What exactly is Mirra, and how is it different?
Mirra is a new housing model built to give you the benefits of homeownership from day one, with a clear path to buy in your own time.
The biggest barrier today isn’t just saving a deposit; it's that house prices rise faster than you can save, forcing you to chase an ever-moving target. Mirra caps your future purchase price the moment you move in, giving you a chance to catch up.
This gives you the wealth-building momentum of a mortgage — where your monthly payments actively reduce your final buyout cost — without the upfront pressure to qualify for bank debt quite yet. It offers a stable runway to progress in your career and build your income over time, transforming your monthly payment into real progress as you get mortgage-ready.
What is a 50-year FRI lease, and how does it give me long-term housing stability?
An FRI (Full Repairing and Insuring) lease is a 50-year agreement that gives you long-term security and control over your living space. While this is a new approach for Irish residential housing, it is the standard framework used in commercial real estate to give businesses the stability to invest in a property without the risk of being moved on.
The main benefit is predictable stability. For 50 years, you are protected from the short-term lease terminations or sudden landlord sell-offs that disrupt standard tenancies. It effectively moves you out of the traditional rental loop, treating you as the permanent occupant and giving you the peace of mind to settle down for the long haul.
Because this structure closely mirrors homeownership, it does come with clear responsibilities. "Full Repairing and Insuring" means that instead of relying on a landlord, you handle the ongoing maintenance, day-to-day repairs, and insurance for the property. You take on the upkeep of the space, but in exchange, you get the autonomy and long-term security of a permanent home.
How does the 10-year purchase option cap my price, and how much does it cost?
When you sign your lease, you buy a separate legal agreement called a purchase option. This option caps your maximum buyout price for the next 10 years, ensuring that even if the Dublin property market rises significantly, your cost to purchase the apartment cannot go above that capped figure. Until you choose to trigger the buyout, the financial value you hold is in the option agreement itself, rather than direct equity in the physical property.
The purchase option costs of the starting price, and 100% of this cost is immediately credited toward reducing your capped price from day one.
While a 3% upfront cost is a commitment, it protects you from the compounding reality of the market. Over the last ten years, Dublin apartment prices have risen by an average of 7% every single year. For example, a €550,000 apartment with a 7% market increase adds €38,500 in value in just one year. By paying a 3% option fee of €16,500 at the start, your maximum buyout price is immediately capped at €533,500. You absorb zero market inflation on your purchase price for a decade, and your buyout cost continues to drop with every monthly lease payment you make.
How do my monthly payments lower my final buyout price?
Every single month you live in the apartment, your required buyout price drops. To calculate exactly how much it goes down, we use the same standard mathematical formula used to calculate a traditional mortgage, spread over a 50-year timeline.
Just like a mortgage payment chips away at a bank debt, a portion of your monthly lease payment goes toward lowering your final purchase price. You aren't building direct property equity yet, but the value of your purchase option is growing more valuable every month.
Because the system is fully automated and fixed from the start, you can look at a chart on day one and know the exact amount your buyout price will drop next month, next year, or in year ten. Every payment you make represents measurable, predictable progress toward owning the place.
When can I choose to buy the place?
You can choose to trigger your buyout anytime after you have lived in the apartment for three years, and you have up until the end of year ten to do so.
This three-year window is meant to give you a clear runway. It removes any immediate pressure to secure a mortgage or deal with bank paperwork the moment you move in. Instead, you get three full years to settle into your home, focus on your career, and let your monthly payments steadily lower your eventual purchase price before you ever have to approach a bank.
When you feel the timing is right for you anytime between years three and ten, you let us know you are ready to buy and we'll get it sorted.
How do I benefit if the property value grows over time?
Because your maximum buyout price is capped, you capture the financial upside of a rising market without owning the property yet.
If property values in Dublin grow over time, the physical apartment becomes worth more, but your purchase price remains safely capped. The gap between what the apartment is actually worth on the open market and your fixed buyout price represents the growing value of your option.
For example, if your buyout price is capped at €525,000 and the market value of the apartment grows to €600,000, your option agreement is worth €75,000 in paper value. You get to benefit from the market's growth while you're renting, giving you a powerful financial head start for when you choose to buy or sell
Can I sell the apartment instead of buying it myself and keep the gain?
