The increase in the amount of innovative funding schemes for housing associations, the council’s own development and the attraction of affordable housing compared with private sales have been attributed to the surge.
In 2011-12, 1558 affordable homes are expected to be approved in Edinburgh, compared with 392 in 2010-11 and an average of 600 in recent years.
It is estimated that the process will include £296 million of investment in the city and will create 2180 jobs. However, it is still lower than the city target of 1660 new affordable homes per year.
Many of the homes are expected to be “mid-market rent” developments, which would alleviate the pressure on social housing.
Councillor Paul Edie, the city’s housing leader, said: “If you are one of the 1500 people we are hoping to accommodate then it is good news, and if you are one of the city’s unemployed builders that need work then it is good news.”