Increasing numbers of investors set eyes on co-living developments in Republic
The next phase in the growth and evolution of Ireland's build-to-rent market is under way, with increasing numbers of investors seeking to invest in so-called micro-living and co-living concepts.
That's according to the latest property market update from commercial real estate advisors CBRE.
While the report says that it will take some time for developers to "finesse" the design of the co-living accommodation proposed for the Irish market, CBRE says it expects an increase in the volume of planning applications for the concept.
The report's authors note that before applying for such schemes, co-living providers will need to ensure that communal amenities and facilities are "appropriately placed and of sufficient size and quality to compensate for the smaller bedrooms that are traditionally associated with this form of development".
The move towards the development of co-living accommodation is expected to be most pronounced in the Dublin market.
Its anticipated introduction follows the Republic's Housing Minister Eoghan Murphy's publication in March of last year of design guidelines for the concept.
As part of this initiative, the minister encouraged planning authorities to approve this type of shared accommodation in the regeneration of old buildings.