Wednesday, October 24, 2007

The World - most exclusive piece of real estate

The World is considered to be the most extravagant project by Nakheel, with an archipelago of 300 manmade islands, set to be another icon for Dubai. With islands located just off the shore of Jumeirah beach, it is the most exclusive piece of real estate that one can own. The islands are constructed using the same techniques as in other popular Nakheel developments, the Palm Jebel Ali and the Palm Jumeirah.

The World Dubai
The islands are so arranged as to form a globe, and draws attention from celebrities, wealthy businessmen, and even royalty to purchase a major island representing a specific country. Only recently, the island of Greece has been sold for $15.5mn dollars to an anonymous bidder in Greece. Depending on the location and size, the islands are priced anywhere between $15mn and $50mn. However, it caters only to the super-rich. The placement of infrastructure is left to the choice of the buyers, and this has resulted in the islands being pursued for residential and tourism purposes.

The only form of transport to the island is by boat and sea plane, hindering access to authorized visitors or residents, and this unique selling point has led to more than 60% of the islands being sold already. Despite the expense, the opportunity to own an island is an idea that can be realized only in few parts of the world, and Dubai is one such place.

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