Housing insiders warn construction could slump with minister's new plan
Irish housing insiders warn that the government's plan to end 'turnkey' social housing purchases by 2027 could lead to a slump in construction. Developers rely on these guaranteed sales to secure financing, and critics fear the change will jeopardize national housing targets.
Why it matters
This policy shift threatens to disrupt the supply chain for new homes in Ireland, potentially exacerbating the ongoing housing crisis.
THE ROLLOUT OF new homes may slow or even plunge into reverse as a result of a change introduced by the government this week, according to a number of insiders in the Irish housing sector.
Housing Minister James Browne intends to bring plans to cabinet to end funding applications for what is known as ‘turnkey’ social housing purchases from December 2027.
Turnkey acquisitions involve buying newly built and completely finished homes from developers, so-called because you simply need to ‘turn the key’ in the door of the home and occupy immediately.
While the tweaks were rolled out to relatively little fanfare, they have set off alarm bells across large swathes of the Irish housing sector, with multiple builders and housing sources expressing disquiet to The Journal .
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