For those of you with clients looking for a sizable area of sand just off the coast of the one the most oversupplied markets in world, today is a happy day.

The owner of The World, an archipelago of 300 man-made islands off the coast of Dubai has announced the country-shaped land banks are being re-priced with a view to selling them on the open market.

Nakheel, which is now solely owned by the Dubai government, sold the islands at the height of the boom for prices ranging between $20 million to $80 million.  British overseas property agent Safi Qurashi famously bought “Britain” for £43 million before later being jailed for bouncing cheques.

The developer claims that 70% of the islands are sold which leaves around 90 islands still be re-priced and sold by Dubai’s leading developer.

Although Nakheel claims there have been no “repossessions”, it recently told a local newspaper that a number of purchasers had breached their sales agreements by defaulting on payment.  There have also been reports of owners trying to sell the islands on the secondary market for substantial discounts.

Although the new prices have not yet been announced, I’m sure there will be many of you keen for a piece of the action.  Unfortunately however, if you had a hankering after Greenland, the bad news is that it is “occupado” and is currently being used by Dubai’s ruler for show home.