Housing minister invites construction firms to express interest in building apartments

LAST UPDATE | 11 Jun

CONSTRUCTION FIRMS ARE invited to make an expression of interest for a funding scheme to boost the number of owner-occupier apartments being built in the country.

Apartment construction has reportedly fallen flat in recent months, largely due to higher development costs.

Housing minister James Browne believes the Croí Cónaithe scheme – which provides funding to bridge the viability gap between the cost of construction and market prices – can help to boost the number of completed units.

Building and development firms have today been invited to apply for the funding package, which provides additional money to construction companies for owner-occupier apartment projects.

Speaking at a new apartment development in Dublin today, which was funded through the Croí Cónaithe scheme, the minister said the threshold for the scheme has been lowered recently from 40 to 20 units.

“I’m encouraging construction firms of all sizes to apply to the scheme and contribute to provided quality homes to our urban centres,” he said.

Labour TD and the party’s housing spokesperson Conor Sheehan has criticised today’s appeal. He claimed the Croí Cónaithe scheme has “failed” to activate apartment construction. 

The scheme – targeted at developments in Dublin, Cork, Galway, Limerick and Waterford – is one of the schemes that the government believes will boost apartment construction, as it aims to deliver 300,000 new homes by 2030.

Though current data suggests that the government will fall short of that target this year, the government believes new rent controls, announced yesterday, will help to invite developers back into the market and boost supply.