Investors Palmed off in Dubai
Property in Dubai does not come much more exclusive than the beachfront property of Palm Jebel Ali. Or at least it wouldn’t if the projects had made some progress, & now the developers, Nakheel, are trying to re direct investors towards other properties.
Investors are now feeling aggrieved as around 60 of them recently demonstrated outside the Dubai Land Development Department to demand an enquiry into the practises of Nakheel.
The company has been offering Palm Island investors the alternative of alternative properties for sale in Dubai, such as the studio apartments in Dubai Discovery Gardens.
The Palm was a huge land reclamation project that was government backed & many investors feel a sense of utter disbelief that the project has stalled indefinitely.
Depositors are lobbying Nakheel to allow transfers to permit investors the choice of selling on their deposits if they wish. If they do, vendors may well be offering bargain prices for investors who are prepared to wait for Island completion.