A property firm out of Dublin, Ireland launched a $15 million fund in order take advantage of the Dubai property market’s downturn. Deluxe Properties said the fund is backed by Russian, Indian, British, and Middle Eastern investors who want to buy properties back in Dubai owned by Irish investors.

Over the last four years, Deluxe Properties has already bought over $98 million work of commercial and residential properties. However, the prices considered by the new fund are not likely to be as strong as those that were offered in previous funds.

The property firm is targeting the most sought after locations and only properties that they can secure for between 30 and 50 percent lower than the original price.

These targeted locations include Dubai Marine, Palm Jumeirah, Jumeirah Lake Towers, Ras Al Khaimah, Jumeriah Beach Residence, Discovery Gardens, and International City. They are not seeking properties at the Palm Jebel Ali, Dubai Sports City, or The World.