New figures show there has been €1.47bn worth of construction on residential developments in the first nine months of this year.

According to research by Link2Plans, work started on 264 multi-unit projects between January and September.

The majority of projects are based in Dublin, with 108 started in the capital. These will have an estimated construction cost of more than €841m.

And the corresponding 3,610 residential units are equal to 57% of the total number of multi-unit developments in Ireland for that period.

From January to September 2014, the rest of Leinster saw 74 projects get underway, comprising 1,312 units with an estimated value of more than €314m.

In the same period, Munster saw 59 projects with 1,314 units, which has an estimated value of more than €288m.

While the combined figures of Connaught and Ulster show a much lower level of residential construction activity - with only 23 multi-unit development projects relating to 152 residential units commenced during the first nine months of 2014.

Danny O'Shea is managing director of Link2Plans.