Five years ago, Nakheel’s main problem was keeping up with demand. Back in 2007, anxious buyers queued for as long as twelve hours just for the privilege of handing over cheques for millions of dirhams. The Jumeirah Park project had just launched, and the queue of cars stretched back from Nakheel’s sales centre for several kilometres.
That was then; this is now. At this month’s launch of Nakheel’s newest venture on the Palm Jumeirah - its biggest claim to fame - the queues barely stretched around the counter.
So what went wrong? It’s safe to say it’s not been an easy few years for Nakheel. Famous for raising man-made islands out of the Arabian Gulf, the developer attracted even further unwanted fame globally as it battled to restructure more than US$16bn in debt in the wake of the Dubai property crash.
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