Investor finds way to flip The World island
Investor sidesteps Nakheel's 'no flipping' rule by putting 20,000 sqm island on the market for Dh42 million. An investor in The World project may have found a way to go around the "no flipping" diktat by Nakheel as he puts an island on sale, the first time one is being sold in the secondary market.
The 20,000 sqm island is up for sale for Dh42 million, according to Streamline Real Estate Brokers, the agency brokering the deal. When contacted about the’re-sale', a Nakheel spokesperson said: "Flipping is not allowed for islands on The World." A financial expert, on condition of anonymity, said if an offshore company owns the island then it can transfer shares to another person/company, thus transferring ownership. "The question is whether Nakheel will accept the new owners," he added.

Dubai Rentals