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    Three stunning new developments from Glenveagh Homes now available

    Over a long number of years Glenveagh have earned a reputation as being one of the best home builders in Ireland.
    Building modern homes for the way people live today, Glenveagh have been very proactive in bringing quality family homes to communities across Ireland.
    Not alone are you guaranteed a top quality A-rated finish with Glenveagh but you’re also purchasing homes designed for family living with large living areas, seeded rear gardens and modern kitchens.
    With that in mind we decided to take a closer look at three of Glenveagh’s developments around the country which are available right now.
    These include:

    Ruxton Oaks, Blackcastle, Navan, Co Meath: 3 Bedroom Homes from €310,000
    The Hawthorns, Tullamore, Co Offaly: 3 Bedroom Homes from €250,000
    Oldbridge Manor, Drogheda, Co Meath: 3 Bedroom Homes from €325,000

    Each of these fantastic new developments have so much to offer. Let’s have a close look into exactly what benefits each of them have.
    Ruxton Oaks, Blackcastle, Navan, Co Meath

    Ruxton Oaks consists of 2, 3 and 4 bedroom family homes located at a historic and mature residential setting just north of Navan.
    The development is close to a wide range of amenities including schools, leisure facilities and excellent transport links.

    Ruxton Oaks has something to offer every type of resident from the first-time buyer to growing families. The houses are particularly spacious and ideal for families of all ages. A fluid layout is enhanced by bright and airy hallways, while big, high-spec windows make the most of the natural light.

    Each room is also designed with modern life in mind with large living areas and kitchens ideal for family get togethers while the bedrooms offer the perfect sanctuary. Externally high quality materials and innovative building methods ensure homes that look great and are guaranteed to stand the test of time.

    Ruxton Oaks is located at Blackcastle, a well-regarded residential setting just north of Navan. As well as a wide range of amenities, they also offer beautiful scenery over the River Boyne and its mature forestry. The M3 and M2 motorways are also just a few minutes away while for commuters there are several bus routes as well as a park and ride facility a short drive away in Dunboyne.

    The area is steeped in history with Navan at the heart of the Boyne Valley region. With a wide range of attractions nearby, you can also take into the beautiful Boyne Ramparts Walk, a linear stretch of 8km pathway that runs from Navan to Stackallen that takes in Babe’s Bridge (the oldest bridge on the river) and passes by the ruins of Dunmoe Castle and Ardmulchan Church.

    As Ireland’s fifth largest town, Navan is packed with amenities for all the family. There are a wide selection of primary and second level schools in the area as well as three shopping centres, two hospitals and two parks. Navan also has a wealth of sporting facilities including a tennis club, rugby club, boxing club, pitch and putt club, hockey club, gymnastics club and several GAA clubs.
    Find out more about Ruxton Oaks and register your interest here.
    The Hawthorns, Tullamore, Co Offaly

    The Hawthorns consists of 2, 3 and 4 bedroom family homes located in a prime residential location near the thriving town of Tullamore in Co Offaly.

    Located less than 10 minutes from the M6 Norway and a leisurely 15 minute stroll from the town centre, The Hawthorns is a great opportunity to purchase a spacious A-rated home beside one of the Midlands’ most popular towns.
    Homes at The Hawthorns are designed with you in mind and are particularly spacious and ideal for families of all ages. A fluid layout is enhanced by bright and airy hallways, while big, high-spec windows make the most of the natural light.

    Rooms are designed with modern life in mind with large living areas and kitchens ideal for family get togethers. Externally high quality materials and innovative building methods ensure homes that look great and are guaranteed to stand the test of time.

    Transport links at The Hawthorns are truly excellent. Tullamore Train Station is a short seven-minute drive from your front door with a travel time of just 60 minutes to Dublin’s Heuston Station. The AirCoach also offers a fast and frequent service to Dublin International Airport while for motorists the M6 interchange is just 12km away, linking Galway and Dublin and offering access to many other main roads in the country.

    One of the major benefits of The Hawthorns is how urban meets rural. Tullamore is one of the biggest towns in the Midlands with a host of great local amenities to match. Yet in your leisure time you can enjoy some of the best scenery and walks in the area. This includes a trek up the Slieve Bloom Mountains or discovering the spooky history of Charleville Castle.

