The Developer Profit Transparency Bill 2025, if passed, would unpack the reasons why housing delivery is stunted in Ireland, according to Social Democrats housing spokesperson Rory Hearne.
Deputy Hearne said:
“The aim of the bill is to shed light on the profit levels of developers who benefit from government housing schemes and subsidies – it’s a key transparency measure to ensure value for money, that the public purse is guarded, and to combat industry lobbying for both direct and indirect subsidies and grants.
“It’s the first step in revealing what is actually causing rising property costs, profiteering and gouging, aiming to make homes more affordable for ordinary people.
“In a time of sky-high prices and rocketing inflation, the ‘viability gap’, or the difference between the cost of building new homes and their market sale price, is being cited as a justification for the obscene house prices that now dominate the market.
“There are only two large publicly listed property developers whose operating profits are available to the public – for other developers benefitting from State subsidies, all we can apply currently is guesswork.
“Without transparency, claims by the construction industry, property developers and the government that it is unviable to build apartments due to costs impacting their profit margins are not verifiable.
“These claims are used as justification for directing public monies to private developers, via the Help to Buy Scheme, the Chroí Conaithe Scheme, Shared Equity schemes, and Part V Acquisitions – these initiatives, according to the government, are intended to close the ‘viability gap’.
“This year, Glenveagh and Cairn Homes announced soaring profits but have lobbied for deregulation, numerous pre-budget submissions have lobbied for tax cuts for developers, and the Help to Buy cap may be increased while some developers continue to circumvent it – all while the price of homes continue to soar and developers fail to increase their level of housing delivery.
“If the subsidies provided by the State have not been successful in increasing supply or lowering house prices, the question must be asked: who is benefitting from them?
“This is the importance of the Developer Profits Transparency Bill 2025 – it is reasonable to expect a high level of transparency from companies that are in receipt of a combined €185 million a year for the Help to Buy Scheme alone.
“This Bill, if passed, will shed light on who’s really benefitting from State subsidies, increase accountability on large developers, and illuminate what’s really preventing the effective delivery of housing in this country.”
ENDS
October 2nd, 2025