'Affordable' three-bed Oscar Traynor Road homes could cost as much as €475,000

Mary Lou McDonald tells Dáil Sinn Féin had warned that selling the site to a developer would lead to unaffordable homes

Sinn Féin president Mary Lou McDonald told the Dáil: 'Now we know the full price of a three-bed home — affordable mar dhea — is €500,000. The lowest entry price will be €400,000.' Picture: Maxwells

Some people purchasing the first so-called affordable homes in Dublin City could pay up to €475,000 for a three-bedroom home.

The Oscar Traynor Road scheme has been mired in political disagreement for years, but in November 2021 Dublin City Council approved plans which will see 853 units built by the developer Glenveagh at the site in Coolock — 40% social housing, 40% cost rental, and 20% affordable purchase.

The homes will be made cheaper through a council equity stake, which will be dependent on the applicant’s income.

Details of phase one of those affordable purchase homes were sent to councillors on Monday.

They show that, of the 16 homes, four will be three-bed homes, which will have a minimum purchase price of €399,371, a 20% discount on market rates.

However, the maximum purchase price will be €475,000, a 5% reduction on the market. Those applying for a three-bed home can earn up to €106,000 a year, the criteria says.

In the Dáil on Tuesday, Sinn Féin leader Mary Lou McDonald said her party opposed the disposal of the public land to the developer because they believed the prices would end up in excess of those of the Ó Cualann housing body, which is offering homes for €304,000 on its latest site.

When Fine Gael and Fianna Fail were pushing Dublin City Council to sell this site to a developer we warned them then that this would lead to unaffordable homes.

“We urged them not to sell the site and to ensure Dublin City Council itself would develop the site.

“We told Fine Gael and Fianna Fail this would be the only way to ensure homes could be delivered at prices that working families could actually afford but they refused to listen.

“Now we know the full price of a three-bed home — affordable mar dhea — is €500,000. The lowest entry price will be €400,000.”

Taoiseach Simon Harris said the homes “are at least 15% lower than market prices”.

“The council is now able to make these homes available to new households at up-front prices which are up to €100,000 lower than the market price, so €264,000, €356,000 and €399,000,” he said. “Affordability always depends on the type of home and income that you have.”