Eoghan Murphy’s amendment to allow for co-living has drawn a lot of attention from international developers. It has opened the door for cheaper complexes to be built in and around Dublin.
Germany’s Medici Living Group, known as one of the biggest co-living providers internationally, proposed a plan to bring more than 5,000 new beds to Dublin. Luxembourg-based, Corestate Capital, is backing Medici Living Group approximately 1 billion Euros for building co-living accommodations throughout Europe.
A statement regarding why Medici Living Group wants to expand to Ireland, states, “As Ireland is a growing, forward-looking country with a tech hub, we can see our members and future members would be interested in living there.” In addition, they are targeting easy-to-access, high standard affordable accommodation in the city center, which is hard to currently get.
Specific locations that Medici is targeting within Ireland includes; Rathmines, College Green, Ballsbridge, Liberties, North Wall, Portobello, and the Docklands.
A spokesperson for Medici Living Group stated, “As Ireland is a growing, dynamic, forward-looking and innovative country with a tech hub (Dublin) and at the centre of Europe, we can see that our members and future members would be very interested in living there.”
The company is aiming to use the co-living model to offer better affordable housing options to people who want to remain in the city center without spending all of their disposable income. Medici’s Living Group has not officially decided on pricing for their units, but they are predicting a 20% cheaper listing price than standard studio apartments in the area. This has the possibility of being a great step in the right direction for Dublin. Co-living can improve the housing shortages and provide affordable housing for people who are okay with sharing common living spaces such as kitchens and living rooms. Young working singles are also inclined for co-living because there are more benefits for them besides the price. Co-living provides a sense of community for singles and is a great way to meet others and not feel isolated. Sharing common spaces encourages conversation and meeting new people. Medici Living Group is also targeting internationals with their co-living spaces in Dublin that are new to the area and would not otherwise know anyone outside of their work.