    There are a wide selection of primary and second level schools in the area as well as two shopping centres, the Midlands Regional Hospital and two parks. Tullamore also has a wealth of sporting facilities including a golf club, tennis club, rugby club, football park, leisure centre and Tullamore GAA Centre.

    Tullamore is a thriving town with something from everyone including a wide range of local and mainstream shops, while The Bridge Centre is the Midlands’ premier shopping centre, housing both a six-screen cinema and over 30 stores. At night the town really comes to life. It is packed with wonderful artisan coffee shops, restaurants and bars while there are a number of great days out nearby including Lough Boora Discovery Park, a 2,000 hectare facility filled with walking and cycling trails, unique outdoor sculptures, a fairy trail, stunning scenery and countless species of birds and plans. The beautiful Grand Canal Way also offers some stunning walkways as well as many water-based activities.
    Find out more about The Hawthorns and register your interest here.
    Oldbridge Manor, Drogheda, Co Meath

    Oldbridge Manor consists of 3 and 4 bedroom family homes on an elevated site 2km west from Drogheda town centre.
    Oldbridge Manor is an extremely attractive new development thanks to a tasteful combination of brick and render on the exterior of each home, long with an abundance of green space. Modern and innovative building methods and high-quality materials combine to create homes that will look great and feel comfortable for generations to come.

    Inside the interiors are thoughtfully laid out to suit modern living and are all finished to the highest of standards.
    A host of educational, recreational and retail amenities are within walking distance, making this an ideal location for families of all ages. Residents can also enjoy the restored Oldbridge House with visitor centre, amazing Victorian walled gardens and within the historic Battle of the Boyne site, just minutes from the front door.

    Drogheda itself is one of the oldest towns in Ireland. It is located on the M1 on the east coast of Ireland, mainly in Co Louth but with the south fringes of the town in Co Meath. It is just 40 minutes from Dublin City Centre and 30 minutes from Dublin Airport and is therefore incredibly popular with commuters and families with ease of access to the M1 motorway as well as a train station and numerous bus routes.

    There is a wide variety of schools and amenities on your doorstep including numerous schools, a third level college and a wide selection of shops, pubs, restaurants, coffee shops, theatres, retail parks, a water park and much more. The UNESCO World Heritage Site of Newgrange is also located 8km west of the town while Tayto Park is also a short drive. There is also a wide range of sporting facilities on your doorstep including several GAA clubs, golf clubs, a rugby club, a League of Ireland football club, leisure centres and more. The Ramparts playground and the Princess Grace Rose Garden are all within an easy stroll of Oldbridge Manor.

    The development itself benefits from the extensive River Boyne Board Walk, a beautiful greenway for walkers and joggers beside the picturesque River Boyne. The path leads to Oldbridge House, home to an extremely large and attractive park and the Battle of the Boyne museum.
    Find out more about Oldbridge Manor and register your interest here. More

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    The Hawthorns in Tullamore has plenty to offer all the family

    The fact that a playground was installed on site before launch is a clear sign that The Hawthorns in Tullamore, Co Offaly, is a development geared towards both family and the future.

    These superb new houses from Glenveagh Homes have three beds starting from €250,000 with two beds also available in future phases.
    Homes at The Hawthorns have been designed for family living with spacious and fluid layouts enhanced by bright and airy hallways and big, high-spec windows to make the most of the natural light.
    The rooms are all designed with modern life in mind, with large living areas and kitchens ideal for family get-togethers. The bedrooms are also spacious, providing a perfect sanctuary to rest after a busy day.

    The flexible spaces throughout the homes at The Hawthorns can be configured to suit your family’s individual needs. Rooms are large and comfortable with open-plan living and dining spaces along with a high-spec modern kitchen.

    The exterior of the homes are very attractive with a tasteful mix of brickwork. Internally walls are painted through the home with contemporary skirting and architraves finished in an off-white satin paint.
    The homes also come equipped with generous lighting and power points and switches with smoke detectors and heat detectors fitted as standard. Homes at The Hawthorns also feature an A-rated condensing Samsung heating pump heating system which is thermostatically controlled to maximise your comfort. All homes are also pre-wired for an Electric Vehicle charge point.

    Upstairs Shaker-style fitted wardrobes are supplied in the master bedroom while each home is covered by a 10-year HomeBond structural guarantee.

    Tullamore itself has much to offer. One of the biggest towns in the Midlands it has a host of great local services and amenities from pubs and restaurants to schools and a hospital. The area also offers stunning scenery and walks with the Slieve Bloom Mountains and Charleville Castle popular places for people to stretch their legs.

