Just under 7,000 housing units began construction in the first three months of this year, 143% more than in the first quarter of Q1 2021.
The increasing supply of new homes may be easing the growth in prices but this could be offset by the continued rise in the cost of construction materials, Ireland's banking industry has warned.
While property prices nationally have more than doubled from their low in early 2013, the latest Housing Market Monitor by Banking and Payments Federation Ireland (BPFI) shows that the rate of increase in the average price of a home has been declining on a monthly basis since the middle of last year.
The BPFI said this easing may be down to the significant increase in the number of new homes coming on the market and said there was a strong pipeline of homes expected over the coming two years due to increased levels of construction activity.
Just under 7,000 housing units began construction in the first three months of this year, 143% more than in the first quarter of Q1 2021.
In the same period, 5,669 completed construction, up by 44.5% compared to 2021.
But any easing in price growth is being offset by increasing inflation impacting the cost housing materials.
Director of the Construction Federation Industry, Tom Parlon, says construction is being hit by hyper inflation:
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