Kleindienst Group, the UAE's largest European property developer, said it has sold all the major units within Phase One of its The Heart of Europe development including the Sweden, Germany and St Petersburg islands besides over 80 Floating Seahorse villas.
Announcing another record sales quarter of over Dh345 million for its freehold second homes, the first in Dubai, Kleindienst Group said this represents a 69 per cent year on year increase from Q1 2018.
The Heart of Europe is pioneering the second home market and an unrivalled, innovative, world-class tourist destination on six coral-rich islands in The World, sustainably bringing the best of European culture to Dubai, stated the developer.
With work in full swing backed by over 2,000-strong workforce at the islands project site, Kleindienst will hand over Phase One this year.
Kleindienst is the first developer to use its experience from a mature European market to pioneer the second home concept in Dubai and the UAE as a regional first.
It is creating a new destination for vacationers and staycationers alike offering new experiences such as diving amongst coral reefs in a Maldivian-style island setting just 20 minutes from shore and climate controlled streets for an ambient temperature outside all year round.
The concept of a second home is a property located outside a major city that requires the owner to drive or sail to for a weekend or staycation.
This is not a permanent residence and can be used solely by the owner or as an additional income stream through rental to holidaymakers with a yield from 8-10 per cent.
According to Kleindienst’s initial research, there is an estimated demand for between 50-60,000 second homes worth around Dh50 billion therefore reinforcing Dubai’s readiness to develop the freehold second home concept in line with other major cities around the world
Group Founder and Chairman Josef Kleindienst said: "The model for world-class second homes in Dubai is working. The record sales this quarter have reinforced the concept with many investors who now understand the definition of second homes either as a holiday retreat or as a good financial investment with guaranteed returns."
"Whether you welcome friends and family to spend time on a Floating Seahorse Villa or your suite in one of the 13 hotels, the trend is moving towards second homes and income-generating assets," he added.-TradeArabia News Service
Kleindienst completes sale of Heart of Europe Phase I units
&uuid=(email))