Oireachtas Joint and Select Committees
Thursday, 10 October 2024
Public Accounts Committee
Financial Statements 2023: Land Development Agency
9:30 am
Brian Stanley (Laois-Offaly, Sinn Fein) | Oireachtas source
I know that. That is in the Wild West and we accept that. Okay.
I want to talk about the Shanganagh development in Dún Laoghaire. I have a spreadsheet in front of me. One thing that struck me is you need to have a very high gross income to afford the ones that are for sale. For a two-bedroom apartment, you would need a gross income of €96,795. Accounting for the 10% equity provided by the State, similar to the first home scheme and you avail of the equity scheme. I am going to buy one of those and I earn €96,795. The State gives me 10%, which is a loan, the State buys that 10%. That results in an equity amount of €47,800. The mortgage then is i€387,000. You have a deposit of €43,000 and the purchaser pays €430,200 in total. Could Mr. Coleman confirm that the overall value of the two-bedroom units in Shanganagh in Dún Laoghaire, which I have on a spreadsheet, is €478,000. Is that correct?
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