Designed to dazzle as the ultimate luxury property possession, Dubai Islands ‘The World’ are gradually sinking back into the sea, according to some. This is not stellar news to the many who have sunk considerable collateral into the fantasy world. Yes, shockingly, evidence has been presented to a property tribunal that the man-made islands fashioned like the countries of the world are surrendering the sea, due to deterioration and erosion.
A British lawyer representing a company bringing a case against Nakheel, the state-run developer, has presented evidence to judges that the luxury island’s sands are eroding and that the navigational channels connecting them are filling with silt. Well, how can a luxury yacht charter navigate that?
A spokesman for Nakheel has countered that The World is not sinking, and that periodical monitoring over the past three years fails to show substantial erosion that requires nourishment. I foresee a litigation-logged long road ahead in this case.
The World boasts fabulous 5-star hotel complexes, luxury villas and some of the most expensive private residences in existence, accessible only by yacht or motorboat.
Approximately 70% of The World’s 300 islands have been sold, and ‘Greenland’ is the only island that remains uninhabited. So what is the financial trouble here?
It seems that development plans have come to a stop faster than a Lexus LFA supercar with new brakes for much of The World. The financial crisis is being pinned as a culprit, as some investors have proven unwilling or unable to finance further work when Dubai’s property prices halved within the timeframe of a year. There have been other snags and issues, such as John O’Dolan, owner of ‘Ireland’ committing suicide and Safi Qurashi, owner of ‘Britain’ serving seven years in jail in Dubai for bouncing checks.
Well, some have joked that perhaps Angelina Jolie and Brad Pitt will swoop in and buy ‘Ethiopia’…
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Post by Imagine Lifestyles Luxury Rentals