Like a leaseback scheme, Ely Property Group will lease apartments back from owners for a 10-year period, letting them out through Student Accommodation Services, one of Ireland's biggest student accommodation providers.

Under the rules of the Section 50 tax-break scheme, all accommodation in student developments must be rented out to third level students at local colleges, during the academic year.

During the holidays, the units can be rented out to tourists and after a 10-year period owners can choose to continue renting to students or retain the units for their own use.

Beside the new Crown Plaza Hotel, Dundalk Student Village is the only accommodation for students on campus, and is about 2km from the town centre.

According to Ely, there is strong demand for student accommodation near the town centre, with around 1,000 units required.

Under construction at present, these units are due to be ready by September, in time for the next academic year.

All apartments have five bedrooms and include a kitchen, living/diningroom, and en suite bedrooms. Prices are �?�475,000.

Up to 90% allowances are available on this scheme.

Price: five-bed student apartments �?�475,000 Agent: Ely Property Group 01-7038900