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Submitted URL: https://go.bisnow.com/dc/GIxpn6r6Q57of05XNYyzCzX8qC9HlsTx6G0F5HUu5Mq_JPPQ4PfRAgcdUIcTIMSGV3LROHS3StU7gm6-eJmAFxEkmJ5vH...
Effective URL: https://www.bisnow.com/dublin/news/affordable-housing/glevneagh-boss-calls-for-dysfunctional-planning-reforms-to-boost-...
Submission: On January 10 via manual from IE — Scanned from DE
Effective URL: https://www.bisnow.com/dublin/news/affordable-housing/glevneagh-boss-calls-for-dysfunctional-planning-reforms-to-boost-...
Submission: On January 10 via manual from IE — Scanned from DE
Form analysis
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SUBSCRIBE * Cities * Atlanta * Baltimore * Birmingham * Boston * Chicago * Dallas-Fort Worth * Denver * Dublin * Houston * London * Los Angeles * New York * Oakland * Orange County * Philadelphia * San Francisco * Silicon Valley * South Florida * Washington, D.C. * Events * Calendar * Ascent * Escape * Apply to Speak * Sponsor an Event * Careers * Top Talent * Employer * Select Leaders * Bisnow Careers * Podcasts * About * Contact Us * Advertise with Us * Newsletters * Careers * Log In * Sign Up * GO Search * Home * Choose your city National Atlanta Baltimore Birmingham Boston Chicago Dallas-Fort Worth Denver Dublin Houston London Los Angeles New York Oakland Orange County Philadelphia San Francisco Silicon Valley South Florida Washington, D.C. Cities * Events * Calendar * Ascent * Escape * Apply to Speak * Sponsor an Event * Careers * Top Talent * Employer * Select Leaders * Bisnow Careers * Podcasts * About * Contact Us * Advertise with Us * Newsletters * Careers * Contact Us * My Subscriptions * My Purchases * Tickets * Attendee Lists * Videos * Job Board * Invoices * Edit Profile * Log Out * GO * Log In * Sign Up * GO * Europe News * Dublin Real Estate News Contact Us Edit Story News GLENVEAGH BOSS CALLS FOR 'DYSFUNCTIONAL PLANNING' REFORMS TO BOOST HOUSEBUILDING Dublin Affordable Housing View count: 0 Dublin Affordable Housing 6 January 2023 Mark Faithfull, Bisnow Dublin/London Pixabay/Michael Gaida Despite strong results, Glenveagh Properties has called for planning reform. Housebuilder Glenveagh Properties CEO Stephen Garvey has warned that “dysfunctional planning policy” needs reform to solve Ireland’s residential undersupply challenges. He pointed to strong underlying demand continuing to be driven by a combination of a robust economic environment, a fast-growing population and increasing levels of inward migration. "This is putting further pressure on what is an already undersupplied housing market. Addressing this significant undersupply continues to be obstructed by dysfunctional planning policy," Garvey said. "The government's demand-side initiatives have been supportive most notably for first-time buyers. The increased recent focus on planning system reform is also to be welcomed and is an important first step to alleviate near-term planning gridlock. However, we would now strongly encourage that planning policy reform is expedited to solve the longer-term structural supply issues the sector faces," he added. Glenveagh Properties has reported revenue growth of 36% for 2022, driven by its suburban business segment. In a trading update for the year to 31 December, Glenveagh said it had sold 1,354 suburban units and that revenue for the year was €649M, up from €477M in 2021. Sales were 50% higher than the 902 units it closed in 2021 and 90% ahead of the 712 suburban units closed in 2019. Operating profit was approximately €70M, up from €51M in 2021, though Glenveagh noted that inflation across materials and labour remained elevated throughout the year. "We continue to work in close collaboration with our supply chain partners to secure sustainable, competitive pricing, while maintaining the security of supply. In addition, we have further developed our own supply chain capabilities to give us greater control over input costs and mitigate the effects of the inflationary environment," the company said in its interim results statement. Glenveagh reported suburban revenue of €454M. The suburban average selling price was about €330K, up from €308K in 2021. The company said it finished the year with 408 suburban units contracted or reserved for 2023 but noted that forward sales rates are lower than previous years. Glenveagh said it had four projects signed — East Road, Barn Oaks, Castleknock and Cluain Mhuire — which it expected to generate more than €310M in total revenue. Contact Mark Faithfull at mark.faithfull@bisnow.com See Also: This Week's South Florida Deal Sheet Related Topics: Glenveagh Properties, housebuilding, Residential development Dublin Sign up for more articles like this Subscribe to Bisnow's Dublin Newsletters Also subscribe to Bisnow's Affordable Housing Newsletter Confirmed! You are subscribed to the Bisnow Dublin E-Newsletter. Related Stories + This Week's South Florida Deal Sheet + This Week's San Francisco Deal Sheet + Renewed Construction Defects Reform Could Be Headed To Colorado Capitol + Affordable Housing Component Of San Jose Development Gets Fresh Funding + Philly Reopens Housing Choice Voucher Waitlist For First Time Since 2010, Now As Lottery + 'Why Would I Throw Good Money After Bad?' Uptick Of Office Loan Defaults Is Likely On The Way + Stadium Developer Makes Last-Ditch Appeal To Keep Bears At Soldier Field + Hivelocity Acquires UK's Heficed, 9 Data Centers + Contractor Sues CitizenM Affiliate For Over $20M In Unpaid Bills At New D.C. Hotel + This Week's Boston Deal Sheet: GSK Expands By 155K SF In Cambridge + Despite Q4 Slump, 2022 Was Better Than 2021 For NYC Investment Sales + Pace Of Construction Nationwide To 'Feel Recessionary' In 2023 Most Read Stories * Boost As Citigroup Agrees Dublin Deal For New European HQ Dublin Dublin 9 January 2023 * Glenveagh Boss Calls For 'Dysfunctional Planning' Reforms To Boost Housebuilding Dublin Affordable Housing Dublin Affordable Housing 6 January 2023 * Pedestrian-Friendly Works On The Way As More Of Dublin City Centre Becomes Car-Free Dublin Retail Dublin Retail 4 January 2023 * Dublin 2023: What The Year Ahead Holds For Real Estate Dublin Dublin 3 January 2023 * Nearly A Third Of Dublin Workers Usually Work From Home Dublin Economy Dublin Economy 19 December 2022 More Top Stories Bisnow Dublin Newsletter Submit Bisnow Dublin Newsletter Success! You are subscribed to the Bisnow Dublin Newsletter. 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