Housebuilder Cairn Homes says surging interest rates will stop Irish house price rises

Operating profits at the company nearly doubled after a strong rise in sales

Michael Stanley, the chief executive of Cairn Homes, said Ireland suffers from a lack of apartments. Picture: Fergal Phillips

Cairn Homes, one of Ireland’s largest private housebuilders, said it expects property prices to be “flat” throughout the year due to problems around customer affordability.

It came as the company reported operating profits of €103 million for 2022, nearly double the €58 million in 2021, as its sales rose strongly.

In its full year results for 2022, Cairn said it closed 1,526 new homes sales, up from 1,120 in 2021. This delivered revenue of €617 ...