1 day Ago
AFTER A LONG wait, the government has today signed off on the heads of bill for legislation that will cover the costs of fire and safety changes needed to Celtic-Tiger-era apartments that were not built to appropriate standards. Housing Minister Darragh O’Brien brought the draft heads of bill to Cabinet this morning. “I am very aware of the stress and concern that many owners of apartments and duplexes are facing as a result of legacy defects.
Having engaged with many owners I know the financial and personal strain this is putting on their lives and I am glad we are moving forward with this next step,” the Minister said today. The €2.5 billion scheme for owners of defective apartments was approved by government last year but it will not be accessible until this legislation is in place.
Up to 100,000 apartments are estimated to be eligible for the scheme. It’s estimated that between 50% and 80% of apartments built between 1991 and 2023 may be affected by one or more fire safety, structural safety or water ingress defects, according to a 2022 report received by the Minister for Housing. This equates to between 62,500 and 100,000 apartments/duplexes.
The average cost of remediation is approximately €25,000 per unit, which means the scheme could have a potential cost to the Exchequer of between €1.5 billion and €2.5 billion.
Under the scheme, apartment owners’ management companies will be funded to carry out the eligible remediation works. Apartment owners who have already paid for remediation works will be entitled to retrospective payments of eligible costs under the scheme..
