Ires Reit Sees Investment Rebound as New Rent Rules Grab Effect
Dublin-based property firm Ires Reit is anticipating a resurgence in investment following the implementation of revised rent regulations and increased state investment in the residential property sector, according to CEO Eddie Byrne. The company, Ireland’s largest private apartment owner with a portfolio of approximately 3,600 units, primarily in Dublin, currently maintains a near 100% occupancy rate.
Positive Signals from Institutional Investors
Byrne stated that conversations with significant international capital providers, including sovereign wealth funds and large insurance companies, indicate a renewed interest in the Irish market. “Any conversations we have had with large, international capital providers – sovereign wealth funds and large insurance companies – those institutions have said Ireland is back on the radar for investing again under the new rent regulations,” Byrne explained. He characterized this as a “very significant indicator” of the regulations’ positive impact.
New Rent Regulations Explained
The new regulations introduce six-year tenancies, allowing landlords to reset rents to market rates when previous rents were below market value. Subsequent rent increases will be capped at the lower of the consumer price index (CPI) inflation rate or 2%.
Call for Changes to Apartment Design Requirements
Byrne also advocated for the implementation of proposed changes to building design requirements for apartments, currently facing legal challenges. He emphasized the require for more one-bedroom units to accommodate the growing number of individuals choosing to live alone, although also noting the economic challenges associated with building three-bedroom apartments. “We need more one-beds, because the number of people choosing to live on their own is significantly greater than what we can accommodate, and three-bed [apartments] are not economical,” he said.
Ires Reit’s Financial Performance
Ires Reit recently released preliminary full-year results that were well-received by analysts. Adjusted net earnings increased by 7.4% to €32.8 million, while net rental income rose by 1.9% to €66.7 million. The company reported a pre-tax profit of €49.8 million, boosted by a €17 million revaluation gain.
Disposal Programme and Share Price Concerns
Ires Reit is currently executing a disposal programme, having sold 82 units by the end of 2025, achieving a premium of over 25% on sales. The company sold 41 units in 2025 with a net book value of €13m.
Despite the positive financial results, Ires Reit’s share price has remained subdued, trading at €1.09 as of February 19, 2026, while the company’s net asset value per share is almost €1.32. Byrne expressed his belief that the share price does not accurately reflect the business’s value. “Do I suppose the share price is an accurate reflection of the business? Absolutely not,” he stated. He attributed the previous low share price to the restrictive nature of the earlier rent regulations, which he believes stifled development and negatively impacted the company’s performance.
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