The financial markets may be in ruins but that hasn’t seemed to slow down the man-made island market. A new island currently being constructed in Bahrain is called Reef Island, and it is the latest in a long line of Middle Eastern luxury man made islands.  The project has done very well as a flux of Bahraini and European investors have rushed to buy over half the proposed housing units to date.

Previously known as Lulu Island, this reclamation project is being built as a joint venture between the Bahrain government and a Bahrain-based real estate development company. The development will cover 6.23 million square feet and will house 1,200 condominiums, a 250 room five star hotel, 65 villas, and 49 beach front homes. Future plans include an aquarium and a yacht club.