Yes. Because you own a transferable purchase option with a capped price, you do not have to buy the apartment yourself to realise its value. If your plans change, you can legally assign your option to a buyer on the open market anytime after year three.
In practice, this works just like a traditional property sale. You list the apartment with an estate agent at its current market value. Once you accept an offer, the buyer’s solicitor transfers the total purchase funds into a secure escrow account. From that account, the exact amount required to clear your remaining capped buyout price is paid directly to Mirra to close out the contract. Simultaneously, the entire remaining balance — representing the profit from the market growth and your monthly progress — is transferred directly into your bank account.
For example, if your agent sells the apartment for €600,000 and your remaining buyout price is down to €525,000, the buyer's funds are split at closing: Mirra receives €525,000 to release the property, and you walk away with the €75,000 difference. This structure ensures that you can cash out your built-up value and move on without ever needing to draw down a mortgage yourself.
How do you calculate my monthly payment?
Your monthly payment is calculated by combining two distinct parts: standard market rent for the apartment and the day-to-day property running costs. Over time, the rent portion changes annually in line with inflation, while the property expenses adjust to reflect the actual cost of upkeep.
This structure is the exact same payment setup you will have once you take full ownership of the property, with the only difference being that the rent portion will eventually be replaced by your mortgage payment.
What do I need financially to secure an apartment?
Because this is a lease and an option contract rather than a loan, we are not constrained by traditional Central Bank lending rules. You do not need to be mortgage-ready or qualify for bank debt yet; the entire point of the model is giving you a stable timeline to advance in your career and grow your income and savings at your own pace.
To secure your apartment, all you need financially is the 3% upfront cost to purchase your 10-year option contract, which immediately goes toward lowering your future buyout price. Beyond that, our qualification process looks at your current financial situation exactly like a standard rental application, ensuring you can comfortably handle the regular monthly payments from day one.
Can I pick any apartment on the market, or do I choose from your list?
You choose directly from our list of properties rather than picking an apartment off the open market. We source specific, high-quality developments that meet strict standards, ensuring every home is built to last for the long haul.
Because Mirra has to buy the underlying property first to wrap it in our 50-year lease and 10-year option framework, we can only offer spots within our own collection. By doing this, we handle all the legal and financial heavy lifting in the background, so the moment you choose a home from our list, everything is already set up and ready for you to move straight in.
Where are Mirra’s apartments located?
Our first properties are in neighbourhoods throughout Dublin. We focus on areas with excellent transport links, local amenities, and vibrant communities to make sure you're well-connected from day one.
While Dublin is our starting point, our vision is much bigger. Over time, we plan to expand our offering to Cork and Limerick, with the ultimate goal of bringing the Mirra model to cities all around the world.
How do you decide who gets a spot if demand is high?
We process applications in the order they are received. The first qualified person to apply for a specific apartment gets it, meaning there are absolutely no bidding wars or hidden lotteries.
If you meet the standard rental criteria and have your option fee ready, the spot is yours. We keep it completely transparent so you always know exactly where you stand.
Who handles the block management, maintenance, and big repairs?
Under the 50-year FRI lease, you handle the day-to-day maintenance, internal repairs, and your share of the annual block management fees, exactly like a traditional homeowner. However, Mirra retains ultimate structural responsibility for the building and covers the cost if any major structural defects arise.
Once you trigger your option and buy the apartment, the lease ends and full ownership transfers to you. From that point on, you transition to the standard setup for any property owner where you maintain your own unit, while the building's maintenance is managed collectively through the development's Owner's Management Company (OMC).
Can I paint, decorate, and properly make the place my own?
Yes, absolutely. We hand over every apartment unfurnished because we want you to treat this as your actual home, not a temporary rental. You have total freedom to paint, change fixtures, bring your own furniture, and decorate to your own taste. If you want to take things further with light renovations, you can do that too — you just need a quick sign-off from us to ensure everything stays structurally sound.
