The real estate firm is looking at further investments in the US, Britain and Australia in the next 12 to 18 months as a result of the property price downturn in these countries.
The news comes as the company's real estate arm announced that its 2008 sales are likely to register a threefold increase on 2007's full-year figures.
So far in 2008, more than 6,100 Nakheel units have been sold. That amounts to 97% sold and 3 % reserved which exceeds the developer's targets.
More than two thirds of sales were apartment, over a quarter villa sales and 5% were land plot sales.
A further 2,650 units are set to be released in 11 additional sales launches scheduled for the final quarter of 2008, the company said.
Recently, a number of analysts have predicted a slowdown in Dubai's property market, with some expecting as much as 15% decrease in prices over the next two years, but sales figures indicate otherwise.
'If you compare the expansive vision of Dubai to the construction capacity constraint, which is currently around 80,000 dwellings per year, and if you believe that population growth will continue to rise by 6 to 7% per annum – a conservative estimate, then by 2020 we will still not have enough residences to meet demand,' Manal Shaheen, sales and marketing director at Nakheel.
Nakheel, one of Dubai's leading developers with projects such as The Palm Islands, The World and The Universe, does believe, however, that investing in other regions is wise under the current economic climate.
Nakheel is currently delivering as much as 50% of Dubai's new residential units. It is also aiming to become the largest shopping mall developers in the world by 2018. It will shortly take up the development of new retail space across five major projects – Palm Mall on Palm Jumeirah, Palm Mall on Palm Deira, Ibn Battuta Mall phase II, India Mart and Great Mall Dubai.
'By 2012, Nakheel Retail Shopping Malls division will be the largest shopping mall developer, owner and manager in the Middle East. By 2018, it will be one of the largest in the world,' Shaheen said.
Nakheel also has plans to develop 250 hotels in Dubai which would be a 50% increase on the current number.
