Dublin is to feel the benefit of 8.48 billion euros ($11.98 billion) of new construction as the dormant property sector rebounds in Ireland this year.

This is a bit of a surprise considering the dire straits of the Irish economy, which has swung from bank bust to sovereign debt warning since the financial crisis began.

Dublin, once nicknamed Dubai on the River Liffey because of its abundance of riverfront cranes, looks set to turn the corner in terms of construction as investors anticipate a return to economic growth by the time of project completion.

The property restart comes in addition to 8.2 billion euros ($11.6 billion) worth of property already under construction. The 44.3 billion euros ($62.6 billion) of projects on hold may be more alarming for foreign investors, as Ireland continues to be mired in a bank scandal which has cost the government billions and broken down the confidence of the citizens in the state.