{"id":671964,"date":"2026-09-04T09:08:17","date_gmt":"2026-09-04T09:08:17","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/671964\/"},"modified":"2026-09-04T09:08:17","modified_gmt":"2026-09-04T09:08:17","slug":"some-cairn-apartment-buyers-see-mortgage-repayments-less-than-half-average-dublin-rents-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/671964\/","title":{"rendered":"Some Cairn apartment buyers see mortgage repayments less than half average Dublin rents \u2013 The Irish Times"},"content":{"rendered":"

Buyers of new Cairn Homes<\/a> apartments<\/a> at a development in Dublin<\/a> face monthly mortgage<\/a> repayments of \u20ac1,100 on a two-bed home, more than 50 per cent below average rents<\/a> in Dublin.<\/p>\n

The housing developer has sold 350 apartments that were built in its new Seven Mills development in Dublin 22. It has advertised a 51.5sq m, one-bedroom at prices between \u20ac235,000 and \u20ac275,000, while a 79.9sq m two-bedroom apartment costs circa \u20ac375,000.<\/p>\n

These homes have been built with support from the State\u2019s Cro\u00ed C\u00f3naithe (Cities) scheme, which was launched in 2022 to bridge the gap between how much it costs developers to build an apartment and the price owner-occupiers can afford to pay for apartments.<\/p>\n

Cairn Homes chief executive Michael Stanley<\/a> said on an analysts\u2019 call on Wednesday, following the release of the company\u2019s interim financial results, the Cro\u00ed C\u00f3naithe (Cities) scheme had been \u201cincredibly impactful\u201d.<\/p>\n

\u201cIt is working because it moves people from homes that they rent, apartments that they rent, often costing \u20ac2,000 to \u20ac2,500 per month … We\u2019re delivering apartments people can own for as little as \u20ac800 to \u20ac900 a month mortgage.\u201d <\/p>\n

Cairn Homes has estimated that monthly repayments on a \u20ac375,000 two-bedroom apartment would be \u20ac1,168 if a first-time buyer<\/a> received \u20ac30,000 through Help to Buy, took out a \u20ac270,000 mortgage and used the First Home Scheme to fund the remaining \u20ac67,500, equivalent to an 18 per cent equity stake. <\/p>\n

A company analysis said that with the support of Cro\u00ed C\u00f3naithe alone, a household would need an income of \u20ac84,375 to buy a two-bed unit in Seven Mills. The income requirement falls to \u20ac67,500 if they received First Home Scheme support.<\/p>\n

The latest Daft rental report showed the average rent for a two-bed apartment in Dublin is close to \u20ac2,600 per month.<\/p>\n

Stanley said the company had received a lot of interest from renters, with more than 4,000 inquiries to buy apartments in the Seven Mills development.<\/p>\n

The company has availed of a subsidy of close to \u20ac90,000 on each Seven Mills apartment delivered through the Cro\u00ed C\u00f3naithe (Cities) scheme. Apartments partly funded through the scheme must be sold by developers on the open market to buyers who intend to be owner-occupiers.<\/p>\n

The company is also developing apartments in Douglas, Co Cork<\/a>, with support from the same scheme. The average selling price of two-bed apartments in this scheme are priced close to \u20ac400,000, which would equate to a mortgage level of about \u20ac1,600.<\/p>\n

[\u00a0Cairn Homes flags higher construction inflation as average selling prices riseOpens in new window<\/a>\u00a0]<\/p>\n

Based on the subsidies applied to apartments in Dublin, Cairn\u2019s total cost to build these apartments without a subsidy would be between \u20ac330,000 and \u20ac400,000. Mortgages on apartments at these price points would also be below average rents.<\/p>\n

The Cro\u00ed C\u00f3naithe (Cities) scheme, launched with a budget of \u20ac450 million, aimed to activate the delivery of 5,000 apartments for sale to owner-occupiers by 2026, which would equate to an average subsidy of \u20ac90,000 required for each apartment.<\/p>\n

Earlier this year, figures provided by Minister for Housing James Browne<\/a> in response to a parliamentary question from Sinn F\u00e9in<\/a>\u2019s Eoin \u00d3 Broin<\/a> showed that the 2,662 apartments approved under the scheme have required an average subsidy of \u20ac120,000 each.<\/p>\n","protected":false},"excerpt":{"rendered":"Buyers of new Cairn Homes apartments at a development in Dublin face monthly mortgage repayments of \u20ac1,100 on…\n","protected":false},"author":2,"featured_media":671965,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[73],"tags":[6294,79,16080,52,18,30062,24079,24078,24080,8752,19,17,4770,67729,20097,9650,4097,47],"class_list":["post-671964","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-apartment","tag-business","tag-cairn-homes","tag-dublin","tag-eire","tag-eoin-o-broin","tag-first-home-scheme","tag-first-time-buyer","tag-help-to-buy","tag-housing-crisis","tag-ie","tag-ireland","tag-james-browne","tag-michael-stanley","tag-mortgage","tag-mortgages","tag-renting","tag-sinn-fein"],"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/671964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=671964"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/671964\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/671965"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=671964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=671964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=671964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}