Mr. Conor O'Connell:

Many of them are for apartments and apartments have always been costly to deliver. We did reports back in 2017 and 2018 that showed the high cost of delivery. Until recently in the private rental sector, real estate investment trusts and international funds were forward-funding apartments, mainly for rental purposes and mainly in the Dublin area. It is very difficult for housebuilders to secure funding for apartments. We have to show the yield to these international investors and prove it is profitable to deliver them. We recently met local authorities, who will tell the committee that the vast majority of existing planning permissions are for apartments. Unfortunately, it has been more difficult to secure funding for them in recent times. This will be the challenge for housing delivery later in 2023 and onwards.