An investor in the World project (Dubai) has listed an island on sale defying the “no flipping” 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 ‘re-sale’, a Nakheel spokesperson said: “Flipping is not allowed for islands on The World.”

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, “subject to Nakheel’s approval”.

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

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