers own-door homes for the private market, recorded a 71 per cent decline in revenue to €63.9 million, while turnover from selling homes to State bodies rose 43 per cent to €175.8 million. Gross margin fell from 19.5 per cent to 15.5 per cent.
Glenveagh now has an order book of €1.8 billion of residential property, up 29 per cent year on year.
Glenveagh noted it has capacity to grow the order book further, with the company “in active discussions” to forward sell a further 1,000 units to State bodies.
Since the beginning of the war in Iran, Irish homebuilders have said they are monitoring any impacts of the conflict on building costs. Glenveagh said build cost inflation has remained in line with expectations, but did not disclose a figure.
It said more than 90 per cent of its costs for 2026 have been secured, and 55 per cent of costs in 2027 agreed.
In the past 12 months, Glenveagh has also increased its land bank from 19,000 to 21,000 units.
Part of this rise was linked to rezoning of the group’s strategic land holdings, which added approximately 600 units, and approximately 900 added due to “planning and design gains”. The company also spent €33 million on land to add approximately 1,100 units.
The results showed the firm’s net debt was €422.7 million in June, but has been forecast to fall by year end to “approximately €120 million as H2 completions convert work in progress into cash”.
