Local authorities are paying over the odds for so-called turnkey purchases, or Part V acquisitions, which are bought directly from private developers for social housing tenants, when it would be significantly cheaper for them to build directly. The cost of two-bed apartments, which are typically more expensive to build, was also on average less than €300,000. Would it not have made more sense for the State to withhold 10 per cent of the site and build the units itself? Either way there is simply no justification for paying over half a million euro for a basic social housing unit. Irish governments moved away from building social houses directly, deeming the private market a more efficient model for delivery.

Source: The Irish Times September 13, 2020 20:48 UTC