At a meeting on Monday evening, party leaders set an annual target of 50,500 homes on average, with plans to increase that number to around 60,000 by 2030.

Taoiseach and Fine Gael leader Simon Harris expressed his desire to set new targets before a general election, which is expected to be called later this week.

Previously, the Housing for All plan aimed for an average of 33,000 homes per year until 2030.

Senior ministers indicated that the Government is likely to surpass its 2024 target of 33,450 homes under the existing plan, potentially reaching close to 40,000 by year-end.

The revised targets follow an ESRI report projecting a housing demand of around 44,000 homes annually through 2030. However, the ESRI warned that these figures could vary significantly based on migration patterns.

In a separate report, the Central Bank estimated that between 52,000 and 67,000 new homes might be required annually to meet future demand extending into the mid-century.

Meanwhile, on Monday, People Before Profit (PBP) proposed using billions of euros in Apple’s tax receipts to establish a state-run construction company.

Following a landmark European Court of Justice ruling earlier this year, Ireland is set to receive €14.1 billion in back taxes and interest from Apple, after the court upheld a 2016 EU decision that found Ireland provided undue tax advantages to the company.

PBP leader Richard Boyd Barrett argued that a state construction company is essential to deliver social and affordable housing at the necessary scale.

“The housing crisis in Ireland continues,” said Boyd Barrett. “It will not be resolved by repeating the same private market-based policies pursued by successive FF and FG governments.

“We need tens of thousands of social and affordable homes built each year to serve those facing exorbitant rents or waiting on housing lists indefinitely. The private sector alone cannot meet this level of demand.”