The planning authority issued 2,705 permits for housing units last year, barely a quarter of the 2007 peak, according to the Central Bank’s annual review.

The number of units has been falling for the past six years and was down to 3,064 by 2012.

Apartment permits were down from 3,736 in 2010 to 2,062 last year and those for maisonettes fluctuated between 375 in 2010 and 350 in 2013.

Terraced house permits fell from 227 in 2010 to 209 last year.

The building heyday came at a time when the government policy on extra storeys fuelled development, with homes demolished and replaced by blocks of flats.

Construction figures in the Bank’s report moved in parallel with the number of permits.

The sector was worth €262 million (by gross value added) in 2012, falling to €258 million last year.

Employment in construction also fell, from 12,190 in 2012 to 11,123 last year.

The Bank’s property price index was 2.1 per cent higher in 2013, having risen 0.5 per cent in 2012.

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