In total 6,100 new build homes found an owner in the final three months of 2024, a rise of 15% on the year earlier period.

But that was not enough to lift the total of new builds sold to more than 16,600 over the year as a whole, the lowest figure in five years.

Prices were up 3% on 2022, according to the new figures, based on CBS and land registry details. In the final three months of the year, the average price for a new home was €502,000 while an existing property averaged €422,000.

Private investors and developers are building fewer new homes, citing government plans to increase rent controls and other financial issues.

Major residential construction projects are being scrapped because they don’t have enough buyers and the number of new developments is plunging. Developers usually want to sell at least 70% of the properties before starting work.

Meanwhile, the price of property in 18 EU states rose in the final quarter of last year, with the highest increase – 13% – recorded in Poland, according to Eurostat figures.

Prices fell the most – 14% – in Luxembourg. In the EU as a whole, prices were up by 0.2%. The Netherlands was just under the EU average with a rise of 0.1%.