Mayfair Wealth Management launched a US$50m (Dh183.6m) fund Tuesday that will invest in distressed property in Dubai and Abu Dhabi, a sign the property market may be levelling out.

The Sharia-compliant fund, which has yet to raise capital, will focus on investing in completed and near-finished properties it sees as undervalued, said Amani Choudhry, the chief executive.

'I feel in a couple of months the market will reach the bottom,' she said. 'We’ve been monitoring the market for undervalued properties for 10 months and we’re ready to start investing.'

The National