DUBLIN — Applications are due to open this week for 40 newly built one-bedroom apartments being offered to eligible buyers under an affordable housing scheme in Stillorgan, south Dublin.
The apartments at St Laurence’s Park have been developed by Dún Laoghaire-Rathdown County Council (DLRCC) on council-owned land and are being made available through the Government’s Affordable Purchase Scheme.
The scheme is aimed at first-time buyers and other qualifying households who cannot afford to purchase a newly built home at its full market value.
Prices for 21 of the one-bedroom apartments, which do not include a parking space, will start at €255,000.
A further 11 apartments with parking spaces will have starting prices of €270,000, while eight larger apartments will also be available from €270,000.
The online application process is scheduled to begin at 12pm on Wednesday, 12 August, with applications closing at 5pm on Wednesday, 2 September.
The development is located close to Stillorgan Village, with access to shops, cafés, restaurants and public transport links. The project also includes a new two-storey library and community facilities.
How the Affordable Purchase Scheme Works
Under the Affordable Purchase Scheme, a local authority can provide an equity contribution towards the purchase of a newly built home, reducing the amount a successful applicant needs to borrow.
For the Stillorgan development, DLRCC can provide an equity contribution ranging from 10% to 40%, depending on the circumstances of the buyer and the affordability assessment.
In return, the council retains an equivalent percentage ownership interest in the property.
The homeowner can subsequently buy back the council’s equity share, either in full or in stages, subject to the terms of the scheme.
Applicants must have at least a 10% deposit based on the purchase price and must intend to use the property as their normal home.
The scheme is designed to assist households who have sufficient income to support a mortgage but are unable to secure a suitable home on the open market because of the gap between their borrowing capacity and property prices.
Council Welcomes New Homes
DLRCC said the development represents an opportunity for eligible households to establish a home in an area where house prices can otherwise put ownership beyond the reach of many buyers.
Council chair Barry Saul described the launch as positive news for people hoping to buy a home in Stillorgan.
He pointed to the area’s transport connections and the planned addition of the new Stillorgan Library as factors that would support the development of a wider community.
“Initiatives like this help to create strong, inclusive neighbourhoods across Dún Laoghaire-Rathdown,” he said.
The apartments form part of wider efforts by local authorities to increase the supply of homes available to households who are struggling to compete in Ireland’s increasingly expensive housing market.
Pressure on First-Time Buyers
The launch comes as prospective homeowners across Dublin continue to face significant affordability challenges.
For many first-time buyers, the difficulty is not simply meeting mortgage repayments but raising a sufficient deposit and securing borrowing capacity that matches prevailing property prices.
Affordable purchase schemes attempt to address that gap by reducing the initial amount that buyers need to finance through a mortgage.
However, the number of homes available through such schemes remains limited compared with the scale of demand from households seeking affordable routes into home ownership.
The Stillorgan development is therefore likely to attract significant interest when applications open.
Applicants will need to meet the relevant eligibility requirements before being considered for the homes, with the council assessing applications in accordance with the rules governing the Affordable Purchase Scheme.
For eligible households, the apartments offer an opportunity to purchase a newly built home at a price below its market value while remaining within one of Dublin’s established suburban areas.
M10News will continue to follow developments in affordable housing, home ownership and Ireland’s wider housing crisis.
