Generation of Irish workers locked out of home ownership due to Ireland s broken housing system
Sinn Fein s Pearse Doherty said a report from the Society of Chartered Surveyors Ireland on the cost of delivering apartments in Dublin made for grim reading
Mortgaged house in padlock and chains (Image: Peter Dazeley)
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A generation of workers has been locked out of home ownership because of Ireland’s broken housing system, a Sinn Fein TD has said.
Pearse Doherty said the report from the Society of Chartered Surveyors Ireland (SCSI) on the cost of delivering apartments in Dublin made for “grim reading”.
The report, released earlier this week, revealed the cost of delivering a two-bed apartment costs around 359,000 euro for a low-rise in the suburbs, rising to 619,000 euro for a high-rise unit in the city centre.
Mr Doherty said that a working couple would need a deposit of 36,000 euro and have a gross income of over 90,000 euro, to buy the cheapest apartment in the report.
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THE REAL COSTS of New Apartment Delivery 2020, published today by the Society of Chartered Surveyors Ireland, highlights that unaffordable housing prices remain the key obstacle for many people who would like to own their own home.
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It found that the viability of the type of apartment has improved significantly over the same period.
However, the report also found that affordability remains a critical issue and that a first-time buying couple would require a deposit of 38,000 euro, and a joint income of 98,000 euro to purchase the lowest price apartment type.
The Real Costs of New Apartment Delivery 2020 was published by the Society of Chartered Surveyors Ireland (SCSI).
It found that the all-in cost of delivering medium-rise two-bedroom apartments in the Greater Dublin Area ranged from 411,000 euro for a low-spec unit in the suburbs, to 619,000 euro for a high-spec one in the city.