    For a great day out, a quick 20 minute drive will take you to Lough Boora Discovery Park, a 2,000 hectare facility filled with walking and cycling trails, unique outdoor sculptures, a fairy trail, stunning scenery and countless species of birds and plants. The beautiful Grand Canal Way also offers some stunning walkways as well as many water-based activities.
    In normal times Tullamore is a buzzing hive of activity every day. The town centre offers a wide range of local and mainstream shops while the Bridge Centre is the Midlands’ premier shopping centre, housing both a six-screen cinema and over 30 stores.

    There is also a fine selection of sporting facilities nearby including Tullamore Golf Club, Tullamore Tennis Club, Tullamore Rugby Club, Leah Victoria Park, Tullamore GAA Centre and Aura Tullamore Leisure Centre. Esker Hills Golf Club is also home to 2019 Open Championship winner Shane Lowry while just a short stroll from The Hawthorns Lloyd Town Park offers a fabulous children’s playground, a bowling green and a skate park.
    The town also boasts excellent transfer links. Tullamore Train Station is a short seven-minute drive from The Hawthorns with a regular train service bringing you to Heuston Station in Dublin within an hour. The AirCoach also offers a fast and frequent service to Dublin Airport while for motorists the M6 interchange is just 12km away, providing access to Galway and Dublin as well as many other main roads across the country.

    For further details on The Hawthorns check out Glenveagh Homes website www.glenveagh.ie, call selling agent Dillon Marshall New Homes on 087 9497769 or check out the development on MyHome.ie at www.myhome.ie/4459393 More

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    The High Cost of Buying a Home was the Biggest Challenge facing Ireland’s First-Time Buyers in 2020

    Bank of Ireland’s First-Time buyer survey identified the main challenges and impact of Covid-19 for First-time buyers.
    Main Findings
    52% of first-time buyers say the high cost of buying a home was the biggest challenge they faced in 2020
    48% of first-time buyers have said Covid-19 has delayed their plans to buy a home
    €550 was the average saved per month by first-time buyers in 2020
    55% of first-time buyers will depend on financial help from family or friends to buy their first home.
    According to Bank of Ireland’s 2020 first-time buyer survey over half (52%) of first-time buyers said the high cost of buying a home is the biggest challenge they faced in 2020. Lack of supply in desired areas and the ability to save for a deposit are also seen as significant challenges for first-time buyers.
    No 2020 survey would be complete without analysing the impact of Covid-19. The survey revealed Covid-19 had a major impact on first-time buyers with 48% saying it had delayed their plans to buy a home, while 23% said it had accelerated their plans. Covid-19 also made first-time buyers re-think the type of property they want to buy as well as the areas they want to buy in. 22% of first-time buyers said they were reconsidering the type of property they wanted to buy and 21% said they are rethinking the location.
    The average first-time buyer in 2020 saved €550 a month, the highest since Bank of Ireland started the survey in 2016. Although saving more than in previous years, over half of first-time buyers (55%) said they would still depend on financial help from family or friends to buy their first home.
    *Research was conducted by RED C between November 2nd and 3rd 2020 with 204 people aged 25-45 who are ‘planning to buy or build their first home in the next few years’
    Bank of Ireland Mortgage Bank trading as Bank of Ireland Mortgages is regulated by the Central Bank of Ireland More

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    Five romantic homes on MyHome.ie this St Valentine’s Day

    Home is where the heart is, or so they say, so what better way to impress the love of your life than by cosying up in your dream home for St Valentine’s Day.
    With that in mind, the team at MyHome.ie have put together a list of five of the most romantic properties which caught their eye on the site right now.
    True some of them may be a tad pricey and beyond the budget of most of us, but there’s no harm dreaming of that idyllic place to spend some quality time with your loved one.
    The Castle…
    We’ve all heard the story of Rapunzel being rescued from her tower by her prince and if you’ve hair long enough you can try to recreate that scene at the stunning Heathfield Castle in Ballinrune, Kilmeedy, Co Limerick. The castle itself extends to circa 3,500sq ft while it offers approximately one acre of secluded gardens to stroll through while holding hands.
    The Penthouse…

    Few things scream romance like a penthouse apartment with a stunning view. This particular example in Bray, Co Wicklow boasts a south facing balcony and is wonderfully finished in an open plans style. With so much more on its doorstep, this ticks a lot of boxes on the romantic front.
    The Waterfront…

