Dublin City Council paid out €40 million to private developers for 139 residential units for social housing in Part V agreements in 2021 and 2022 to date.
The council has confirmed that the highest amount paid out in 2022 was €450,000 in the Part V system where developers are required to provide a percentage of each development for social housing.
A council spokeswoman said the local authority spent the €450,000 on a two-bd 99sqm apartment at St Clare's Park, Harold's Cross, Dublin 6.
The spend of €15.16 million on 71 homes to date for 2022 follows the council spending €24.96 million on 68 Part V homes last year.
The average spend per home this year by the council is €213,521 and €367,058 last year.
Confirmation of the spend comes as Cairn Homes has put an indicative price tag of €39.14m on the sale of 69 units from its planned Montrose mixed use scheme for social housing.
The home builder has put an indicative price tag of €683,100 on four three-bed apartments it plans to sell for social housing to the council.
Sinn Fein Housing spokesman, Eoin Ó Broin said that generally on an annualised basis Part V provides good value for money for local authorities in home purchases.
Deputy Ó Broin said that the Dept of Housing imposes strict ceilings on what councils can pay for Part V homes.
"Local authorities have become very adept at ensuring that value for money is secured in the final prices agreed," he said.
Deputy Ó Broin said that Cairn Homes' Part V prices are the company's 'opening gambit’ in their negotiations with the council.
"I suspect Dublin City Council will drive a very hard bargain and I hope that the eventual purchase price is much more realistic than the opening gambit by Cairn."
He said the city council faces a challenge removing all of the speculative uplift in the price of the apartments in order to get real value.
Deputy Ó Broin said that Part V prices proposed by Cairn for the Montrose scheme are an outlier and are the product of speculative investment.