Most Dublin rentals make you feel like a guest in someone else's property, while Mirra is designed for you to build your life long-term. Because any upgrades you make can increase the apartment's market value, you directly benefit from that investment. If you eventually choose to sell on the open market, 100% of the value you have added goes straight into your pocket.
What are the rules around keeping pets and having housemates?
Since this is your home, you have the autonomy to make these choices yourself. You are completely free to have pets without needing to ask for our permission, provided you follow the standard rules of the development's overall building management company.
The same applies to housemates. You are fully entitled to bring in roommates or a partner to share the space with you. In fact, because of the way the model is legally structured, you can take full advantage of Ireland’s Rent-a-Room relief. This means you can earn up to €14,000 per year completely tax-free by renting out a spare room, which can significantly offset your monthly payments and help you build up your buyout funds even faster.
What happens if my plans change and I want to move out?
If your life plans change and you decide to move on, you aren't locked in for the full 50-years. Depending on your timeline and goals, you have three ways to handle this:
1. Assign your contract anytime: You can find another qualified resident to take your place. They will step into your 50-year lease, take over your monthly payments, and buy your option contract directly from you at an agreed price, allowing you to recoup some or all of the value of your option
2. Walk away after year 1: If you just want to hand back the keys without finding a replacement or selling the property, you can do so after your first year by giving us 3 months' notice. While this is a clean break, you will leave empty-handed, forfeiting your initial option fee and any accumulated monthly price reductions
3. Sell on the open market after year 3: You can list the apartment for sale at full market value. The buyer's funds will clear your remaining Mirra buyout price, and you pocket any gain from both market growth and your monthly progress
Will standard Irish banks actually give me a mortgage when I'm ready to buy?
Yes. From a bank’s perspective, when you are ready to buy, you are entering into a standard property purchase at its current market value.
When you apply for a mortgage, the bank evaluates your application based entirely on their normal lending criteria, such as your income and credit history. To help satisfy the Central Bank’s 10% deposit requirement, Mirra executes a buy-back of your option agreement. Because your monthly payments have been steadily lowering your final buyout price, your option contract has built up financial value. Mirra buys this contract back from you for cash, which is transferred directly into your solicitor's account at closing to form the bulk of your deposit.
By combining this option value with a small amount of your own cash savings, you meet the minimum deposit requirements. The bank looks at the independent market valuation, accepts the combined funds as your deposit, and provides a standard mortgage for the remainder. Everything executes simultaneously through your solicitor — the option is cashed out, the deposit is paid, the mortgage draws down, and the deeds of the apartment are transferred into your name, exactly like any other home purchase in Ireland.
What happens at Year 10 if I still can’t get a mortgage but want to stay?
The best part of our 50-year lease is that you don't have to leave just because your original purchase deadline passed. Your home remains yours for another 40 years.
While your original 10-year purchase option will expire at that point and can no longer be used, your path to ownership remains open. If you still want to buy the apartment, you can buy a brand new 10-year option based on the property's updated market price. This resets the clock, giving you a fresh decade to get mortgage-ready without having to uproot your life.
What happens to my home and my lease if anything ever happens to Mirra?
You are completely protected. Your 50-year lease and your 10-year purchase option are legally tied to the property itself, not just to our company.
If Mirra were to ever close its doors, or if the building was taken over by a bank or a new owner, property law is entirely on your side. Whoever takes over inherits your contract exactly as it is written. They cannot kick you out, they cannot change your payment structure, and they are legally required to honor your option to buy the apartment. Your home stays yours, and your path to ownership remains exactly the same, no matter what happens to us in the background.
I’m in. How do I get started?
You can get everything sorted right on mirra.ie. Just find an apartment you love on our property page and click apply to start the process.
The entire application is digital — there is no scanning old documents, mailing in forms, or waiting around for a phone call. You will complete your standard identity and income verification securely through Stripe, and you can pay your option fee directly online.
Once the quick digital checks clear, we will email your lease over for you to sign digitally. From there, we handle the legal setup in the background and get you ready for move-in day. Depending on the building you choose, you'll either pick up a set of keys or receive a digital link to download your keys straight to your Apple or Google Wallet so you can unlock your new front door with your phone.
