Ireland's €450M Croí Cónaithe Scheme Commits €320M for 2,662 Apartments

Ireland's €450 million Croí Cónaithe (Cities) scheme, launched in 2022 to subsidize 5,000 apartments for owner-occupiers by 2026, has already committed €320 million towards 2,662 homes. The scheme aims to bridge the gap between construction costs and affordable buyer prices.

New figures from Minister for Housing James Browne reveal that the 2,662 approved apartments required an average subsidy of €120,000 each, higher than the anticipated €90,000. This higher rate means €321.1 million, or 71 percent of the total budget, has been used for less than half the promised apartments. Browne stated the scheme has stimulated new home supply that would otherwise not have been built due to viability issues.

However, Sinn Féin’s Eoin Ó Broin criticized the scheme, calling it «chronically underperforming while costing more per home than originally anticipated.» He noted that if buyers combine Croí Cónaithe with other government supports like Help To Buy and the First Home Scheme, the State could cover half the development cost of a €440,000 apartment. Ó Broin argued that the government's approach of «throwing ever more money at inflationary demand side subsidies» is incorrect.

The 2,662 apartments are spread across 21 developments, approved in four phases. Developers involved include Park Developments, Glenveagh Properties, Cairn Homes, and Evara. Last year, the Housing Agency received applications for nearly 6,000 homes through the scheme.