Things do seem to be hotting up in the investment property world, and I don’t mean burning down hot as seen in the recent Australian bushfires. Volatile is the word that comes to mind. As developers and agents try to combat falling prices, we are starting to see some interesting approaches. Most of Manhattan seems to be up for rent at the moment with luxury condominiums in Manhattan completely failing to sell.
Speaking of The World – The International Herald Tribune reports that Nakheel have so far sold 70% of The World Islands in Dubai. Although, apart from a Belgian Baron planning a boutique hotel, and rumors of a couple of other investment groups, such as an Irish consortium to develop Great Britain and Chinese consortium to develop China, much of this development seems to have been sold either to Dubai based developers, or other neighbors. Seeing as Nakheel is government owned, and all the developers are government owned, they have effectively sold it to themselves…..