    There’s few things more romantic than watching the sun go down with a loved one. Where better to do that than in a stunning waterfront property like this one in Co Kerry which boasts coastal views over Kenmare Bay & Ring of Kerry. The 3 bed house also offers complete privacy within a mix of beautiful mature trees and shrubs.
    The Saint…

    This 3 bed apartment in Dublin 2 might not appear the most romantic of homes at first glance but with property it’s all about location, location, location. Situated on Whitefriar Street, it’s just a few hundred metres away from Whitefriar Street Church where the shrine and relics of St Valentine rest. Irish Carmelite John Spratt brought the remains of St Valentine back to the church in 1836 and people have flocked to see them in the last half a century since they were returned to prominence.
    The cottage…

    Nothing says old style romance like a traditional thatched cottage. This one in Mooncoin in Kilkenny not only offers somewhere cosy to cuddle up with a loved one but it also benefits from room for expansion into the mature spacious garden to the front.
    You can browse the full collection of homes on MyHome.ie at www.myhome.ie More

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    Residential property prices up by 2.2% in year to December

    Residential property prices for houses and apartments increased by 2.2% nationally in the year to December, according to the latest figures from the Central Statistics Office.
    This compares to an increase of 0.2% in the year to November and an increase of 0.3% in the twelve months to December 2019.
    In Dublin, residential property prices saw an increase of 1.2% in the year to December, while property prices outside Dublin were 3.1% higher.
    In Dublin, house prices increased by 0.2% and apartment prices increased by 5.1%. The highest house price growth in Dublin was in South Dublin at 3.2%, while Dublin City saw a decline of 1.8%.
    Outside Dublin, house prices were up by 3.1% and apartment prices up by 4.0%. The region outside of Dublin that saw the largest rise in house prices was the South East at 5.3% – at the other end of the scale, the Mid-West saw a 1.9% decline.
    Overall, the national index is 16.1% lower than its highest level in 2007. Dublin residential property prices are 21.8% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 18.1% lower than their May 2007 peak.
    Property prices nationally have increased by 87% from their trough in early 2013. Dublin residential property prices have risen 93.6% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 88.4% higher than at the trough, which was in May 2013. More

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    Be at the heart of the community in Ledwill Park

    If the recent lockdowns have thought us anything it is how important community is.
    Situated beside Kilcock GAA Club in Co Kildare, the Ledwill Park development from Glenveagh Homes guarantees to put you in the heart of the community.
    Originally launched in spring 2019, the development has been a resounding success with around a third of the approximately 430 homes planned for Ledwill Park sold to date.

    The Sparrow in Ledwill Park

    While the last year or so has been difficult for everyone, Ledwill Park is the ideal place to plan your future – with plenty to see and do on your doorstep.
    Kilock as a location has much to option. The town is a rare example of a town where a road, a canal, a railway and a river run side-by-side and with this comes great amenities and transport services to the area. The Irish Rail service runs from Kilcock to Dublin with the Intercity train taking approximately 45 minutes to Connolly Station. Kilcock train station is less than a 10-minute walk from Ledwill Park.

    The kitchen in The Sanderling

    The M4 interchange is less than a 5-minute drive from the development and the travel time to Dublin city centre off peak is 40 mins (35 km) via the M4. Dublin Airport is also just a 30-minute drive from Kilcock. Bus Éireann also has regular services through routes 115 and 115A running from Dublin to Mullingar via Kilcock.
    There is also an abundance of schools in the area. Kilcock has three primary schools, Scoil Choca Naofa, St. Joseph’s BNS and Gaelscoil Uí Riada and is home to secondary school Scoil Dara, located on Church Street.
    Maynooth University is also located 5km east of Kilcock and is easily reached by both train and car.

    The master bedroom in The Sanderling

    Kilcock also has a wide variety of trendy eateries, bars and restaurants to suit all tastes. You can enjoy a quiet intimate drink in one of local pubs including; O’Keeffe’s, Murphy’s & The Gregory. Or why not have a lovely tasty homemade breakfast at the weekend in either The Blackforest Café, Timeless or the award-winning Rye River Café. The high acclaimed Bujolle Bistro also serves the finest French Cuisine each evening.
    There are also a wide number of sports clubs and recreational facilities in the area including Kilcock GAA, Kilcock Celtic Football Club, Kilcock Canoe Club and the North Kildare Club which is a sporting and clubhouse facility that houses cricket, hockey, rugby and tennis all under one crest.

