Developers reap healthy profits while claiming housebuilding is not lucrative
Astra Construction posted a thirteenfold increase in after-tax profits between 2018 and 2019, while Park Developments saw a €14.8m profit over 18 months
Leading Irish developers who recently claimed that house building is not profitable have made tens of millions of euros in profits in recent years.
Stephen McCarthy, managing director of Astra Construction, told the recent House Building Summit that building homes was not a profitable operation in Ireland.
“If house building was that profitable, there would be a lot more people doing it, but the fact of the matter is it’s not,” McCarthy said....
Subscribe from just €1 for the first month!
All Digital Access + eReader
Unlimited Access for 1 Month, €19.99 Monthly thereafter
*New subscribers only
€149 For the 1st Year
Unlimited Access for 1 Year
90 Day Pass
Unlimited Access for 2 Years
Get a Business Account for you and your team
Permission granted for 226 homes at former Cork hospital
Project is the first by the Land Development Agency in Cork to be granted planning permission
Seven Dundrum apartments leased for social housing have been empty for 17 months
The apartments are costing the local authority an average of €2,000 a month each
No independent valuation for €2k social housing rents
Dún Laoghaire-Rathdown County Council signed 25-year lease on 87 Dundrum apartments for use as social housing without seeking opinion other than developer’s on rent levels
Over 75% of new social homes are bought or leased from builders
Building of public housing by local authorities has dwindled to nearly non-existent levels in our biggest cities, official figures show