The number of mortgages taken out in the first quarter of this year increased by over 65%, compared to last year.
3,425 home loans were drawn down in January, February and March - compared to 2,068 in 2013.
The details are contained in the latest Mortgage Market Profile from the Irish Banking Federation and Pricewaterhouse Coopers.
However the figures represent at 34% drop on the number of mortgages taken out in the final quarter of 2013.
The average loan size issued was almost €166,000, with banks lending €568 million in new mortgages. The average first-time buyer borrowing just over €151,000.
First time buyers scheme
The news comes as the government reportedly considers plans to introduce a new scheme, whereby a portion of the mortgages to first time buyers of new houses will be guaranteed by the State, in order to enable banks give more loans.
Director of Housing at the Construction Industry Federation, Hubert Fitzpatrick, thinks it is a good idea - but says many measures need to be taken in order to kickstart the construction of new houses:
The IBF says mortgage figures are unusually high for the first quarter of the year - but that it is concerned about the shortage of properties up for sale.
