deal. Nakheel plans to build 1,700 villas and 6,000 apartments. This has now been confirmed. In a Markets report published by Bloomberg on 17 November 2022, reports began to emerge that Nakheel was attempting to refund original investors of up to nearly twenty years, their original investment back without compensation or interest. Nakheel, a government-backed developer - chaired by Mohammed Ibrahim Al Shaibani, the managing director of the Emirate's sovereign wealth fund, the Investment Corporation of Dubai - says "it is giving back what it received from the development's original investors and can't help if people bought at higher prices in resale deals over the past two decades." Nakheel has offered voluntary refunds in the past, which some investors have taken, whilst others have remained on the basis of the promise that the development will be built, albeit not in the short term. After years of waiting, that moment appears now to have arrived, with Nakheel stating that it plans to restart a revamped version of the project in early 2023, now that the market has recovered. In the interim, the developer is offering just the original investment back or a credit note in the same development for the value of the invested sum received 'enhanced' by 50% of the same sum. However, waterfront villas are selling at a high premium and this credit note won't cover even 20% of the revamped property value. Dubai leads the 25-city forecast for 2023 with price growth expected to reach 13.5 percent. According to Knight Frank, prices were expected to rise by 2 percent on average in 2023. According to the report, the price rises can be attributed to a shortage of new supply and string inflows of ultra-high-net-worth individuals (UHNWI) who are targeting second homes in Dubai. The report reveals that the overriding challenge for the emirate is the shortage of waterfront homes as demand for waterfront properties are seeing a rise. Gallery See also Palm Islands The World, another artificial island project in Dubai. The Universe Dubai Waterfront Nakheel, the real estate developer of Palm Islands Tourism in Dubai References External links The Palm official website Images + Information on Palm Island Van Oord dredging and marine contractors Jan De Nul Group dredging and marine contractors Nakheel Properties Resorts in Dubai Artificial islands of Dubai Buildings and structures under construction in Dubai Emirate of Dubai Peninsulas of the United Arab Emirates