Glenveagh Properties (GVR) Fireside Chat summary

Introduction and agenda

• The session covered key market themes, Glenveagh's business progress, and allowed for audience questions via email.

Current industry trends

• Order book increased by 20% in just over two months, with robust demand, especially in Dublin.

• House price inflation is at 6%-7%, with strong demand for new homes and digital sales channels.

• Demand is high across affordable, cost rental, and social housing tenures, with state agencies playing a significant role.

• Apartment commencements have increased, but most are for state use; suburban product availability remains limited.

• Build cost inflation is steady, with good labor availability and some commodity volatility.

Challenges and overcoming obstacles

• Delays in suburban completions in H1 were due to paperwork with government agencies, but these are being resolved and are expected to catch up in H2.

• Planning was a major challenge in 2022, but the shift to the LRD process has improved timelines and certainty.