Damac seeks Irish buyers

One More Thing:Buyers in the Irish property market might be thin on the ground at the moment but that hasn't stopped UAE-based Damac Properties from pitching its tent in Dublin.

Damac yesterday launched a city-centre sales office to flog properties in the Middle East, primarily Dubai. It promises sand, sea and some sexy returns on investments in high-rise residential and commercial property.

Peter Riddoch, Damac's chief executive, confidently predicted to us that Damac would achieve €100 million worth of sales from Irish investors this year.

"In the past three years we've seen interest from Irish investors double every year," Riddoch said.

Damac Properties was set up in 2003 and claims to be one of the biggest developers in Dubai and the Middle East with a portfolio valued at $30 billion.

Dubai has its attractions. The state is a tax haven and last year introduced freehold property laws for foreign investors. Property prices are lower than you would pay in Ireland and rising by 20 per cent or more a year while double-digit rental yields can be expected.

That said, the frenetic pace of development there in recent years has raised the spectre of a property bubble.

To entice Irish investors, Damac is offering the chance to win an Eclipse 500 private jet, worth about €1 million, in a mega draw for every property bought in the Arab emirate. With Aer Lingus axing direct flights from Dublin to Dubai next month, it might come in handy for Paddy if he wants to visit his flashy new pad.