Property developer Capelli has announced sales of €202 million for the year just ended, down 30.4%, and warns that it 'will announce a net loss for the full year, but should remain operationally profitable'.

It explains that its 2022-23 financial year 'was severely disrupted by a shortage of production linked to a lack of building permit deliveries in 2021 and 2022, a recurring rise in appeals and, finally, soaring construction costs'.

Claiming a backlog of 580 million euros, 454 million of which in bulk with institutional investors, Capelli estimates that around 1,500 homes should be delivered in its 2023-24 financial year.

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