Annual Salary of €96,000 needed for mortgage on “cheapest” Dublin apartments – – Our News, Your Views

Annual Salary of €96,000 needed for mortgage on “cheapest” Dublin apartments

The highly respected Society of Chartered Surveyors Ireland (SCSI) published their latest “Real Costs of New Apartment Delivery 2020” this week.

The report highlights affordability remaining a critical issue.
The SCSI report reveals the cheapest two bed apartment in Dublin would cost €375,000. That’s for a low specification apartment in a low rise suburban development. The buyer would need a  €37,500 deposit and an income of €96,000 for mortgage approval.

According to the CSO, just 20% of all households have earnings over €80K with just 14% earning more than €100K.

The President of the SCSI, Micheál Mahon said while there was no one solution to the affordability issue, the Government needed to accelerate the roll-out of a range of targeted supports to people struggling to get on the property ladder.

The SCSI report also highlighted that developers work on a 15% profit margin with a massive 42% of total cost being spent on VAT, levies and fees. The actual building costs amount to 47% of the total property sales price.

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