The first phase comprises 20 villas, designed by leading Spanish architectural practice A-cero, and is reserved exclusively for private holiday homes. The plots, inclusive of sea frontage, range from 6,000 to 40,000 square feet on which investors select their pre-designed shell and core scheme for a 3, 4 or 5-bedroom villa. Interior fitouts are then customised to individual tastes with investors able to choose from a wide range of finishing options.
The villas are primarily targeted towards end-user holiday home investors, a market which Kleindienst Group sees as a key driver of tourism and real estate growth in Dubai over the short to medium term.
While property prices in the emirate fell up to 50% is some instances during the year, Kleindienst Group remains confident in the investment potential of The World given it is one of the only sites dedicated entirely to holiday home ownership.
“We have interests in industrial, commercial, hospitality and residential real estate, but The World is where we now see the strongest market potential. Tourist arrivals to Dubai have increased despite the economic slowdown in 2009 and worldwide the market for property ownership abroad has shown resilience, particularly for luxury holiday home destinations,”
explains Chief Executive Josef Kleindienst.
Kleindienst says Dubai presents many advantages over its rival Miami as a luxury winter sun destination for European holiday home investors.
“It is a safe and sophisticated city which is half the travel time so visitors avoid jet lag. They can also enjoy tax-free income generation from holiday leasing,” he added.
According to analyst reports, Germans alone will purchase 60,000 new vacation homes around the world in 2010.
“We anticipate The Heart of Europe will attract interest from both offshore Europeans and residents of Dubai. Investor enquiry levels are looking positive – we have already sold three villas ahead of our official launch to market,” said Kleindienst.
Commenting on the launch of The Heart of Europe Marwan Al Qamzi, Group Managing Director from master developer Nakheel said, “The World is one of our most ambitious projects and part of the long-term vision of Dubai. The development is bolstered by the select group of developers on The World who have the skill to create developments consistent with the vision of the project and have the expertise and capital to deliver economically viable projects in a mature real estate market.”
The entire Heart of Europe project is spread over the islands of Germany, Austria, Switzerland, Netherlands, St Petersburg and Sweden, on which will be another six European destinations – Belgium, Geneva, Luxembourg, Monte Carlo, Poland and Sochi.
The first-class holiday destination is a celebration of the continent’s artistic and cultural treasures with each country capturing a different facet of Europe’s unique character – music in Holland, innovation in Germany, style in Austria, wonder in Russia, tranquillity in Sweden and romance in Switzerland.
When complete The Heart of Europe will be home to 75 private holiday homes, six apartment buildings, six hotels, six lighthouses and six floating palaces as well as a diverse range of retail, entertainment and F&B outlets.
Kleindienst Group has partnered with some of Europe’s foremost architects and technology providers, including the esteemed Fraunhofer Institute, to give The Heart of Europe its signature style of sleek and modern design infused with characteristics of the host countries.
The development is also a beacon of sustainability and innovative design, with green features that distinguish it as one of the worlds most environmentally and forward-looking destinations, such as zero-energy villas and a climate-controlled boulevard.
Monday, December 21- 2009 @ 16:46 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.