Mr. Michael Walsh:

I have no doubt that there is an issue with the cost of construction of apartments, particularly where density is wanted, with buildings having four or five floors, or more. In Waterford, to give context, the construction cost for a two-bedroom apartment is approximately €400,000. The reality is that it is competing with a semi-detached house down the road which is €300,000. Croí Cónaithe and the other elements here will certainly assist, but whether the gap is closed fully is difficult to know. We will actively pursue Croí Cónaithe and the other measures that are being put in place by the Government. That essential issue still exists in our marketplace. That would be completely different in Dublin or some larger cities, but it is the simple reality of the conflict in our marketplace.