Dublin: Ireland’s largest private landlord, IRES REIT, has welcomed the government’s new rent reform legislation, describing it as a transformative step for the housing market amid wider concerns about landlords exiting the sector.
Chief Executive Eddie Byrne said the changes, due to take effect on March 1, could unlock significant institutional investment in Ireland’s residential property market. He noted that the revised framework presents a major opportunity for foreign sovereign wealth funds and large insurance companies seeking stable, long-term investments.
According to Byrne, discussions have already taken place with international capital providers, including sovereign wealth funds and major insurers, many of whom have indicated a willingness to reinvest under the updated rent control regime. He emphasised that such institutions typically favour low-risk, long-term assets and that increased capital inflows would enable the company to expand housing supply.
IRES REIT currently owns approximately 3,600 residential units, predominantly apartments, including developments in the Beacon South Quarter in Sandyford, Dublin. The portfolio has a reported occupancy rate of 100 per cent and is valued at approximately €1.24 billion.
Byrne also urged the government to move forward with proposed changes to apartment design guidelines. He argued that there is stronger demand and greater commercial viability for one-bedroom units, while three-bedroom apartments are less financially sustainable under current market conditions.
Financial results released by the company were positively received by analysts. Adjusted net income rose by 7.4 per cent to €32.8 million, while rental income increased by 1.9 per cent to €66.7 million. The company reported a pre-tax profit of €49.8 million, supported by €17 million in revaluation gains.
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