The overwhelming demand for so-called ‘affordable’ apartments and houses at the former O’Devaney Gardens flats complex in Dublin highlights the desperation of a generation locked out of home ownership, according to Social Democrats TD Rory Hearne.
Deputy Hearne, who is the party’s housing spokesperson, said:
“Over 1,000 people have applied to buy 99 affordable homes released in the latest phase of the Montpelier development in Dublin 7. My heart goes out to the more than 900 applicants who will not be successful in securing a home of their own.
“Given that most new homes delivered in the last decade have been investor fund-led build-to-rent developments, it is hardly surprising that there is such massive demand when scarce affordable housing units become available.
“However, the reality is that the homes being sold in the Montpelier scheme can hardly be described as affordable – a price tag of €400,000 for a two-bed apartment is outrageous, while a three-bed will cost up to €473,000.
“Who exactly is that affordable for? You would need an income of more than €100,000 to be able to buy some of the so-called affordable homes in this development.
“Worse still, this is not actually the full price buyers will pay. These prices include a State discount of between 5 and 27 per cent, so the final price the purchaser will have to pay over time will be the full market value.
“Yet again, it’s a win for developers who are able to maximise their profits thanks to government subsidies.”
January 8, 2026