The Construction Of New Apartments In Cork Is A Threat To Future Economic Growth, As They Are Simply Too Expensive For Renters And First-Time Buyers
That's the finding of a new report by Cork Chamber and the Construction Industry Federation
The report finds that the total delivery cost of a new apartment in the City Centre, Docklands, or City Suburbs regions drives the sale price far above what a first-time buyer working couple can afford.
The price of a new 2-bedroom apartment in the City Centre would cost between 390,000 and 486,000 euro, meaning a first time buyer would need an annual income upwards of 100,000 euro.
Equally any new apartments delivered as part of a built-to-rent scheme in the City Centre would need to cost between 2,500 and 3000 euro per month.
CIF Spokesperson Conor O'Connell says the value in building apartments in Cork is simply not there:
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