Property crash could help to ease social housing backlog

THE bursting of the property bubble may benefit some of the poorer members of society, as apartments built in anticipation of the boom years continuing are sold to social housing projects to cover debts.

Cluid Housing Association, which rents dwellings for as little as €10 a week, is buying 58 apartments from a receiver appointed by National Asset Management Agency.

The flats are located in an unfinished Dublin development, originally marketed as a “new high end retail, residential, office and hotel quarter”.