Bailed-out dubai developer returns to resi market after four years

Dubai developer Nakheel, bailed out by the government three years ago, is starting to sell its first residential properties since the market crash in 2008.

The firm will begin to sell townhouses on Palm Jumeirah next month. Nakheel chairman Ali Rashed Lootah said: “Not everyone wants a villa or an apartment.”

“There’s demand for townhouses on the beach, but we’re being careful not to increase the density on the palm.”

The real estate slump of 2008 had forced Nakheel to write down the value of its property by 78.6 dirhams, prompting the bailout.

 Source: OPP.org.uk