    The living room in The Sanderling

    In late 2017 the Royal Canal Greenway section between Kilcock and Maynooth was also completed allowing walkers and cyclists to avail of the canalside amenity which will eventually when completed link Dublin City to Athlone.
    The setting is one thing but the homes in Ledwill Park are also innovatively designed to deliver super living accommodation and bedroom space.
    Ledwill Park comprises 2, 3, 4 & 5-bedroom terrace, end-terrace, semi-detached and detached homes, located within the townland of Branganstown, a short stroll from the town centre.
    Ledwill Park offers modern homes to those starting out or seeking a larger home within a thriving community approximately 35km west of Dublin. These modern homes are ideal for those starting out or seeking a larger home within a thriving community approximately 35km west of Dublin.

    The exterior of The Starling

    All Ledwill Park homes benefit from superb contemporary style kitchens from Gallagher Kitchen, along with stainless steel sink featuring an elegant swan tap, shaker style wardrobes and cobblelocked driveways to name but a few features.
    Ledwill Park also has the added benefit of being an A3 rated homes which incorporate sustainable and renewable technology, resulting in lower energy costs. All homes are constructed with a high level of insulation in floors, walls and roof structures. Heating is thermostatically controlled by using a heat pump system to maximise your comfort.

    The living room of the Moorhen

    The various house types are as follows:
    Sanderling AThe Sanderling (A) is a wonderfully designed 3-bedroom semi-detached property. At approx. 110sqm / 1,184 sqft these homes are ideally size for couples or families.

    The exterior the Sanderling (A)

    On entering the Sanderling (A) the hallway leads to a large living room with an elegant bay window. The guest WC is positioned just off the hallway. At the rear of the property there is a well-proportioned bright and spacious contemporary kitchen with dining area and direct access to the rear garden through French doors. This house type also benefits from the inclusion of a utility room which offers counter space and is plumbed for washing machine / dryer.

    The kitchen in The Moorhen

    Upstairs, the landing guides you to 3 family bedrooms and a master bathroom, 2 double bedrooms feature shaker-style fitted wardrobes. The master bedroom also boasts an en-suite. The family bathroom is beautifully presented with tiling and 3-piece bathroom suite.
    Externally the Sanderling (A) is presented with a half brick render finish, composite front door and cobblelock driveway.

    The bedroom of The Moorhen

    Sanderling (B)Before entering the Sanderling (B) you are greeted with a stunning fully bricked exterior with composite front door and cobblelock driveway.
    The Sanderling (B) is a superbly designed 3-bedroom semi-detached property of approx. 108sqm / 1,162 sqft. The design of the Sanderling (B) allows sunlight to engulf each room of the home, no matter the aspect.

    Another bedroom in The Moorhen

    Downstairs, the living room located to the front of the property boasts a large window, creating a bright, light-filled space. The large kitchen / dining area is located to the rear of the home and benefits from a utility room. The contemporary shaker style kitchen coupled with breakfast bar really does make this room the heart of the home. The kitchen also has direct access to the rear garden through double doors.
    Upstairs, the landing guides you to 3 family bedrooms and master bathroom, 2 double bedrooms feature shaker-style fitted wardrobes. The master bedroom also boasts an en-suite. The family bathroom is beautifully presented with tiling and 3-piece bathroom suite.

    The exterior of The Moorhen

    The MoorhenAt approx. 106sqm / 1,141 sqft the Moorhen is a perfectly sized, 3-bedroom semi-detached home. Externally, the Moorhen is finished in full brick with composite front door and cobblelock driveway. Internally, the home has the living room located at the front of the home with a large window. The position of the stairs in the Moorhen is different to other 3-bedroom homes in Ledwill and allows for an extra-large utility room located off the kitchen.
    The contemporary inviting kitchen is located at the rear of the home. This well-proportioned bright and spacious room comes with dining area and direct access to the rear garden through double doors.

