Cairn's Michael Stanley warns housing crisis will cost Ireland FDI jobs

Stanley also warned that the lack of homes is forcing young workers to emigrate

Michael Stanley, Cairn chief: “We're an affluent society now and this feels like the mid-1980s when people were leaving here because we had no work.” Picture: Fergal Phillips

Michael Stanley, one of the country’s biggest developers, has warned other European countries are going to “massively outcompete Ireland” for foreign-direct investment in the coming years due to the housing shortage.

The head of Cairn Homes said the country currently “feels like the mid-1980s” due to the emigration of young professionals and the onus is on the state to provide housing at an affordable level for these workers.

Stanley was speaking following the release of Cairn Homes full-year results for 2023, which showed the stock-market listed firm recorded a 10 per cent increase in its operating profit to €113.4 million.