The total amount of second-hand properties for sale has fallen by 26 per cent since before the pandemic, according to new figures from real estate group Sherry Fitzgerald.
There were 15,300 properties for sale in July 2022, according to the figures, or 0.8 per cent of the country's total housing stock. This represents a fall of 7,900 properties since July 2019.
This figure is an improvement on last year's figure, however, when there were 13,500 second-hand houses for sale.
The dearth of properties for sale was reflected by the supply crisis in the rental sector, the group said.
Commenting on the new figures, Marian Finnegan, Managing Director at Sherry FitzGerald said: "In the period preceding the Covid-19 crisis, Ireland’s housing market faced substantial challenges, most notably, the imbalance between supply and demand.
"The pandemic and subsequent geo-political discord have served to exacerbate this supply problem and while there have been modest improvements in supply year-on-year, the overall stock of houses available for sale remains near to record low levels."
Despite a national shrinkage in supply, property stock in rural Ireland has risen significantly by 51 per cent in the three-year period
Property prices also continue to climb. Prices have risen by 5.5 per cent in the first nine months of the year – a slight slow-down on the same period last year, which saw growth of 7.1 per cent.
The sale of homes has risen to pre-pandemic levels, with 26,240 sales recorded in the first half of the year.
Ms Finnegan criticised the Government's approach to the accommodation crisis in Budget 2023, including the introduction of the concrete block levy.
"Most significantly perhaps the Government failed to introduce crucial measures to tackle the deeply embedded issues within the rental market.
"The introduction of €500 tax credits for renters, representing as it does less than 3% of average annual rent in Ireland, will have a limited impact on affordability.
"More importantly, it fails to address the crux of the problem in the rental market, a lack of supply," she added.
