Cian O'Callaghan TD

Home ownership rates are set to collapse further with just 6 per cent of apartments built in Dublin available to buy, according to Social Democrats TD Cian O’Callaghan.

Deputy O’Callaghan, who is the party’s housing spokesperson, said:

“Last year, apartments accounted for more than 35 per cent of all new homes built. With apartments playing an increasingly important role in housing delivery, it is vital that individuals still have an opportunity to buy their own home.

“However, analysis by the Banking and Payments Federation Ireland (BPFI) has shown that just 523 of the 9,100 apartments built in Dublin last year were available for purchase.

“Home ownership rates are already at their lowest level in more than 50 years. This collapse will continue further if virtually no new apartments are available to buy.

“I have put forward an amendment to the Planning and Development Bill that would ensure that 50 per cent of all new apartments are available for individual buyers. This would put an end to exorbitantly expensive rental-only developments.

“I’m calling on the Government to support this practical solution, which will give people a chance to get a place of their own.

“As things stand, the Government is turning us into a nation of renters. We must take immediate action before the dream of home ownership becomes a fantasy for most people.”

March 12, 2024

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