Strategic Report

Strategic Report for the year ended 31 December 2023

Our strategic priorities are the foundations on which we build social and economic value for our stakeholders.


An expanding housing market in a strong economy

In a challenging economic environment globally, the Irish economy again outperformed. Private demand in the Irish housing market is driven by this strong domestic economy, a fast-growing population, and increasing levels of inward migration. This is complemented by very supportive partnerships with state agencies for both demand and supply-side initiatives. As one of the largest housebuilders in Ireland we are ideally positioned to grow in this environment.

Economy and consumers

The combination of strong domestic demand and a buoyant export sector continues to propel the Irish economy, with GDP growth expected to outpace all major economies in 2024. Economic outperformance has strengthened public finances, allowing flexibility for Government to invest in housing initiatives and support affordability. Record employment levels have been accompanied by wage inflation, supporting affordability. Rising household deposits also underpin higher levels of economic output over time.

GDP Growth Forecasts

Budget Surplus as % GDP/GNI

Average Weekly Earnings - YoY % Growth

Housing market

Demand for housing continues to be very strong in Ireland, complemented by very supportive partnerships with state agencies for both demand and supply-side initiatives. Housing supply is slowly improving, supported by gradual improvements in the effectiveness of planning and policy.

Mortgage Approvals

Residential Transactions (New Homes)

Rolling 4-Quarter Commencements


Bringing new ideas home

As one of Ireland’s leading homebuilders, Glenveagh delivers high-quality, affordable, and accessible homes in flourishing communities. We succeed by focusing relentlessly on innovation to improve the way we plan, design, and build.


Our suburban business is focused on delivering affordable, high-quality homes in locations of choice at €450,000 or below. We focus in particular on delivering affordable starter homes in the GDA and Cork, which represents the deepest demand segment of the Irish market. The portfolio also has other potential sites nationally.


Urban product consists of apartments to be delivered to institutional investors and state agencies primarily in Dublin and Cork but also on sites adjacent to significant rail transportation hubs.


A partnership typically involves the government, local authority or state agency contributing their land on a reduced cost or phased basis into a development agreement with Glenveagh.

Our value chain

We rely on a network of activities, resources and relationships within our complex value chain to create the homes that we deliver to our customers and end-users.

Raw material extraction

Raw materials extraction refers to the removal of resources from the earth’s natural reserves. In the context of the construction industry, the majority of construction raw materials can be typically classified into two categories: mined raw materials, such as minerals and fossil fuels, and plant-based raw materials derived from forestry and bio-based materials, such as trees and plants. Raw materials are typically used in the primary production of construction products.

Processing, manufacturing and distribution

The majority of the raw materials used in the construction sector must be processed and manufactured into construction materials products. They play a pivotal role in Glenveagh as we ultimately use them to build our homes. These construction materials and products must be robust, reliable and meet stringent safety standards to ensure the durability of built structures. The construction materials industry is known for its high-temperature operations, use of large-scale processing and manufacturing plant and machinery as well as its energy consumption. This industry relies on its supply chain to ensure it not only procures raw materials to create the products, but also ensures the delivery of its products to the likes of Glenveagh and our subcontractors.

Land acquisition, planning and design

Land acquisition is one of the first steps within the direct control of Glenveagh and is critical in developing new communities across Ireland. This step requires significant due diligence to ensure, for example, that the land is viable, that the area is not subject to flooding or other environmental risks, and the appropriate zoning is in place.

Glenveagh manufacturing (NUA)

NUA, the manufacturing arm of Glenveagh, was established in 2023 and comprises three factories based in Carlow, Arklow, and Dundalk. These factories employ over 100 people and supporting regional businesses by sourcing materials from local suppliers. The factories use industry-leading technology to produce high-quality timber frames and light gauge steel (LGS) frames used in our homebuilding process. The process includes a type of 3D printing to produce steel parts for the houses, using computer-generated 3D design models, as well as pre-programmed sawing technology to cut timber into the required shapes and sizes.


Construction is a core element of our business and sits within the operations section of our value chain. This is where the various materials which have been extracted, processed, and manufactured are used to construct high-quality, energy-efficient homes for our end-users. This is done in compliance with planning and building regulations in place in Ireland and the EU. This element of our value chain requires a large skilled workforce comprising both directly employed colleagues as well as a significant involvement of subcontractors across an array of trades. These include groundworks contractors, crane operators, block layers, plasterers, painters, tilers, and landscapers among others.

Sales and marketing

Glenveagh interacts with our potential customers through our internal sales and marketing functions as well as third-party selling agents. Our marketing strategy raises awareness of our offering through a variety of media including TV, radio, social media, websites, and events. We also make potential customers aware of the affordability of housing through a variety of government schemes and initiatives to ensure inclusiveness of our product. We are investing in technology to further improve our online customer portal and increase its accessibility.

Product use

The houses and apartments we create provide a home for our customers for many years. During the lifetime of these products, residents consume water, energy, and other materials. They also produce outputs such as waste, carbon emissions, and wastewater. Elements of the house will also come to the end of their useful life or become redundant and require replacement. The houses we produce are highly energy-efficient and we are developing a more circular approach that will facilitate easier disassembly and reuse. We also provide our customers with valuable information on the efficient operation of all aspects of their homes.