    The Dove and Sparrow

    Upstairs, you are greeted with 3 bedrooms, 2 of which are double rooms with shaker style wardrobes and the family bathroom. The master bedroom is located to the front of the property and has an en-suite with enclosed shower.
    The StarlingThe Starling is the largest of our 3-bedroom semi-detached homes in Ledwill Park at approx. 114sqm / 1,228 sqft. This gable entrance, double-fronted home boasts an extremely large living area with dual-aspect windows ensuring maximum light.
    The large kitchen also benefits from double aspect light and direct access to the garden. The kitchen is finished with contemporary style cabinetry, recessed lighting and stainless-steel splashback.

    The master bedroom of the 4 bed Dove

    Upstairs, you are greeted with 3 bedrooms, 2 of which are double rooms with shaker style wardrobes and the family bathroom. The master bedroom is located to the front of the property and has an en-suite with enclosed shower.
    Externally, this double front home is stunning with a mix of brick and render finish, cobblelock driveway and composite front door.

    The living room of The Dove

    The DoveA spectacular example of a large 4-bedroom home. This home is approx. 172sqm / 1,841 sqft and spaced over 3 floors.
    The Dove is tastefully finished in half brick half render with cobble lock driveway.
    On entering the home through its composite front door, you are greeted by a large hallway. The living room is located at the front of the property and features a large bay window allowing light to flood the room. The guest WC is located just off the hallway, while the heart of the home, the kitchen, takes up the full width of the property.
    The kitchen / dining room is very large and boasts many features including; shaker style kitchen cabinets, recessed lighting and kitchen island. The Dove also features a good sized utility room.
    The first floor of the property comprises 3 double bedroom, 2 of which have built in wardrobes, while the master bedroom located to the front of the property also has an en-suite.
    The top floor of the Dove has a very large forth bedroom with ensuite and storage area. The Dove style home has understandably proven to be very desirable and is a must-see.

    The kitchen in The Dove

    The SparrowThe Sparrow is the largest of our 4-bedroom semi-detached homes in Ledwill Park at approx. 179sqm / 1,894 sqft. This gable entrance, double-fronted home boasts an extremely large kitchen with dual-aspect windows ensuring maximum light.
    The kitchen / dining room is very large and spacious boasting many features including; shaker style kitchen cabinets, recessed lighting and kitchen island. The Sparrow also features a good-sized utility room plumbed for washing machine / dryer.
    The living room located to the front of the property has dual aspect windows allowing for maximum sunlight to enter the room.
    Upstairs, you are greeted with 3 bedrooms, 2 of which are double rooms with shaker style wardrobes and the family bathroom. The master bedroom is located to the rear of the property and has an en-suite with enclosed shower.
    The top floor of the Sparrow has a very large forth bedroom with ensuite and storage area.
    Externally, this double front home is stunning with a mix of brick and render finish, cobblelock driveway and composite front door.
    To see all that these stunning Glenveagh homes have to offer log on to www.myhome.ie/4301663 or visit www.ledwillpark.ie. You can also contact Noel Duffy of Sherry FitzGerald New Homes on 01 6671888 or Eamon O’Flaherty in the Sherry FitzGerald Brady O’Flaherty office in Maynooth on 01 6510000 for more detail or to arrange a viewing. More

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    Couple earning average wage cannot afford cheapest new apartments in Dublin

