Deyaar raises funds for property in Dubai

Real estate company Deyaar has announced that it has raised half of the money needed to buy a selection of distressed property in Dubai.

The organisation has so far garnered AED 500 million (£82.5 million) of funding as part of a group of local and overseas investors.

Markus Giebel, chief executive of Deyaar, says the collaboration will then collectively buy back property in Dubai from the company's own portfolio, some of which had previously been put on hold.

"The fund will also look at other properties with high expected returns," the specialist told Bloomberg.

Deyaar has announced that it remains committed to property in Dubai and will shortly announce plans for future development in the emirate.

In other news, Jannie Biddulph, sales manager at Better Homes, has announced that a recent open day held by the company saw hundreds of people express interest in purchasing property in Dubai.