Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The State has become much more involved in building apartments through the Land Development Agency and the Croí Cónaithe scheme brought forward by the Minister, Deputy O'Brien. I have seen a number of examples, including in my own city, of schemes happening that otherwise would not have happened, of cost-rental homes being provided and of apartments being offered for sale to owner-occupiers in addition to the full Part V legal obligation being met. As the Deputy will know, we are doing a review of the funds sector, including the structures I believe the Deputy is alluding to. That work is well advanced and I expect to have a report in the summer. The truth is that apartment construction is very expensive and, without an intervention by the State, we will simply not see apartments getting built for sale to owner-occupiers. That is why we have seen a predominance of construction in the buy-to-let sector with institutional capital. It is very expensive to build.

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