120 council tenants in Dublin have been refused permission to buy their homes from Dublin City Council.
They had stood to make a profit of nearly €350,000 each.
In the Dublin Circuit Court this morning, Mr Justice Esmond Smyth said an exchange of documents between the council tenants and the council did not constitute an agreement.
The apartments are at O'Rahilly House in Ringsend.
The tenants are expected to appeal to the Supreme Court.