Opposition parties have warned that any injection of funds into the mental health sector must be targeted at cutting current waiting lists.
The Government confirmed this morning that the sale of 200 acres of land attached to 14 psychiatric hospitals would create a multi-million euro windfall for the sector.
Minister of State for Health Mr Tim O'Malley also announced that a Government project team had been set up to organise the sale of the lands.
But Fine Gael health spokeswoman Ms Olivia Mitchell said she was "highly sceptical" that enough of this money would be ploughed into improving essential services.
Ms Mitchell claimed a teenager attempting suicide today would have to wait up to two years to see a psychiatrist.
"A shortage of specialist personnel like psychiatrists, psychologists and counsellors in the sector is adding to current waiting lists," she said.
The Government says the investment will be used to establish community-based multidisciplinary teams of health professionals.
The Green Party described the land sell-off as "pathetic kite flying" and said it did nothing to address long-term services for those with mental health needs.
Health spokesman Mr Dan Boyle said that follow-up treatment for those who have attempted suicide "is practically non-existent".
"This is a typical PD approach that avoids the response appropriate to genuinely meeting the long term requirements of the mental health services. The proposal will only lead to the return of funding problems when the proceeds of any land sales run out."
Mr Boyle said the lack of adequate provision for mental health needs is also highlighted from the advocacy and depression support group Awarethat people with psychiatric difficulties presenting at accident and emergency facilities are receiving insufficient treatment, and that follow-up treatment for those who have attempted suicide is practically non-existent."
"Minister of State Tim O'Malley should be dealing pro-actively with the problems of Irish mental health services, rather than engage in pathetic kite flying that does nothing to address the long term services for those with mental health needs," Mr Boyle added.
The Department of Health said that up to 72 additional consultant psychiatric posts have been approved since 1998 and over €17.5 million has been specifically allocated towards suicide prevention research.
A spokesman added that special funding has also been provided for psychiatry services to identify, support and treat teenagers who attempt suicide.
Additional reporting: PA