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Could These €140K Properties Be The Answer To Dublin's Housing Crisis?

By mariemadden

June 15, 2017 at 10:40am

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While the latest Daft.ie survey may report that rents in Dublin are falling, this certainly hasn't filtered down to those searching for a home in Ireland's capital city.

And the situation can be even more daunting if you're trying to buy your 'forever home', with stiff competition, mortgage application, rising asking prices and hefty deposits to deal with.

Many different options have been put forward to address the housing crisis, which particularly affects those on low to mid-level incomes but one that looks very promising is a new housing development that is about to be launched in Ballymun.

According to the Dublin Inquirer, the Poppintree development has spearheaded by the Ó Cualann Cohousing Alliance and consists of 49 homes close to St Margaret's Road in the Dublin 11 suburb.

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While similar three-bedroom properties would be expected to go on sale for €250,000, these are available for €170,000 - making them far more affordable and accessible to many of those looking to buy.

The voluntary housing alliance has introduced some restrictions to protect the integrity of the project, with a 'clawback clause' to prevent people from flipping the properties to make a profit.

So, how do the manage to sell houses at such as reduced price?

General Manager Hugh Brennan revealed that the not-for-profit co-op had collaborated with Dublin City Council, resulting in massive savings on development levies and land prices.

You can read more about this really interesting project here.

READ NEXT: People Have Been Queuing Overnight For These €410,000 Dublin Homes

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