SCSI Report –
The Real Cost Of New Apartment Delivery 2025

The Society of Chartered Surveyors Ireland launched their third report on the Real Costs of New Apartment delivery today. This significant report analyses data covering over 10,700 apartments across three different categories in Dublin, Cork, Limerick and Galway. A lower and higher range of costs are provided for each category in the report. The total development costs for the upper range goes from €663k to €680k per two-bed apartment.

Despite the improvements in viability the report highlights the fundamental structural affordability gap which buyers, particularly first-time buyers face. Sales prices for the two-bedroom apartment range from €480k for a suburban medium rise to €650k (including VAT) for an urban medium rise (8-15 stories).

The report was chaired and co-authored by Mitchell McDermott Director and co-founder, Paul Mitchell with colleagues from the SCSI. Paul also co-authored the first report examining Apartment costs and viability in 2017 and the second report released in 2021.

Main Findings of the 2025 Report:

• Total development costs of delivering 2-bed lower range urban medium rise apartments have increased by between 4% and 6% since 2021.
• Total development costs for these lower range apartments extends from €523k to €537k
• However, the cost of delivering lower range suburban medium rise apartments has risen by 32% – or from €411k to €541k
• Surveyors say the increase is due to a change in the type of apartment being developed as costs converge around a more standardised design
• Detailed case study shows state interventions are helping to bridge the financial viability gap
• Analysis shows that without Government initiatives, just 2 out of 6 apartment types are viable, with them 5 out of 6 are viable
• However, affordability remains a huge challenge – with Government supports, first-time buyers or fresh start applicants would require a combined salary ranging between €84k to €129k to purchase an apartment
• To increase supply and reduce costs, surveyors are calling for continuation of levy waiver extensions and Úisce Éireann waivers, a remediation programme for brownfield sites and the establishment of a National Housing Bond – an ‘SSIA for housing’

 Access the full report here: Real Cost of New Apartment Delivery report.