Mr. Martin Whelan:

It is multifaceted. There are changes in interest rates. International environments have a massive impact on the attractiveness of real estate investment in Ireland versus other locations and other asset classes. That is a major issue. There is inflation. At the pivot point, we had a rise in inflation and interest rates and they squeezed margins and squeezed the logic for investment. Our report looked at the impact of the implementation of the RPZ regime, as tightened post 2021. There are myriad factors impinging on the attractiveness of the Irish residential property market for investment.