John Cummins (Fine Gael) | Oireachtas source

I see and understand the viability question. Many of the reasons outlined by Mr. O'Connell a short time ago are absolutely valid. If I am a developer in Waterford and the cost of developing an apartment is €360,000 or €370,000 but my market is at €250,000, there is a viability gap. Why would I go into the ground on something to develop it? Once I go in on an apartment development, I am in. It is not like a housing development, which can be done on a phased basis and whereby when I sell ten units, I can move to the next ten. That cannot be done with apartment developments.

The Croí Cónaithe cities fund has got much negative press lately, and I can understand that on one side. On the other side, however, we have 5,000 apartments that could potentially be unlocked on sites on which weeds are growing at this point. Will the witnesses comment on that in the context of what has already been stated in respect of the viability gap with apartment development, particularly in regional cities and outside Dublin? I am from Waterford but this applies to Cork, Limerick and Galway, where the viability gap is even greater than it is in Dublin.