Demand for second homes grow as Dubai’s Heart of Europe sees ‘record’ sales in Q1
During the first quarter of the year, Dubai developer Kleindienst Group recorded ‘record’ sales of over Dhs345m for its $5bn Heart of Europe development.
69% sales increase
There was a 69% on year-on-year increase from Q1 2018. The developer said the growth in sales reflected strong demand for second homes in Dubai and the UAE market.
According to Kleindienst’s initial research, there is an estimated demand for between 50-60,000 second homes worth around Dhs50bn.
Since the end of December, Kleindienst sold 100 per cent of the first phase including Sweden Island, Germany Island, St Petersburg Island and over 80 Floating Seahorse villas.
Heart of Europe development
Heart of Europe in Dubai’s World Islands features four kilometres off the Dubai coastline, comprising of six man-made islands styled after a blend of European countries and cities.
This $5 billion mega project will be able to accommodate 16,000 tourists for a one-of-a-kind luxurious travel destination.
The areas include Venice and St Petersburg, Sweden, Germany, Switzerland and more.
Sold: German and Sweden island
In November 2018, all the 32 villas on Germany Island sold out as second homes. Sweden island, surrounded by clear and pristine beaches sold out earlier last year, selling to two European billionaires and eight Middle Eastern royals.
The World development
The World is one of Dubai’s grandest enterprises and started in 2003 and includes a huge archipelago of 300 artificial islands in the shape of a world map, ideal for the rich and famous.
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