The creation of the new Government housing delivery agency would be a “positive step” if it can increase delivery by 10 or 15 per cent per year, the chief executive of home builder Glenveagh has said.
Stephen Garvey was speaking at the Dublin-listed developer’s annual general meeting (agm) in the Westbury Hotel in Dublin on Thursday afternoon. In a trading update issued ahead of the meeting, Glenveagh said it had experienced a strong start to the year as continued demand for housing supported momentum in the market.
The company also expanded its share buyback programme for a second time, raising it to €85 million, and called for “urgent investment” in infrastructure projects to support increased housing delivery.
Speaking to reporters after the meeting, Mr Garvey said the Coalition’s plans for a Housing Activation Office (HAO) would be a positive step. The idea has been mired in controversy since Brendan McDonagh, chief executive of the National Asset Management Agency (Nama), withdrew his name from contention for a leadership role in the new agency amid stiff criticism from the Opposition.
Asked whether Ireland needs a housing ‘tsar’, Mr Garvey said it would be worth it if the head of the new HAO could “move the dial” somewhat on housing delivery.
“Whoever the person is who comes in, they can’t get us from 30,000 [new homes annually] to 50,000,” he said.
“They’re not Superman. I don’t think there’s anyone out there who can do that. But what they can do is facilitate moving the dial, particularly on the big developments. So it’s a positive step if they just move the dial 10 per cent or 15 per cent, they’re making a difference.”
However, Mr Garvey said whoever takes up the new role will have to be supported by other departments and ministers.
Glenveagh said its closed and forward order book across both the homebuilding and partnerships business was €1.23 billion, up from €1.09 billion at March 10th.
Among the business divisions, the homebuilding unit was in line with expectations with strong underlying demand resulting in 1,100 units sold, signed or reserved for 2025.
Meanwhile, construction is progressing well at all six partnership sites.
The group has secured permission for more than 1,355 units in the year-to-date. More than 90 per cent of anticipated unit deliveries for 2026 are fully planned, Glenveagh said.
Looking ahead to the rest of the year, the group reiterated its guidance for the financial year, with an anticipated earnings per share out-turn of 19.5 cent.
The first half of the financial year is expected to finished ahead of the same period in 2024, with units, revenue and profitability all increased.
Glenveagh expects to deliver 1,500 units in its homebuilding division, with partnership revenue reaching €400 million this year. The group said it saw significant potential for further collaboration with the Government and public sector bodies
In 2025, total equivalent home deliveries are expected to reach approximately 2,600.
Non-core land sales are expected to total more than €100 million in 2025 and 2026.
Glenveagh also said it would further expand its share buyback programme to €85 million. The programme announced in September 2024 was originally €50 million, before being increased to €65 million in January. Approximately €60 million has already been returned to shareholders under this programme. Glenveagh said the expansion was based on the first half performance, land sales and an improved cash profile anticipated in the second half of the year.
Mr Garvey said the company welcomed the publication of the revised National Planning Framework, which was approved last month by Government.
