Listed housebuilder Cairn Homes has said the supply of new residential property in the Irish market will continue to significantly undershoot demand over the next two years. In a trading update, the company said market conditions remain positive with continued strong demand for property during the latter part of 2017. Cairn, which reported a sharp rise in full-year revenues to €149 million from €40.9 million in 2016, said it was starting 2018 with a strong forward sales pipeline with a net sales value of €134.3 million. Goodbody analyst Eamonn Hughes said the full-year ebitda guidance was slightly below its €16.3 million forecast, due to central overheads being a little higher than it had anticipated. Cairn said it achieved €131 million in residential revenues last year with the average selling price for a property totalling €314,000 (ex-VAT).

Source: The Irish Times January 05, 2018 07:25 UTC