It’s remarkable to consider how those purchasing the first “economically accessible” properties in Dublin city are expected to cough up to €475,000 for a three-bedroom house—nearly €170,000 beyond the sum agreed upon by city councillors when the initiative was endorsed towards the end of 2021.
The development is taking place on public land in the Dublin 17 area of Coolock. The substantial prices for these apartments and homes of the new complex on Oscar Traynor Road imply that prospective buyers with incomes surpassing €106,000 can still qualify to receive subsidies designated for affordable housing.
As per the agreement with the council, Glenveagh, the developer, is set to construct a total of 853 homes on this location, with 40% intended for social housing, another 40% for cost rental, and the remaining 20% earmarked for sale to workers with low to medium income who meet the criteria for the affordable purchase scheme.
Olivia Kelly, the editor for Dublin, is delving into the reasoning behind the council’s designation of these prices as “affordable,” and why the costs now being suggested substantially exceed those agreed when planning permission was initially approved. It’s the financially strained buyers who will bear the brunt of these costs.
This matters were covered by Bernice Harrison and produced by Aideen Finnegan, after the shocking revelation from the Defence Forces of 68 serving soldiers convicted or charged with offences resulted in government outrage.