Home ownership in Dublin now just a pipedream for many

by Alex Greaney
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Alex Greaney

The latest Residential Property Price Index from the Central Statistics Office (CSO) will bring little comfort to those hoping to buy a home of their own in Dublin, according to Social Democrats TD Cian O’Callaghan.

Deputy O’Callaghan, who is the party’s housing spokesperson, said: “The cost of buying a home in Dublin has increased by over €65,000, since this Government took office. With the median price of a home in the capital now standing at a staggering €440,000, any hope of home ownership is becoming a pipedream for many.

“Teachers, nurses, gardaí, and other workers are increasingly unlikely to be able to afford a place of their own. The Annual Residential Property Review, released by Society of Chartered Surveyors yesterday, showed that a couple consisting of a garda and a nurse with ten years’ experience would have a maximum mortgage limit of €356,000. This is far short of what is needed to buy a home in Dublin.

“The affordability crisis is having a disastrous impact on our essential services as record numbers of our young people are looking to Australia for a chance to live an independent life. However, there are solutions to housing affordability. Ó Cualann Cohousing Alliance have proven that homes can be built and sold on a not-for-profit basis for far below the market rate.

“The State should be investing heavily in genuinely affordable housing using the Ó Cualann model. It is essential that we do not lock a generation out of home ownership because the Government have their heads buried in the sand.”

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