Housing

Flight of funds leads to drop in Cairn sales

The listed developer said the average price of apartments fell due to the lack of institutional investors

Michael Stanley, chief executive of Cairn Homes: ‘This feels like the mid-1980s when people were leaving here because we had no work.’ Picture: Fergal Phillips

Cairn Homes’ sale price of apartments declined more than €50,000 last year due to a lack of institutional investor activity in the market.

Financial results for the listed housebuilder show the average price of apartments sold , net of Vat, was €377,000 in 2023, down from €431,000 the previous year.

Michael Stanley, Cairn chief executive, said the decline in the price was as a direct result of dearth of institutional investors who have “disappeared”.

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