Irish property fund targets distressed properties in Dubai

Irish property firm Deluxe Properties has launched a €10 million (£9 million) fund to buy distressed properties in Dubai, a sign that now could be a good time to take advantage of the downturn in the emirate.
The property fund, backed by Middle Eastern, British, Indian and Russian investors is seeking to buy back properties from Irish investors in Dubai.

This is the latest fund launched by the Irish property firm which has already bought over £60 million worth of properties in Ireland.
Maria Fearon, managing director of Deluxe Properties, told Arabian Business: “Prices being considered by the new fund will not be as strong as those offered through our previous funds.
“Only ‘sought after’ locations are being looked at and only properties which are offered between 30 and 50 percent below the original price will be considered.”

The fund aims to target properties located in locations such as Dubai Marina, Jumeirah Lake Towers, Jumeriah Beach Residence, Ras Al Khaimah, Palm Jumeirah, Discovery Gardens and International City.

The company said it was not interested in buying stock in the Palm Jebel Ali, The World or Dubai Sports City.