Inflation adds €27,000 to the cost of an apartment

Total cost of delivering an apartment is now €440,000

The report forecasts 25,000 to 30,000 housing units to be built this year.

The surge in the price of construction materials since the beginning of the pandemic has added €27,000 to the price of an apartment.

A new report by construction consultants Mitchell McDermott found that the hard costs of building a two-bedroom, standard spec, medium-rise suburban apartment is now €219,000. They said the main reason for the increase is the dramatic rise in the price of materials with the cost of timber increasing by 86%, windows by 61%, steel by 52% and sanitary ware by 20%.