Why does it cost so much to build an apartment?

Why does it cost so much to build an apartment?
Grand Canal Basin in Dublin 4: A first-time buyer couple would require a combined salary of between €87,000 and €129,000 to afford a two-bedroom apartment in Dublin

It could cost up to €578,000 to develop a city centre apartment, which would then sell for around €383,000

You know things are out of kilter when the cost of building apartments exceeds the actual selling price in most parts of the country. Yet, that is the case in Ireland, where a string of recent reports found that it is simply financially untenable to build apartments.

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