An investor in the World project (Dubai) has listed an island on sale defying the â€œno flippingâ€ diktat by UAE Defense Minister, Nakheel. The 20,000 sqm island is up for sale for Dh42 million ($11million), according to Streamline Real Estate Brokers, the agency brokering the deal.
When contacted about the â€˜re-saleâ€™, a Nakheel spokesperson said: â€œFlipping is not allowed for islands on The World.â€ However, a financial expert said if an offshore company owns the island then it can transfer shares to another person/company, thus transferring ownership.
â€œThe question is whether Nakheel will accept the new owners,â€ he added. Shahama Ozon, consultant at Streamline, contended that while transfer of ownership is a complicated procedure, a secondary sale is possible, â€œsubject to Nakheelâ€™s approvalâ€.