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2-bed flats in Dublin 'have to cost €463k' say developers

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Funding: Stephen Garvey of Glenveagh says developers ‘can’t work for nothing’

Funding: Stephen Garvey of Glenveagh says developers ‘can’t work for nothing’

Funding: Stephen Garvey of Glenveagh says developers ‘can’t work for nothing’

DEVELOPERS can't build two-bed apartments around Dublin for under €463,000 unless the Government slashes its 30pc contribution to costs, according to the lobbying group for so-called "cuckoo funds".

Irish Institutional Property - the umbrella for institutional funds that since 2013 have grown to dominate residential apartment development and management- published new research yesterday breaking down the average build costs of approximately 10,000 units currently under construction along the capital's edge.

It said a typical two-bedroom apartment in a medium-rise building in suburban Dublin costs cuckoo-funded developers €301,600 to build - before land and tax costs and an 11pc developer profit margin are added. These take the typical sale price to €463,100.