Ires Reit, Ireland’s largest private landlord, has claimed the Government’s proposed revision of rental market regulations, including rent pressure zones, is “already” improving investor sentiment around apartments in the Republic in advance of their implementation in March 2026.
In a third-quarter trading update on Tuesday morning, the Dublin-listed group also said it has now sold 36 apartments this year and remains on track to reach 50 by the end of 2025.
The disposals are part of a capital recycling programme announced last year, through which Ires intends to sell a total of 315 unwanted units over three to five years.
Eddie Byrne, chief executive of Ires, said the board is pleased with the execution of the programme, which is “delivering very strong premia” of more than 25 per cent above book value.
READ MORE
As a consequence of the disposals, the company’s loan-to-value ratio decreased to 44.8 per cent at the end of October, compared to 45 per cent in June, it said.
This is “well below” the 50 per cent limit set out in Ires’s debt covenants and the State’s reit (real estate investment trust) legislation.
Ires also said that occupancy levels across its portfolio remain “strong”, standing at 99.5 per cent at the end of September.
Looking ahead, the company said the Government’s overhaul of the rental market regulations, coupled with the cut in the rate of VAT on apartment sales in Budget 2026 and other measures, will improve the supply of units.
“Although the proposed new rules will not take effect until March 1st, 2026, Ires is already seeing an increase in market liquidity and improving sentiment amongst developers,” it said in a statement.
“This will lead to increased growth opportunities for the company, which, in the first instance, will be executed through recycling internally generated capital into portfolio-enhancing acquisition opportunities.”
Speaking to The Irish Times on Tuesday afternoon, Mr Byrne said Ires is poised to capitalise on a rejuvenated apartment sector.
“We certainly have had conversations with capital partners who see the Irish market as being attractive again,” he said.
“They are waiting, certainly until the legislation has passed, before they start writing cheques. But those conversations can happen in advance of that.”
Before construction begins on new apartments, however, Mr Byrne said “the existing market has to unfreeze, and liquidity has to come into it”.
He expects there to be an increase in apartment commencements in 2026, but the new supply will take two to three years to come to market.
