Island properties see surge in interest, says Kleindienst Group
The Floating Seahorse villa prototype was approved and licensed by the authorities last year.
Property investors looking for a safe haven during the Covid-19 pandemic have turned their sights to floating villas, leading to a surge in interest in properties such as the Floating Seahorse Villas in The Heart of Europe development, experts said.
Speaking to Khaleej Times, Josef Kleindienst, chairman of Kleindienst Group, developer of the $5 billion The Heart of Europe, said: "During the Coronavirus pandemic, people have realised that island properties remain a safe haven from these crises and thus are safer to live in island properties."
The Heart of Europe will host 131 Floating Seahorse villas, of which 78 will be completed as part of the Phase I that will be delivered in the last quarter of 2020. Initially, the Floating Seahorse villas were sold at Dh5 million apiece. The price has appreciated four times over the last few years. The Floating Seahorse villa prototype was approved and licensed by the authorities last year, following which Kleindienst Group has started to build them on-site.
"The price appreciated 400 per cent over the last four years - from 2016 to 2020 this year, as investors are seeing greater potential in return on investment from luxury island tourism destination properties, such as the innovative and sustainable Floating Seahorse Villas - that hosts the world's first underwater suites - offering breathtaking views of the marine life of the Arabian Gulf," said Kleindienst.
He added: "The Floating Seahorse Villas will be offered to tourists on short-term leases as holiday homes to visitors, residents and honeymooners. These will be managed by our hospitality division on behalf of the investors to offer a faster and higher return for them. Besides, we are offering more than eight per cent annual return which means the buyer would recover 100 per cent investment in 12 years."