The 'affordable' homes costing twelve times the average wage

Dublin’s housing market has reached the point where a three-bed semi-detached house in Coolock priced at €475,000 is deemed ‘affordable.’ The long awaited development of state-owned land off Oscar Traynor Road was supposed to yield public housing and affordable purchase homes between €204k and €306k. But now that the first sixteen homes are coming on stream, the actual price is up to €170k higher than what was quoted in 2021. It doesn’t appear to be down to cost over-runs on the developer’s side. Dublin City Council has confirmed Glenveagh Homes built the properties at the agreed cost, fixed at 2020 prices. The council insists the price tag still represents good value because it’s 18% cheaper than if the homes were sold on the open market. Dublin editor, Olivia Kelly, has been looking into why the homes are so dear, and why people earning €106k are qualified to apply for the state subsidy.Presented by Bernice Harrison. Produced by Aideen Finnegan. Hosted on Acast. See acast.com/privacy for more information.