The Land Development Agency (LDA) last year almost doubled its capital spend to €1 billion as it had over 5,000 homes in construction by the end of 2025.
The 2025 annual report for the LDA shows that across 17 sites, the LDA delivered 800 homes during 2025.
The €1 billion capital spend by the LDA last year compares to a capital spend of €540m in 2024 – an increase of 85%.
At the end of December 2025, the value of the LDA ‘land and assets under construction’ was €943m compared to €315m at the end of 2024.
In his report accompanying the accounts, LDA ceo, John Coleman states that “2025 was a year of strong progress for the LDA as we continue to deliver on the mandate set down for us by Government”.
Mr Coleman said that “by the end of 2025, we had over 2,100 homes under construction across eight LDA direct delivery sites. In addition, we had close to 5,000 homes, across eighteen direct delivery projects”.
Chair of the LDA, Cormac O’Rourke states that the LDA “is targeting delivery of up to 3,500 homes per annum by 2029 on a sustainable basis, subject to funding being available internally and from Government”.
LDA’s Chief Financial Officer, Róisín Henehan in her report states that the 2025 results marked a significant period of growth for the LDA, “with the organisation effectively doubling in financial scale” where net assets increased to from €1.2 billion in 2024 to €2.1 billion last year, and capital expenditure increased from €540m to €1 billion.
She said that “2026 is expected to be another strong year in terms of housing delivery and balance sheet growth, with an increased focus on improving financial performance and enhancing capital recycling”.
Ms Henehan said that while the Agency continues to rely on shareholder equity to fund its operations in the medium term, “a longer term funding strategy is being advanced that will be seeking to leverage its balance sheet strength, become more financially sustainable, and reduce reliance on shareholder equity funding over time”.
Last year, revenues at the LDA increased by 48% from €78.24m to €115.94m.
The LDA last year ramped up his expenditure from €39.86m to €50.44m and this contributed to a pre-tax loss of €17.23m.
However, the loss includes a non-cash depreciation costs of €22m.
Last year, the LDA recorded earnings before interest tax depreciation and amortisation (EBITDA) of €6.5m.
In her report, Ms Henehan said that turnover increased by almost 50% compared to 2024 with significant growth across all revenue streams.
She said that the increase in turnover was derived from the sale of 80 affordable purchase homes – €31m, from the construction of social homes and completion of 48 affordable purchase homes built for local authorities – €49m and from 2,600 homes under management – €36m.
Last year, numbers employed by the LDA increased 147 to 208 and the report shows that the numbers employed earning over €100,000 last year increased from 36 to 78.
This includes two earning between €225,000 to €250,000; six earning between €200,000 and €225,000; 10 earning between €150,000 and €200,000 and 60 earning between €100,000 and €150,000.
During the year the LDA made a severance payment of €46,691 to one employee.
The remuneration package of ceo, John Coleman remained at €217,000 made up of €200,000 in salary, company vehicle of €12,000 and €5,000 in a health insurance contribution.
Staff costs last year increased from €16.38m to €18.57m that includes pay to key management personnel increasing from €1.94m to €2.68m.
The spend by the LDA on staff hospitality last year increased from €19,864 to €47,448.
This year the LDA has further ramped up its capital spend after in January acquiring a 41 hectare site at Kilbarry Cork City that has the potential to deliver 1,000 homes.
In April 2026, the LDA acquired the site at the former Central Mental Hospital Dundrum and commenced works on site to deliver 934 homes.
Reporting by Gordon Deegan
