Average price in Dublin now tops €320,000
The average house price in Dublin is just over the €320,000 and even though the capital is experiencing a housing shortage, only 233 buildings are under construction.
According to economists, Ireland needs approximately 25,000 new homes a year. The Economic and Social Research Institute (ESRI) previously said that 54,000 new homes need to be built in Dublin in the next seven years - but construction work is not keeping up with demand.
"We'll see between eight and nine thousand new buildings being added to the housing stock in 2014," said Dara Keogh, CEO of GeoDirectory, which carried out new research in the country's housing market.
The report, which was published yesterday, relates to the status of all residential property around the country as of July 7, 2014.
In the comprehensive national research it is reported that only 233 buildings were "under construction".
"Only 233 buildings were classified as being 'under construction' which seems considerably low given the current housing supply crisis in Dublin," read the report.
However, a building could comprise an apartment block or a duplex town-house. Nationally there were 3,640 buildings classified as being under construction as of July 7, 2014.
And Dublin's average price at €320,902 for a home bucks the national trend. The average national price for a house is €203,986 and Dublin has the highest price. This is followed by Wicklow, which has an average house price of €260,969 and other areas on the capital's commuter belt.
In Kildare it's €212,470 and in Carlow it is €206,050.
"What we're seeing is that there's not enough homes and there's not enough being built," Mr Keogh told the Herald.
"We don't see a big rush of housing being built in the second half of the year," he added.
However, he did clarify that "we might not see it this year but you'd hope to see it come through next year."
Mr Keogh explained that the demand is there but it will take time for the supply to catch up.
Between June 2013 and June 2014, 9,717 properties exchanged hands in the capital, which equals to 1.8pc of Dublin's entire housing stock.
And while there is plenty of detached dwellings around the country this is not the case in Dublin, with terraced houses dominating as the main type of home.
Terraced houses make up 46.2pc of the city's housing stock.
This report is considered the most complete piece of study relating to the country's housing market.
"This is the first comprehensive report about the residential building stock of its kind to be published in Ireland," Annette Hughes said, who is director of DKM Economic Consultants.
"One key statistic which the report highlighted was that the national average housing turnover rate in the year to June 2014, was 1.4pc, well below what would be deemed to be a more normal housing turnover rate of around four to 5pc," she added.
GeoDirectory was jointly established by An Post and Ordnance Survey Ireland (OSi) to create and manage Ireland's only complete database of commercial and residential buildings.