Premium hikes likely as rebuild costs rise
Updated / Monday, 15 Mar 2021
17:30
New Nearly Zero Energy Building (NZEB) standards requirements have contributed to an increase in the upfront cost of building
Business Journalist
Homeowners could face increased buildings insurance premiums because of a hike in the cost of rebuilding a home, according to a report from the Society of Chartered Surveyors.
The latest Guide to House Rebuilding Costs shows that the national average outlay associated with rebuilding has increased by an average of 7.3% over the past 18 months.
There are regional variations with the cost in Dublin going up by 5%, while in the North West the increase if of the order of 9%.
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A joint income of almost €100,000 is needed to buy the cheapest apartment in the Greater Dublin Area.
That s according to a new report by the Society of Chartered Surveyors which looked at the cost of almost 10,000 apartments.
The report found that a couple would need a deposit of €38,000, and a combined salary of €96,000 to afford a two bed apartment in a Dublin suburb.
The Society of Chartered Surveyors is calling for more targeted supports for buyers struggling to get on the property ladder.
The cost of buying a new apartment in Dublin is on average between 375 and 569,000 euro.
Business Journalist
A multi-millionaire Australian property mogul controversially suggested a few years ago that if young people wanted to buy a house, they should stop buying avocado toast and expensive coffee. When I was trying to buy my first home, I wasn t buying smashed avocado for AU$19 (€12) and four coffees at AU$4 (€2.55) each, Tim Gurner, who was then 35, told the
60 Minutes programme on the Nine Network.
His comments were met with a mixture of bemusement and outrage in Australia and overseas, particularly from those paying steep rents to property moguls while trying to scrape together a deposit to buy a house.