The study, conducted by EY-DKM Economic Advisory, found the ‘hard’ or physical cost of an apartment is just 48pc to 56pc of the overall construction total. Such property prices, the report warned, mean rents have to be set at a level which is totally unsustainable for most workers. Worse still, it bluntly warned the increasing inability of workers to access affordable apartments to either buy or rent is threatening Ireland’s future economic growth. Commissioned by Cork Chamber of Commerce and the Construction Industry Federation (CIF), the report makes stark reading in terms of the ongoing housing crisis. It highlighted alarming issues over the cost and affordability of apartments. A staggering 97pc of all apartments built in Cork were developed before 2010. The study was conducted across four new apartment schemes in Cork. It found that the total delivery cost of a new apartment drives a sales price far above what a first-time buyer working couple can afford. “The projected sales price of a new two-bed apartment in Cork city ranges from €389,000 to €486,000, meaning that a first-time buyer would need an income of between €100,000 and €125,000 to afford such a home in Cork city, the Docklands or suburbs,”… Read full this story
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