Loan approvals at State-backed lender Home Building Finance Ireland (HBFI) grew by 61 per cent €2.7 billion last year.
The agency, which provides funding for commercially viable residential developments, said new loan approvals of €1.01 billion in 2024 was more than double the €408 million approved in 2023.
And that the “pipeline of potential new developments is positive moving into 2025″.
Overall the HBFI said it had approved funding for 13,186 new homes in 184 developments across 23 counties.
4,618 HBFI-funded units have already been sold, with a further 3,408 contracted for sale or sale agreed as at the end of December 2024.
“We continued to make a valuable contribution to accelerating Ireland’s housing supply meaning to date we have funded over 13,000 new homes in 23 counties for owner-occupiers, renters and people who need social or affordable housing,” chief executive Dara Deering said.
Minister for Finance Paschal Donohoe said the HBFI was established to increase the supply of finance for commercially viable developments, “by responding to gaps in the funding market and supporting the construction of new homes across the country.”
“The agility of HBFI’s business model has seen the organisation respond to emerging gaps in the market through an expansion of its products which can support small, medium and large housebuilders in developing both houses and apartments across all tenure types – for owner occupier, rental, affordable and social housing," he said.
Of the €2.7 billion loans approved, drawdowns have taken place in respect of facilities totalling €1.9 billion (72 per cent), for 117 developments supporting 10,375 homes where construction is in progress or has completed.
Individual loan facilities range from €1 million to €113 million, with an average size of €14.5 million.
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