O’Flynn Group and AIB pass 6,000 homes milestone as pipeline expands in Cork and GDA
Developer-lender partnership reports delivery, planning or development of 6,000 homes since 2015
12 February 2026 | 📧 editor@ipropertyradio.com
O’Flynn Group and AIB have reached a reported milestone of 6,000 homes financed, delivered, in development or in planning since the two organisations began partnering in 2015.
The latest phase of delivery is 531 homes at Ballinglanna in Glanmire, Co Cork. The wider pipeline spans Cork, Dublin, Kildare and Wicklow. Planning permission has been granted for 550 homes at Dunkettle in Cork, with site works due to commence shortly. Construction has also recently begun on 186 homes at Spa Glen in Mallow.
The O’Flynn Group, established in 1978, states that it has completed more than 15,000 homes overall, alongside large-scale commercial developments. Over the past decade, schemes delivered with AIB backing have included Kinsealy Woods in Dublin, Drakes Point in Crosshaven, Clonmore in Mallow and Oldtown Woods in Celbridge. The partnership also includes A-rated cost rental apartments at Albert Avenue in Bray, Co Wicklow.
In the commercial sector, the two parties have funded projects including what is described as Ireland’s first Enhanced Community Care Facility at Westfield in Ballincollig, delivered to BREEAM standards.
Michael O’Flynn, Chair and CEO of O’Flynn Group, said the partnership with AIB had played a key role in delivering energy-efficient homes and supporting long-term housing supply. He said the company’s focus remains on advancing its development pipeline in Cork and the Greater Dublin Area.
From a financing perspective, AIB approved more than €1 billion for residential development in 2024, supporting the construction of over 10,000 residential units. The bank reported that approximately 60% of new mortgage lending in the Republic of Ireland was classified as green in the third quarter of 2025. Green lending accounted for 73% of its total commercial real estate lending in the first half of 2025.
Colin Hunt, CEO of AIB, said the bank’s appetite for lending to housebuilders remains strong and that it intends to increase funding for the residential market in the coming years. He noted that A-rated homes allow eligible buyers to access lower-cost green mortgage products.
Separately, AIB has agreed a proposed pay deal for 2026 with the Financial Services Union, which represents many of its staff. The agreement, subject to a member vote, recommends a 3.5% pay increase, or a minimum rise of €1,500 for lower-paid staff, alongside a one-off €1,000 tax-free voucher.
Under the proposal, an employee earning €30,000 would receive the minimum €1,500 increase, equivalent to a 5% rise, in addition to the €1,000 voucher. The union has also indicated an expectation of a 5% variable pay payout this year. The bank has agreed to absorb an increase in VHI premiums of approximately €600 for eligible staff in the Republic of Ireland.
For homebuyers, the continued expansion of A-rated housing supply may support access to green mortgage rates, while sustained bank funding for residential development signals ongoing institutional backing for private housing delivery amid continued supply pressures nationwide.
