Rent crisis: six homes that are cheaper to buy than rent

With rents on the rise, it’s time to do the sums on owning rather than renting


One-bed, Lower Ormond Quay, Dublin 1
Mortgage*: €1,055
Rent*: €1,300

A one-bedroom apartment on the second floor of a block overlooking the Liffey at 30 Quartier Bloom, Lower Ormond Quay in the so-called Italian Quarter in Dublin 1 has come on the market through Lisney at €250,000. Built by developer turned TD Mick Wallace, the 45 sq m unit is in good decorative order and has the bonus of a balcony that catches the afternoon sun. It directly overlooks the Millennium Bridge and is withing walking distance of the Four Courts, O’Connell Street, Grafton Street and Temple Bar.

Cost: €250,000
Service charge: €1,400 pa
Cash deposit required: €25,000
Household income required: €50,000

Two-bed, Dublin 2
Mortgage
: €1,161
Rent: €1,700

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58 Grafton Hall, off Aungier Street, is a two-bedroom unit in a low-rise development that has its own front door and a designated parking space. For sale through Sherry FitzGerald at €275,000, the top-floor apartment looks out over a communal garden, and has about 47 sq m of living space. The interior could do with an decorative lift, but it does have good natural light and a traditional layout with a reasonably sized livingroom, complete with fireplace, leading through to a spacious kitchen. St Stephen’s Green is a short walk away.

Cost : €275,000
Service charge: €1,990 pa
Cash deposit required : €27,500
Household income required: €55,000

Two-bed, IFSC, Dublin 1
Mortgage: €1,245
Rent: €1,600

In the IFSC, Dublin 1, 140 The Kish at Custom House Harbour a second-floor two-bedroom apartment with around 55 sq m (591 sq ft) of living space and a good-sized west-facing balcony overlooking the development’s basin-like water garden. The apartment is for sale through Lisney, asking €295,000. According to Lisney director Adam Clarke, the majority of the interest so far has been from those intending to live there, rather than seeking an investment. Built in the late 1990s, the apartment has an entrance hall, living room, kitchen breakfast room, two double bedrooms and a shower room. It comes with one designated surface car space.

Cost: €295,000
Service Charge: €1,700 pa
Cash deposit required: €29,500
Household income required: €59000

One-bed, Phibsborough, Dublin 7
Mortgage: €739

Rent: €1,200

In Phibsborough village, a one-bedroom unit in St Peter’s Square, a secure gated development, is one the market asking €175,000. The first-floor unit which has 42 sq m of living space has been well cared for but new owners are likely to redecorate. The apartment has one large double bedroom, a full bathroom and a smallish livingroom-cum-diningroom with separate kitchen. It’s for sale through Sherry FitzGerald.

Cost: €175,000
Service charge: €1,558 pa
Deposit required: €17,500
Household income required: €35,000

Two-bed, Milltown, Dublin 6
Mortgage: €1,667
Rent: €1,850

Number 74 Abbeyfield, in Milltown, Dublin 6, is a two-bedroom ground floor apartment with access to a patio and overlooking large communal gardens. The 56 sq m apartment is in good order having been refurbished by the current owner including a new kitchen. It will be on open view on Saturday May 13th through selling agent Owen Reilly from 12.30pm.

Cost: €395,000
Service charge: €1,100 pa
Household salary required: €79,000

Two-bed duplex, Deansgrange, Dublin 18
Mortgage: €1,055
Rent: €1,600

This duplex apartment, one of four carved out of a Georgian house at Kill Abbey House, is for sale at €250,000 through Sherry FitzGerald. Set close to the crossroads at Bakers Corner and reached through and old gated entrance, the 69 sq ft unit has the benefit of a small patio garden and some unusual features such as high ceilings and a large stone chimney piece that houses a wood burning stove. The accommodation comprises a spacious living/kitchen/dining room, bathroom, and two good size bedrooms. There is off street parking to the front.

Cost: €250,000
Service charge: €1,800
Household salary required: €50,000

* Monthly mortgage repayments for these properties are based on a 90 per cent loan over 25 years at 2.9 per cent interest rate. The rent valuations are at current market rates, per month.