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.
However, a financial expert 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.
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€.
He did not name which island is up for sale, but added: “We are selling it at a very marginal premium. There have been a number of inquiries.” AFP