Investment giant, Blackstone, has recently acquired a number of apartments in Dublin’s Blackrock with the intention of renting them to council tenants. This move marks a significant shift in the Irish property market, with private entities taking a greater role in social housing provision. In this article, we will explore the implications of Blackstone’s investment in Dublin’s housing market and what it means for those looking for affordable housing solutions in the city.
M&G’s Real Estate division has acquired a two-block development of 67 apartments in Dublin’s Blackrock suburb for €31.3m. The properties, dubbed The Butter Yard, have been let to Dun Laoghaire Rathdown County Council for social housing on a 25-year term. The purchase implies an average price of €460,000 for the homes, which contain one- and two-bed units. M&G’s latest transaction follows its buying of a 148-unit development in Dublin’s Eglinton Place for private rental, a deal worth €99m. M&G said around 65% of Dubliners under 35 are living in rented accommodation as property prices remain out of reach.
Overall, the purchase of apartment blocks in Dublin’s Blackrock by an investment giant to rent to the council could prove to be a game-changer in the city’s housing crisis. It signifies a willingness by private investors to work with the government to address the shortage of affordable housing. With the demand for affordable homes on the rise, it is imperative that solutions to the housing crisis are found, and this partnership could be one of the ways to address the issue. Only time will tell whether this investment will prove fruitful, but for now, it is a positive step in the right direction.
