IKEA Invests in Dublin Housing Market
IKEA is set to make its mark on the Irish housing market with a €73 million investment in a new residential development in Dublin 15.
The project will see 169 new homes constructed at the Rathborne Crossing development in Ashtown.
Development Includes a Variety of Homes
Ingka Investments, the parent company of Ikea, will fund the project through Aurium Capital. The development will feature one, two, and three-bedroom apartments as well as duplexes to cater to a diverse range of residents.
Social and Private Housing Split
Of the 169 homes, 86 will be allocated as social housing, while 83 units will be available for private sale on the open market.
Dublin City Council will acquire the social homes on completion, supported by funding from the Department of Housing.
Government Support for Private Units
The 83 private apartments will benefit from the Croí Cónaithe (Cities) Scheme, a government initiative that bridges the gap between construction costs and market prices, making the homes more affordable for buyers.
Construction Timeline Announced
The first phase of the development, located in Rathborne Village, is expected to be completed by November 2026, with the final phase ready in 2027. Castlethorn will oversee the construction of the homes.
Previous Ikea Housing Initiatives
This is not Ikea’s first venture into Irish housing. In 2022, Ingka Investments committed €100 million to develop over 250 social housing units across the greater Dublin area.
Long-Term Lease Agreements
The homes will be leased to local authorities under long-term agreements. IKEA will treat the rental payments it receives as mortgage repayments, facilitating the eventual transfer of all homes to local authorities at an estimated zero additional cost.
Supporting Local Communities
Aurium Capital, Castlethorn, and Dublin City Council said in a joint statement that the project aligns with Ikea’s vision of creating a better everyday life for communities where it operates.
Government Praises Development
Speaking at a launch event for Rathborne Crossing, Minister for Housing James Browne highlighted the importance of the Croí Cónaithe Cities scheme in making the project possible.
High Demand for Affordable Housing
Minister Browne noted that demand for homes delivered under the scheme has been strong, citing rapid uptake of similar units in South Dublin and Cork.
Boost for Dublin Housing Supply
The project is expected to make a significant contribution to addressing housing demand in Dublin 15, providing both social and affordable homes for residents.
Future Outlook
The Rathborne Crossing development represents Ikea’s continued commitment to the Irish housing market and reflects broader efforts to support sustainable housing solutions in the country.
