Apartments under an 'affordable housing scheme' in Dublin are set to cost as much as €400,000 . The site, at the former O'Devaney Garden complex near the Phoenix Park, is the biggest state-subsidised housing development under construction in the city.
The first apartments of more than 1,000 homes are priced at €257,986 to €320,625 for a one-bedroom apartment and €334,000 to €402,125 for a two-bed, depending on income and what floor the apartment is located.
Sales will open in June for 44 one-bedroom and 22 two-bedroom apartments, located from ground to fifth floor, which will eventually have 1,044 new homes in blocks up to 14 storeys. Three-bedroom apartments will be marketed at a later date.
Under the affordable purchase scheme, eligible buyers are offered a discount on the market value of homes, with the State taking an equity stake to reflect the discount given. Buyers on lower incomes pay less, but the State takes a higher stake in their homes than with people on higher incomes.
Discounts of 16-20% will be available for buyers earning €75,150-€91,378. O’Devaney Gardens, now renamed Montpelier, is being developed by Bartra following a deal eventually approved by Dublin city councillors in 2020.
Initially, the 14-acre site located just off the North Circular Road was to be sold with the agreement that 30% of new homes would be for social housing and 20% for affordable purchase; the remaining 50% were for private sale.
Bartra offered to sell a portion of private apartments to the council or a nominated housing body for a cost-rental scheme. A total of 264 cost-rental homes will be provided. Buyers for the first 66 affordable homes will be able to register their interest with the council from April, with sales due to open in June and the apartments expected to be ready for occupation next February.
