Taosman
Your Cousin In New Mexxico
Being built off UAE in the Persian Gulf.
Arab island resorts are reshaping geography
United Arab Emirates building 'The World' and other enclaves
Nakheel via AP
This illustration shows that "The World," a collection of 300 man-made islands off the United Arab Emirates, is intended to look like its name when completed by 2008.
The wealthy are already snapping up the homes on offer, even though few have been built, none has been occupied, and some exist only on maps of what is still open sea.
Even so, nonexistent properties are being sold and resold at serious premiums.
"We have watched it from the beginning. It has just been extraordinary," said Brian Scudder of Oryx Real Estate, a Dubai firm. Scudder said the properties, listed at $780,000 to $1.4 million, have doubled in price since hitting the market in May 2003.
Arab island resorts are reshaping geography
United Arab Emirates building 'The World' and other enclaves
Nakheel via APThis illustration shows that "The World," a collection of 300 man-made islands off the United Arab Emirates, is intended to look like its name when completed by 2008.
The wealthy are already snapping up the homes on offer, even though few have been built, none has been occupied, and some exist only on maps of what is still open sea.
Even so, nonexistent properties are being sold and resold at serious premiums.
"We have watched it from the beginning. It has just been extraordinary," said Brian Scudder of Oryx Real Estate, a Dubai firm. Scudder said the properties, listed at $780,000 to $1.4 million, have doubled in price since hitting the market in May 2003.
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