End of life

At the end of its useful life, the house or apartment can be deconstructed. Certain components of the house can already be reused and/or recycled and we aim to increase this through the adoption of more circular principles in our design, through such initiatives as design for disassembly. These activities can transform waste management into sustainable materials management and drive new patterns of production and consumption. Inevitably, at the moment, the deconstruction is likely to have certain environmental impacts including the production of waste and carbon emissions.


Identifying our material issues

We are committed to continuing to evolve and enhance our corporate sustainability reporting. An important driver in this regard is the Corporate Sustainability Reporting Directive (‘CSRD’), which sets specific rules on mandatory sustainability reporting in the European Union (‘EU’). We are among the first companies in scope for CSRD and will be required to report under the new rules from FY 2024 onwards.

Our Strategy

Our Building Better Strategy is designed to carry Glenveagh into a new chapter of growth and to cement our position as the leading provider of great value, high-quality homes in Ireland.


Guided by our vision, our Building Better Strategy will create long-term, sustainable value

Each of our five strategic priorities is supported by action-oriented pillars, which in turn are underpinned by key projects. Progress against these pillars is measured by a clear set of key performance indicators.

Placing the customer first

We will be acknowledged as providing an outstanding customer experience, offering the high calibre service excellence expected from the leading provider of affordable, high-quality homes for all tenures.

Creating sustainable and thriving places

We will establish and develop great places for people to live, where communities and nature can flourish for the long term.

Driving operational excellence

We will plan, design, and assemble superior products using best-in-class processes across the build life cycle. Clear accountability will enable us to make operational choices rapidly and decisively, and to allocate resources as efficiently as possible.

Valuing and developing our colleagues

We will be an employer of choice and the best place to work in our sector. We will attract and retain a diverse, high-performance workforce in a safe and inclusive environment that flourishes in a culture of teamwork and trust.

Embracing innovation

We will be at the cutting edge of innovation in the homebuilding sector, allowing us to transition to a low-carbon economy with the best-value, circular construction.


How the Board considered stakeholders during the year

The Board believes that to secure Glenveagh’s long-term success, it must take account of the perspectives, insights and opinions of stakeholders when key strategic, financial and operational decisions are being made.


We are committed to building on our reputation as the leading provider of high-quality, affordable homes in Ireland. Central to this are the relationships that we build with our customers and our continuous drive to provide an outstanding service at every part of the customer journey. We believe that by engaging with our customers, we can better understand their evolving needs and preferences, and ensure that we are providing sustainable, high-quality homes that exceed their expectations.


We understand that our employees are at the heart of our success and are our most valuable asset. We are committed to creating a positive and inclusive workplace culture that promotes teamwork, collaboration, and innovation. By actively engaging with our employees, we can ensure that their needs are met, and they feel valued and motivated to contribute to the company’s success.


We understand that our business operations have an impact on the communities in which we operate, and we are committed to contributing positively to the social, economic, and environmental wellbeing of our communities. We engage with our communities in a collaborative and transparent manner, so that we can build trust, enhance our reputation, and create sustainable, thriving communities. This engagement is a central aspect of our responsible business model that benefits all of our stakeholders.


We recognise that our shareholders are key stakeholders who invest in our business. We are committed to maximising value for them by achieving sustainable growth through our strategic priorities, and by allocating capital efficiently and effectively. We engage with our shareholders through a combination of direct engagement, regular communication and transparent reporting. We provide updates on our business performance, financial results, and progress against our strategic initiatives.

Suppliers and subcontractors

We recognise that the success of our business is dependent on our relationships with suppliers and subcontractors. We believe in creating strong and mutually beneficial partnerships that enable us to deliver high-quality projects that exceed our customers’ expectations. By fostering open communication, promoting fair and ethical practices, and working together towards shared goals, we can create a sustainable and responsible supply-chain that delivers value for all parties.

Government and regulators

We understand that engaging with government and regulators is essential so that we can provide input into various policy and regulatory developments that affect our industry. We can also use this engagement to promote the adoption of sustainable and responsible practices that benefit the wider community. In doing so, this ensures that we can continue to deliver high-quality homes that meet our customers’ needs.


Building sustainable futures

Sustainability is fundamental to the way we do business. As one of the largest homebuilders in Ireland, it’s our great responsibility. By creating strong strategic foundations, we believe we can address our shared societal challenges and create a better future.


At Glenveagh, we are acutely aware of the potential impact that we have on the environment and also the risks that these impacts may pose. We also see many opportunities to improve our operational efficiency and create ways for our customers and communities to also lead more environmentally sustainable lives.


Through delivering high-quality affordable homes, Glenveagh contributes to alleviating the biggest social priority in Ireland at the current time – the availability of housing. We also impact on the society in which we operate by providing jobs, paying taxes and supporting the communities in which we operate.


Strong governance is the key stone for ensuring our stakeholders have confidence in our ability to deliver on our strategic objectives. Robust policies and ongoing training are fundamental to helping raise awareness of the importance of good corporate behaviour and embedding ethical practices that support the long-term sustainability of our business.


Our landbank

The Group continues to create a more active land portfolio to support continued growth and remains focused on managing a four to five-year land portfolio at scale.

Our landbank highlights

Breakdown by area
Breakdown by business segment