Just over 500 homes have so far been bought using a Government scheme set up last year to make it easier for first time buyers.
The €400m 'First Home Scheme', which was launched last July, aims to facilitate the purchase of up to 8,000 homes over a five year period.
Figures for its first year, show 1,983 buyers in 24 counties have been approved, with 503 buyers having completed their purchase.
Minister for Housing Darragh O'Brien said the scheme has proved "very successful" and said he expects thousands of more people to benefit from it.
According to the Department of Housing, the average price for the homes purchased is €372,000 with the average support provided by the scheme being €68,000 - 18% of the average purchase price.
Figures also show that a further 418 applications are currently being processed, with the department saying, approvals expected to issue shortly in the "majority" of cases.
The scheme, which extended its eligibility in April, works by providing buyers with part of the purchase price in return for a minority equity stake in the home.
However, opposition politicians have said that the scheme does not tackle the real issue.
People Before Profit TD Richard Boyd Barrett said it was not dealing with the fundamental problem of tackling house prices that are "out of control".
"What the Government needs to do is bring down house prices to levels that are affordable for the average workers and that means delivering more affordable and public housing," he said.
Earlier, the minister also said he was not looking for a reduction in VAT for the construction sector.
