Irish Residential Properties REIT has reported a 38% rise in profits for the year to the end of December as it noted that the growing Irish economy continues to support residential demand.
The residential property company said its profits rose to €65.1m from €47m in 2016. Revenues from its investment properties rose to €44.7m from €38.8m.
I-RES owns 2,450 apartments across Dublin and is the largest non-government residential property owner in the country.
It said its overall portfolio occupancy rate last year to to 99.8% form 98.8% in 2016 with the average monthly rent increasing to €1,517 from €1,427.
During the year, the company completed its first development at The Maples, Beacon South Quarter in Dublin's Sandyford with 68 apartments fully leased and occupied by the end of August.
I-RES then bought a 4.5 acre development site in Dublin 15 for €7m and the company said it plans to build 99 residential units on the site.
The company's chief executive Margaret Sweeney said that I-RES is actively expanding its development and investment in response to the significant supply and demand imbalance in the Dublin area.
"We are initiating and continuing planning processes with respect to a number of our existing development sites, including a number of intensification opportunities," Ms Sweeney said.
"We continue to evaluate new acquisitions and development opportunities located in the main urban centres in Ireland, " the CEO added.
She also said I-RES continues to monitor the impact - and potential opportunities - for the company from events such as Brexit and US policy on foreign direct investment in Ireland.
"We believe, however, that it is too early to definitively gauge the likely impact of these events for Ireland and potentially for the Irish residential real estate market," she added.
