Monday 24 June 2019

New homes 'unaffordable' as sales over €1m on rise

Divided market: few houses within reach of working families

Sales of properties worth €1m or more are on the rise, even as ordinary workers and families struggle to buy an affordable home. Stock Image: Bloomberg
Sales of properties worth €1m or more are on the rise, even as ordinary workers and families struggle to buy an affordable home. Stock Image: Bloomberg
Paul Melia

Paul Melia

Sales of properties worth €1m or more are on the rise, even as ordinary workers and families struggle to buy an affordable home.

However, less than 40pc of new units sold in the capital last year were priced at €320,000 or less, the threshold the Government says is 'affordable' if buying in the bigger urban areas, new figures show.

An analysis of the Property Price Register also shows how prices continue to creep up nationally, putting the dream of ownership beyond many.

The Government has committed to delivering affordable homes on State-owned lands over the coming years, but the market appears to be building for high earners or those capable of securing financial help to buy.

While affordability remains an issue for many, the number of €1m-plus transactions rose to 825 last year, up 56 compared with 2017.

Irish Independent

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