SELLING DUBAI INVESTMENT:A THIRD – and last – private investment fund, valued at €25 million, has been launched by Malahide, Co Dublin-based Deluxe Properties aimed at people who want to offload properties in Dubai.
It is offering to buy either completed properties or properties that will be finished in six months. “A couple of hundred” properties, both high and low-end, have already been bought by two earlier funds launched by Deluxe in July and October last year, says Deluxe director Maria Fearon.
“Irish property investors who bought in Dubai during the boom time and who cannot afford to close on their contract or who wish to sell them on for whatever reason are being invited to contact Deluxe Properties,” according to a Deluxe press release.
Irish investors are selling because of financial troubles at home, says Ms Fearon, who has been selling properties in Dubai for eight years.
Many properties are being sold for less than the buyers paid, some at the same price and a few for more than the original price.
The international investors who make up the Deluxe fund come mainly from the Middle East, UK, and Russia, says Ms Fearon.
Deluxe Properties is seeking units only in specific developments in Dubai: these are Dubai Marina, Jumeirah Lake Towers, Jumeirah Beach, Ras Al Khamiah, Palm Jumeirah, Palm Jebel Ali and Discovery Garden.
Sellers will be asked for paperwork that’s in order, full contracts, passport details and proof of payments to date.The fund will likely hold onto the properties until the market recovers, says Ms Fearon.
www.deluxepropertiesireland.com
