Property sales have collapsed, and housing starts are falling like a stone (down 60% in Q1), but the number of new properties being completed is still rising, according to the latest figures from the ministry of development.
There were 158,370 construction completions in the first quarter of the year, up by 5.3% compared to the same period last year.
Of the properties completed in the first quarter, 99% were for private housing, and just a fraction over 1% for social housing. This despite the government trumpeting plans to give first time buyers a leg up the property ladder, and the construction sector a boost by building more social housing.