The Secret To Getting Low Rent And House Prices In Dublin Has Been Revealed

The Irish Times has revealed that building Dublin apartments higher has the potential to make their prices considerably lower.

That's according to one of Dublin's biggest builders who have said that prices have the potential to drop by 20% if their buildings are taller.

Michael Stanley, the chief executive of Cairn Homes, believes that these low prices can be achieved if builders are allowed to construct buildings up to nine storeys in the city centre.

"If you can go from six to nine floors you can make much better use of your land. You've just added 30% more space on the same site," he told the publication.

His company are currently building 122 apartments over seven storeys high along the Grand Canal Docks and they are going on the market in the summer at an average price of €600,000.

However, he believes if they were able to build up to nine storeys, the price could have been deducted by €120,000.

"It would have allowed us to bring down the cost of this quite dramatically.

"(By) 20%, yes comfortably. The land costs are still the same, the basement costs are still the same, we couldn't afford to wait another 12 months to see if we could get (extra) height through."

Why hasn't this been mentioned before?

READ NEXT: 'Japanese Flu' Hits Ireland And Can Affect Everyone As Experts Warn Of These Symptoms