New “Affordable” Housing Costs €475,000
Image Credits: AKIF/BACKGRID
New “Affordable” Housing Costs €475,000
Text: Izzy Copestake
Pocket change!
Last week, some of Dublin city’s first “affordable” homes were unveiled on Oscar Traynor Road, Coolock. Some of these houses were priced at almost half a million euros. However, the council has defended the decision to describe this housing as “affordable,” amidst criticism.
The high value of the houses in Coolock means that potential purchasers with incomes exceeding €106,000 annually will still be eligible for affordable housing subsidies. The average wage for a worker in Ireland is less than half of this, at €38,600 per year.
In November 2021, Dublin city councillors approved a deal to redevelop 17 hectares of public land near the entrance to the Dublin Port Tunnel. Under the agreement, developer Glenveagh was set to construct 853 homes on the site, with 40 percent allocated for social housing, another 40 percent for cost rental, and 20 percent designated for low- and middle-income workers who qualify for the affordable purchase scheme. Initially, the price of these homes was agreed at €204,000–€238,000 for one-bed units, €227,000-€284,000 for two-bed units, and €250,000–€306,000 for three-bed units.
However, prices advertised last week were up to 55% above these agreed prices, with one-beds costing €264,358-€308,750, two-beds €355,760-€427,500, and three-beds €399,731-€475,000.
Frank D’Arcy, the head of housing at the council, has defended the large increase in price, saying the 2021 prices excluded VAT, while the 2024 prices did not account for the up to €30,000 funding available through the State’s Help to Buy Scheme. Several councillors remain unconvinced by the figures and Mr. D’Arcy’s explanation.
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