Dublin Could Meet 40% Housing Target by Reusing Vacant Buildings, Needs €2.86 Billion
A Dublin City Council report suggests reusing vacant buildings could meet 40% of housing targets, creating 16,000 homes. Refurbishment costs up to €2.86 billion, requiring new funding strategies. The council is pursuing adaptive reuse, with a new regeneration company led by Robert Watt.
A report commissioned by Dublin City Council indicates that reusing vacant commercial buildings and flats above shops could meet up to 40 per cent of Dublin’s housing targets, creating up to 16,000 homes. This would significantly contribute to the council’s goal of 40,000 new homes between 2022 and 2028 and align with climate action targets by avoiding demolition.
However, the report from the Centre for Public Impact and TransCap Initiative highlights the high cost of refurbishment, estimating €2.14-€2.86 billion is needed to bring vacant properties back into use. Current funding mechanisms are deemed insufficient due to fragmented streams, restrictive eligibility criteria, and limited internal capacity, making many projects financially unviable.
In 2022, the council established an «adaptive reuse» unit, acquiring three properties for €6.35 million for conversion projects. However, the scheme has been curtailed, with only one project, an office block at Fitzwilliam Quay, proceeding. The report recommends redirecting public funding to reuse initiatives, reforming fragmented schemes, and sourcing private and philanthropic capital, including considering «local climate bonds.»
Council chief executive Richard Shakespeare noted the report offers a credible path for low-carbon urban regeneration, integrating housing, climate action, and place-making. The conversion of vacant buildings was also a key recommendation from the Taoiseach’s Dublin City Taskforce report in 2024, leading to the establishment of a new council-owned regeneration company this year, headed by Robert Watt.