Developers say Government rent policy will help attract billions in international funds
It was the second day of a global property conference in the south of France, an event which opposition parties have criticised Housing Minister James Browne for attending.Eddie Byrne, chief executive and a director of Ires-REIT, told delegates that the Government has shown a “greater level of joined-up thinking” than previous administrations, with more considered policy changes.The Ires REIT boss was among several high-profile figures in the property industry who joined senior Irish government officials to pitch Ireland to institutional investors at the Mipim event in Cannes.This year, for the first time, Ireland is hosting a dedicated pavilion at the conference – paid for by industry sponsors - in a major push to inject capital into the housing system.The conference has attracted an estimated 20,000 industry delegates with many countries including Ireland and cities across the UK competing for development capital.The Minister for Housing told delegates on Tuesday that Ireland did not have the large-scale investors needed to fund the building of 50,000 to 60,000 homes a year over needed by 2030.“We need large developers, and those developers need large-scale investment, and development capital and investment capital for the longer term as well,” he said.The minister met a number of investors at the event before he left for the US ahead of St Patrick’s Day.Earlier Stephen Garvey, chief executive of Glenveagh Homes, told delegates that Ireland’s economy is a “shining light” in Europe.“I think Ireland has really evolved its position. It has shifted left and right but I think it’s now adopted a policy of we know we need external capital," he said.“The environment has changed completely. When we talk to investors they are a lot more positive. They can see a clear line of sight."I was talking to one person who invested in Germany recently who was saying the uncertainty that’s in Germany versus Ireland has completely changed.”In another panel discussion, Padraig Moore, co-head of Europe strategy at global investment firm Avenue Capital Group, said Ireland’s economy and financial system is “well capable of absorbing any shock that it’s faced with and that puts us in stark contrast to many other European economies.”“Investors like predictability. This Government has done a very good job in signposting housing policy and then implementing it.”The conference also heard from Graham Doyle, the Department of Housing's Secretary General, John Coleman of the Land Development Agency and Martin Whelan, CEO of the Housing Agency.Richard Shakespeare, CEO of the Dublin City Council, and AnnMarie Farrelly of Fingal County Council, also addressed the delegates in the Irish pavilion on development opportunities in the capital.The Social Democrats TD and housing spokesperson Rory Hearne said Ireland’s attendance at the conference was “highly inappropriate” when Mr Browne should be focusing on social and affordable homes.Sinn Féin’s housing spokesperson, Thomas Gould TD, accused the Government of “rolling out the red carpet for vulture funds”.The Ireland pavilion is funded by 15 corporate sponsors including AIB, Bank of Ireland, Cairn Homes and Lioncorp.The Government is paying for the travel and accommodation costs of its officials.MIPIM 2026 (Marché International des Professionels de l’Immoblier) ends on Thursday.
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