Average Salary Required to Buy a Three-Bed Home in Greater Dublin Area Hits €126,000, research has revealed
A recent study by the Society of Chartered Surveyors Ireland (SCSI) reveals that the average salary needed to afford a three-bedroom home in the Greater Dublin area has reached €126,000.
The Real Cost of New Housing Delivery 2023 study also notes that the average cost of delivering a three-bed home, excluding Dublin, is €397,000. However, in Dublin, this cost has risen by over €90,000 since 2019, reaching €461,000. The report suggests the need for increased support for Modern Methods of Construction, a pause in future hikes to connection charges and levies, and a more efficient planning process to reduce development risks and overall costs.
President of the SCSI, Enda McGuane, highlights the importance of updating housing targets in light of Ireland’s population growth, emphasizing the need for new targets based on the latest census figures. McGuane advocates for long-term policies such as the continued pause of development levies and improvements in the utility connection process to minimize delays and costs for homebuyers. The study underscores the significant increases in both home purchase and development costs in the Greater Dublin Area over the past three years, driven primarily by rising ‘hard costs’ like bricks and mortar. McGuane urges the government to review the First Homes Scheme purchase price ceilings to ensure accessibility to average market values in each county.
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