Pricing of ‘affordable homes’ at €475,000 defended by council

The prices of some of Dublin city’s first “affordable” homes at Oscar Traynor Road, Coolock, which were last week advertised at up to €475,000, have been defended by Dublin City Council’s head of housing.

The high market value of the houses in a new scheme at Oscar Traynor Road, Coolock, Dublin 17 means purchasers can have incomes exceeding €106,000 and still qualify as eligible for affordable housing subsidies.

Following protracted negotiations and the collapse of agreements over several years, Dublin city councillors signed off on a deal for the redevelopment of 17 hectares of public land near the entrance to the Dublin Port Tunnel in November 2021.

[ Dublin ‘affordable’ purchase permutations call purpose of scheme into question ]

Under the deal, developer Glenveagh would build 853 homes on the site – 40 per cent for social housing, 40 per cent for cost rental and 20 per cent designed to be sold to low- and middle-income workers qualifying for the affordable purchase scheme.

When councillors agreed to the deal one-bedroom homes were to be priced at €204,000–€238,000, two beds from €227,000-€284,000, and three beds at €250,000–€306,000.

Prices advertised last week were up to 55 per cent higher than indicated in 2021, with one beds costing €264,358-€308,750, two beds €355,760-€427,500 and three beds €399,731-€475,000.

The council’s head of housing Frank d’Arcy said the 2021 prices had not included VAT, and the 2024 prices did not reflect the funding of up to €30,000 that was available under the State’s Help to Buy Scheme.

However, several councillors said they remained unconvinced by the figures and Mr d’Arcy’s explanation.

[ How the price of ‘affordable’ houses spiralled to €475,000 ]

Sinn Féin’s Daithí Doolan said there appeared to be an attempt to “confuse or dazzle us with figures”.

Social Democrats councillor Catherine Stocker said Mr d’Arcy’s report was “an effort to defend the indefensible” and an attempt “to massage the figures”.

Independent councillor John Lyons said he was “gobsmacked” by the increase.

Mr d’Arcy said the Oscar Traynor Woods were built “using modern construction techniques and technology which will hugely benefit the homeowner”.