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Saturday 24 August 2019

5,000 co-living beds proposed for capital

Eoghan Murphy
Eoghan Murphy

One of the world's biggest co-living providers intends to bring more than 5,000 new beds to Dublin over the next five years.

Germany's Medici Living Group, which operates under the Quarters brand, has received the backing of Luxembourg-based Corestate Capital to build a massive €1bn co-living portfolio around Europe.

It is the latest company to set its sights on the Irish market after Housing Minister Eoghan Murphy amended guidelines to allow for co-living, which typically includes self-sufficient bedrooms sharing living and kitchen spaces.

Expanding

A spokesman for the Berlin-based company told the Sunday Independent it will open "much more than five" buildings in the coming years.

"We are interested in expanding to Ireland after the positive ruling for co-living," he said.

"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."

The company also said that easy-to-access, high standard affordable accommodation in the city centre is "less accessible, especially to international renters".

"As we propose an alternative to removing traditional properties from the housing market and house short-term as well as long-term tenants, we like to fit into markets where we can ease existing pressure on the market," the spokesman said.

Medici is looking to open co-living buildings in Dublin's Rathmines, College Green, Ballsbridge, The Liberties, North Wall, Portobello and the Docklands.

The company said Dublin's position as a tech hub was "unlikely to change" and that it was investing here as a result.

Pricing for Dublin has yet to be agreed, but the company aims to be "20pc cheaper than standard studio apartments".

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