A spokesman for Ryanair said it bought the homes “to ensure that it can provide high-quality but affordable rentals close to Dublin Airport for new cabin crew who are joining Ryanair based in Dublin”.
Dublin has become one of Europe’s most expensive cities for renters. Average rental prices in the city frequently come in above €2000 per month, according to property company Daft.ie.
Ryanair has bought the properties on the development in Swords, a suburban town about 10km north of Dublin city centre.
The development consists of two-storey terrace and semi-detached houses, which are described on its website as having “a spacious and contemporary design, generous private rear gardens and a high specification of finishes”.
The Ryanair spokesman said: “In recent years the absence of affordable rental accommodation has been a major impediment to recruiting and training new Irish and European cabin crew members to Ryanair’s inflight team.
“This accommodation, which is located one bus stop from Dublin Airport, will be rented at affordable rates to Ryanair cabin crew during their first year of employment.”
Mr O’Callaghan said he worried the move may set a precedent for other companies looking to acquire housing stock in Ireland.
“I absolutely understand why Ryanair have done it but it’s absolutely not a solution or anything like that because the overall supply is limited.
“There’s definitely a lot of employers under pressure in this area. So, obviously, some of the larger ones may have the wherewithal to be able to do this, but then that creates a knock-on effect for smaller businesses, and also in terms of key public services, teachers, police, healthcare workers.”
Irish politicians have warned that the housing crisis is preventing companies from expanding and risks curtailing the country’s growth prospects in the wake of the pandemic.