    A couple earning average wages still cannot afford even the cheapest new apartments in Dublin, according to a new report from the Society of Chartered Surveyors Ireland.
    The Real Cost of New Apartment Delivery Report also found most types of apartments are not economically viable for developers to build for sale.
    The society’s report found that the situation has improved since its previous study in 2017, with development costs decreasing for two categories of apartments and economic viability also improving.
    It stated this was the result of the relaxation of building regulations brought in by ministerial guidelines in 2018, particularly the reduction in car parking spaces and the removal of a requirement that apartments have dual aspect or natural light in two directions.
    However, it found that the cheapest two-bed apartment available, which would be a low-spec build in a low-rise suburban development, had a sales price of €375,000.
    This would require a deposit of €37,500 and the buyer to have an annual income of at least €96,000.
    A couple on average incomes would be earning just €88,000 between them.
    The President of the SCSI said supports are needed and that the new Shared Equity Scheme should give apartment buyers a longer payback period because of the higher costs.
    Micheál Mahon also said it takes up to 18 months to get a 100-unit scheme to planning and judicial reviews are causing further delay.
    “Delays by utility companies, especially Irish Water, are also proving extremely costly and need to be addressed. As this report shows, apartment construction is a costly business,” he said.
    The report set out four-category apartment types consisting of low-rise suburban, which is three storeys high; medium-rise suburban (three to six storeys); medium urban (five to eight storeys) and high-rise urban (nine to 15 storeys).
    Each category had a range depending on whether the development was high-spec or low-spec.
    It calculated that the all-in cost of delivering medium-rise two-bedroom apartments in Dublin ranged from €411,000 for a low-spec unit in the suburbs to €581,000 for a high-spec one in the city.
    A profit margin of 15% is then added to see which categories are economically viable for developers to build for homebuyers.
    It found that low and medium-rise suburban are viable if they are low-spec, according to current market prices. This is an improvement since 2017 when only low-rise suburban fell into that category.
    ‘The Real Costs of New Apartment Delivery 2020’ report also found that the actual cost of building a medium-rise apartment makes up 47% of the overall costs.
    Other so-called “soft costs”, such as VAT, levies, and fees, make up 42%, with site costs amounting to 11%.
    The overall development costs for medium-rise developments have gone down by up to 9% while most categories increased.
    Chair of the SCSI working group Paul Mitchell said Build To Rent developments are more economically viable as there are fewer restrictions relating to the apartment mix, car parking and size.
    He said they are also more attractive to pension funds, which can take a longer-term view of the asset.
    Mr Mitchell added: “It is not surprising therefore that 76% of the units analysed are for rental rather than sale.”
    Meanwhile, another report found that Covid-19 had caused a 21% decline in property transactions across the country in the 12 months to November last.
    The GeoView Residential Buildings Report View found that in Dublin, the area with the highest number of property transactions was Dublin 15, which includes Blanchardstown and Clonsilla.
    The postcode with the lowest average residential property price was €230,233 in Dublin 10, which includes Ballyfermot, while the highest was €771,542 in Dublin 6, which includes Ranelagh. More

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    Estate agents struggling to meet demand for property, survey finds

    Estate agents say they are struggling to meet demand for property at present, especially from first-time buyers.
    A survey of 800 agents, carried out by the Society of Chartered Surveyors Ireland, found that over two thirds predicted property price increases in the year ahead with 24% expecting prices to remain the same and 8% anticipating reductions.
    The average price increase in 2021 would be of the order of 4%, the report concludes, with lack of supply acting as the main driver of prices.
    Property prices in Dublin are expected to see average increases of 3%, while Connacht-Ulster – which has some of the lowest prices – will see an increase of 6%.
    An increase of 4% is predicted for Leinster while prices are forecast to increase by 5% in Munster.
    The report’s findings underline the scale of the supply challenges facing the market.
    While three quarters of agents reported sales instructions increasing or remaining the same in the third quarter, by the final three months of the year the figure had dropped to just over half with the remainder reporting a falloff in instructions.
    Several agents said the slowdown was ultimately due to lack of supply with potential vendors deferring selling due to the lack of alternative options.
    The Covid-19 pandemic largely dictated the market in 2020 and it looks like that trend will continue in 2021.
    “The transition to working from home has led to a reordering of priorities and is driving interest in larger properties in regional locations with good broadband and lots of amenities as well as holiday homes in secondary locations,” TJ Cronin, Vice President of the Society of Chartered Surveyors of Ireland, said.
    “The trend away from urban areas is also reflected in the survey’s price projections,” Mr Cronin stated.
    “While Covid-19 has badly affected certain sectors, it has enabled prospective buyers who work in areas which haven’t been hugely impacted, such as pharma, tech, financial and the public sector, to increase their savings.
    “We’ve also seen a big inflow of Irish people returning from abroad, to Dublin in particular, and this has underpinned prices at the upper end of the market. In a situation where you have very limited supply – 83% of agents report having low levels of stock available in Q4 – the fear of missing out on a property will very often trump the fear of paying over the odds,” he added.
    According to an analysis by consultants EY, the construction sector will not return to 2019 levels of completions until 2024 at the earliest.
    It is estimated that in excess of 21,000 housing units were completed here in that year with the figure expected to have dipped below the 20,000 mark once again 2020.
    A newly instituted closure of building sites in recent weeks will likely impact supply in 2021.
    The Central Bank, among others, estimates that up to 35,000 units need to be completed every year in Ireland to keep up with demand.
    The SCSI concludes that housing supply and demand equilibrium may not be achieved until after 2030.
    By that stage, it predicts the sector would need to be building in excess of 60,000 units per year, over three times the current output and almost double the official estimates. More