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!
With any subscription you will have access to
Unlimited multi-device access to our iPad, iPhone and Android Apps
Unlimited access to our eReader library
Exclusive daily insight and opinion seven days a week
Create alerts to never miss a subject that matters to you
Get access to exclusive offers for subscribers on gifts and experiences
Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine
Four in five property sales exceed asking price, Offr finds
An analysis by the property transaction platform found that homes are selling for an average of 14 per cent above the listed price in 2021
Policy of leasing social housing from investment funds to be phased out during this government
Housing For All programme will be released at end of this month, with emphasis on compulsory purchases of vacant units by local authorities
Only one in 15 Mica redress scheme applicants told of their entitlements
Of 475 peopple who applied to the government structural damage scheme, just 30 have found out how much they will receive
Funds ‘drive up cost of social housing by €50k per unit’
Housing body Respond said institutional funds were buying up stock in the hope of leasing it back to the state