Housing association Tuath just bought a block of 23 vacant apartments in Harold’s Cross, according to the Irish Times, at a price of €8.75 million
That’s €380k per unit of what looks like 2-bed apartments.
It seems to be below build cost too, as their CEO baldly states:
*“Buying is less risky than building, although some buildings built during the boom do have legacy issues. I’d sooner buy any day.”
He then goes on to deny that this is pushing up prices for FTBs of course:
*He rejects the suggestion that by buying, rather than building he is contributing to pricing first-time buyers out of the market.
“We’re not competing with owner-occupiers, they are not who’s buying the sort of properties we’re going for, these are only being bought up by large funds.”*