Troubled developer Nakheel to start selling again on Dubai’s palm island

Dubai developer Nakheel wants to begin the selling of properties in its Palm Jumeirah project next month. These will be the first properties to be sold on the development since the property crash of 2008.
The Palm Residence project will test request for property in a market where prices have dropped more than 65% since their peak in the middle of 2008.
Most of the Palm project will be financed by off plan sales, meaning sales agreed before construction begins, a method that was common before the property slump and that has been criticised for being responsible for flipping and the price boom that led to the property crash.