A new analysis has suggested that as many as 62,000 homes will be needed every year to meet demand for housing in the short term.
Estate agents Sherry Fitzgerald says that based on Central Statistics Office population projections, it estimates that on average housing demand will be around 56,200 units a year.
But it adds that because the demand is heavily weighted towards the start of the period and there is such a shortage of homes right now, approximately 62,000 units a year will be needed initially over the next few years.
However, Sherry Fitzgerald thinks that it is unlikely that the level of new home completions of around 32,700 last year will not be surpassed this year.
This is because during the first half of the year, 12,730 homes were finished, down 8.6% on the same period last year.
As a result, it claims, it is likely that the current significant deficit in supply will continue in the short term.
"Recent population projections from the CSO have made it clear that current housing targets are well below what is needed in order to close the gap between supply and demand," said Marian Finnegan, Managing Director, Sherry FitzGerald.
"Housing output needs to be increased to 62,000 units annually over the next few years."
"There are significant hurdles to achieving this however, including labour constraints, adequate infrastructure and a shortage of serviced land."
The research also outlines how the supply issues continue to push second-hand home prices upwards.
Over the last three months, the average value of a home nationally has risen 1.8%, it says.
That means that so far this year prices have risen by 5.7% and over the last full year by 6.6%.
In the capital, average prices climbed by 2% between July and September, bringing the annual growth rate to 6.6%.
Outside Dublin, Sherry Fitzgerald estimates that values rose by 1.6% in the quarter, bringing the annual rate of house price inflation to 6.5%.
The agency expressed disappointment that the Government didn't do more in the budget to boost housing delivery.
"Institutional investors are an essential element of the market, providing much needed rental accommodation," Ms Finnegan said.
"Therefore, it is imperative that a key goal of the next government is to attract private equity to Ireland."
