The property market has reached a "tipping point" where demand for homes in Dublin is exceeding supply, according to AIB chief executive David Duffy.

Speaking in his role as president of the Irish Banking Federation, Mr Duffy painted a positive picture of the market in which mortgage finance is available, citing the availability of mortgage finance, improved consumer confidence and rising house prices.

“We now need to move forward to a strong level of execution to solve the supply and demand imbalance,” he said. “The borrowers are there, but the homes aren’t. The debate should be on supply - the next critical phase.”

Mr Duffy was addressing a seminar hosted by the Society of Chartered Surveyors Ireland, the professional body for the property and construction sector.

SCSI president Pauline Daly said the key issue for the society was implementation of the Government's recently published Construction 2020 strategy.

“If we are to resolve the housing crisis and to create an estimated 60,000 jobs we need to see the 75 measures outlined in the report acted upon” she said.