How the price of ‘affordable’ houses spiralled to €475,000

How have we reached the point that buyers of some of Dublin city’s first “affordable” homes will have to pay up to €475,000 for a three-bed house, almost €170,000 more than when city councillors approved the scheme in late 2021?

The homes are being built on State-owned land in Coolock, Dublin 17 and the high market value of the houses and apartments in a new scheme at Oscar Traynor Road means buyers can have incomes exceeding €106,000 and still qualify as eligible for affordable housing subsidies.

Under the deal with the council, developer Glenveagh is to build 853 homes on the site – 40 per cent for social housing, 40 per cent for cost rental and 20 per cent designed to be sold to low- and middle-income workers qualifying for the affordable purchase scheme.

Dublin editor Olivia Kelly has been investigating why the council considers these prices “affordable” and why the prices being asked now are so far higher than was agreed when the planning permission was granted. It is hard-pressed buyers who will be losing out.