The National Asset Management Agency has announced proposals to invest €2bn in Ireland over the next four years.
NAMA Chairman Frank Daly said that the investment could generate 25,000 jobs in construction and an additional 10,000 jobs in the wider economy.
The figures are based on two studies, one from the Department of Finance in 2010 and one from the Construction Industry Council in 2009.
The money will be used to complete commercial and residential projects and to develop future greenfield sites.
Around 90% of the agency's Irish property assets are located in the greater Dublin area and in Cork, Limerick and Galway.
NAMA will also launch at least one Qualifying Investor Fund this year to attract big institutional investors.
The agency has said that there is an 80:20 deferred payment initiative for residential mortgages, which has generated €8.4m since the pilot phase was launched two weeks ago.
Rental income is being generated from over 9,000 residential units in NAMA.
Mr Daly said that NAMA is "cautiously positive about the property market, we think that the economy and some of the important property segments have turned the corner".
He said that having analysed all the business plans of NAMA's debtors, he believed that two thirds of the debtors will be working with NAMA and that they can have a commercially viable future, and he considered that a very positive outcome.
The Construction Industry Federation has given a cautious welcome to NAMA's plans.
CIF Director General Tom Parlon said the plan was a positive one but that it was only the beginning, adding that "one swallow did not make a summer".
He said it was just one small gesture but that more initiatives like it would be welcomed and looked forward to the Government making some announcements like this one.
The issue of whether properties being sold by NAMA through appointed agents should be sold on the open market was raised in the Dáil by Fianna Fáil’s Michael McGrath.
Minister for Finance Michael Noonan said that NAMA was an independent organisation and that it was a criminal offence for anyone, including himself, to try to steer or influence its work.
However, he pointed out that the agency was accountable through reports, bodies, such as the PAC, and the Comptroller and Auditor General.
Mr Noonan said there was accountability and if there were problems with any aspect of NAMA's work, the C&AG could investigate it at any time.
Mr McGrath was referring to the private sale of what he described as a ''450-acre land bank of prime agricultural land'' in Cork.
The property in question was sold through an agent appointed by NAMA and was not advertised on public market.
Mr Noonan told the Dáil that by the end of March, the agency had invested over €500m in its investments in Ireland, which he said helped secure thousands of jobs in small and medium businesses around the country.