Study finds building incentives are needed

There is no financial incentive for builders to engage in house building as costs are too high and property prices too low, according to the country’s chartered surveyors.

The study by the Society of Chartered Surveyors of Ireland (SCSI) shows that it costs an average €330,493 to build a three-bed semi-detached house in Dublin, yet a couple, both on the average industrial wage who have saved a €35,000 deposit, can only borrow €294,000 from the banks.

According to MyHome.ie/Davy property report, the median asking price for such a house currently is €285,000 — underscoring why builders aren’t interested in property development.