New data reveals that housing stock levels across the country have dropped to a record low.
The research from Sherry FitzGerald reveals that just 10,380 second-hand properties were listed for sale across the country in January - just 0.5% of Ireland's private housing stock.
This is a stark drop on the same month in 2010, when 54,120 properties were available.
Stock levels are down over 6% when compared to last January, and almost 50% compared to 2020.
Today's report reveals a particular shortage of second-hand homes in regional and rural Ireland.
For example, in Leitrim, there was a 30% drop in advertised stock in January when compared to the same month last year. Meanwhile, Waterford saw a fall of 21.5% and Tipperary levels fell almost 20%.
Marian Finnegan, Managing Director of Sherry FitzGerald stressed the importance of increasing supply in rural areas.
"Rural and regional Ireland continue to face severe housing shortages, making it essential to prioritise new housing delivery outside of major urban centres to ensure sustainable growth and economic balance," she said.
According to the report, the shortage of homes in lower price categories remains a major concern.
Properties priced below €200,000 have declined by 29% year-on-year, with just 1,775 properties available nationwide.
"Addressing this unprecedented housing shortage requires a collaborative effort across all sectors," Ms Finnegan said.
"Urgent, strategic action is needed to ensure the delivery of sustainable housing solutions that meet the diverse needs of our population, across all regions," she added.
