Crowds gather for the unveiling of the fresh property venture in Dublin
In Dublin's suburbs of Clondalkin and Lucan, a new housing development at Seven Mills sparked a frenzy as more than 40 homes went on sale at Lockhouse Way. With prices starting at €480,000 for a three-bed unit, the demand clearly surpasses the available supply, as evidenced by the long queues that formed overnight, with some arriving as early as midnight. Despite arriving at 8 am, many potential buyers, such as local resident Shane Kelly, were disappointed to find that everything had sold out by 10 am.
The lack of affordable housing in Dublin is becoming increasingly concerning. Many people, like Kelly, described the situation as "appalling," worrying that it may soon reach a point where individuals are compelled to sleep in their cars and queue through the night to secure a home. The disappointment was palpable among the disappointed applicants, with one visibly upset woman lamenting that she and her family missed out by a mere five minutes.
Marie Mamayuk, who arrived after 8 am, was aware that she might miss out on a home as she heard that some applicants had been camped out overnight. She has been searching for a home for a year, admitting that prices keep rising, making it challenging for someone like her, purchasing on her own, to find a suitable property in Dublin.
The housing shortage in Dublin is a complex issue, influenced by various factors, including economic growth, government incentives, supply constraints, market dynamics, and policy uncertainty. Despite the government's efforts to increase the construction output, the rate at which new homes are being built falls short of the targets, contributing to the high demand for limited housing stock.
In a separate development, the housing body Respond has confirmed that nearly 2000 people have applied for 20 cost rental homes in a housing development in Clongriffin. These units are part of a larger project, which aims to deliver 64 rental homes in the mixed development at Griffin Point in Dublin 13. The cost rental properties are open to individuals or families who are priced out of the private rental market and earn less than or up to €66,000 annually. The first release of properties includes ten one-bedroom and ten two-bedroom apartments, with rents set 25% below market rates. The closing date for applications is May 27th, 2023.
Investing in Dublin's real-estate market, particularly in the housing sector, has the potential to yield significant returns, as evidenced by the rapid sale of properties at Seven Mills in Clondalkin and Lucan. However, the high demand for affordable housing in the city is a growing finance concern, with many individuals struggling to secure a home, as demonstrated by the long queues and disappointed applicants.
