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APARTMENTS built during the boom years are being sold to social housing projects to cover debts and are then rented for as little as €10 a week.

The collapse of the property bubble is being welcomed by some as a means of benefiting the poor.

Cluid Housing Association is buying 58 apartments from a receiver appointed by National Asset Management Agency.

Cluid bought units in the development at an average cost of €177,500. A two-bedroom apartment in the complex is for sale for €340,000, according to property website Daft.ie.

The company is also talking to another NAMA-related developer to buy about 30 dwellings outside Dublin, he said.