Real Cost of New Apartments

Real Cost of New Apartments

SCSI Real Cost of New ApartmentDelivery Report 2021

The SCSI Cost of Apartment Delivery Report provides current figures on the costs of delivering various categories of apartments to market.  The report features a breakdown of costs, affordability and viability analyses and recommendations for the future.

The report is based on data covering almost 10,000 apartments in four different categories in 49 schemes. A low spec and high spec version is included for each category.

Read the report

Key Findings & Recommendations

Main Findings:

  • Total development costs of delivering medium-rise apartments in Dublin city and suburbs have fallen by between 2% and 9% since 2017
  • The total development costs of medium rise apartments now ranges from €411K to €619K including VAT
  • Cost savings are largely due to the introduction of new apartment design guidelines in 2018
  • New locations of developments in 2020 report are reflected in lower site costs than those in 2017
  • Affordability remains a critical issue – lowest priced, low rise suburban apartments requires income of at least €98K
  • Construction costs or ‘hard costs’ of medium rise blocks now make up 47% of total costs, up from 43% since 2017, while soft costs make up 42% and land 11%
  • Total development costs of developing low rise apartments in Dublin suburbs ranges from €359K to €413K – an increase of 8% and 7% respectively
  • While only one low rise apartment type was viable in 2017, this has now risen to two, with two other types are very close, including medium rise in the suburbs
  • Report shows Build to Rent is viable in locations that Build to Sell is not
  • Surveyors call for more targeted supports for buyers struggling to get on property ladder and say delays in the planning process and by Irish Water as well as court actions are adding to costs
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