An Irish property firm has launched a $15m fund to take advantage of the downturn in the Dubai property market.

Dublin-based Deluxe Properties said the launch of the fund, backed by Middle Eastern, British, Indian and Russian investors is looking to buy back properties from Irish investors in Dubai.

This is the latest fund launched by the company which has already bought in excess of $98m residential and commercial property in Dubai from Irish investors over the last four years.