In total, over 74,000 new homes were completed in the Netherlands last year, the highest figure in 10 years, but still far below the government’s target of 100,000.

The number of completions was particularly high in Zuid-Holland province and in Amsterdam, national statistics agency CBS said on Tuesday.

In Amsterdam, 6,800 new homes were added to the housing stock, taking the total up by 1.5% to 475,000. In the other big four cities, around 2,000 new homes were completed.

However, figures published last week by the construction industry’s economic institute indicate that fewer houses will be built in the coming years, despite the government’s pledge to add 900,000 to the national housing stock by 2030.

No more than 70,000 new homes will be built in the Netherlands this year and in 2024, the EIB said, and the number of permits for new projects is also down.

The cost of building materials and high interest rates are having an impact on developers’ willingness to invest and legal requirements on nitrogen-based pollution caused by construction are also slowing down processes, the institute said.