Floating villas in Dubai: Four-fold increase in prices

Dubai - Luxury properties in Dubai are almost 10 times cheaper than in some of the world’s most expensive cities

By Web report

Published: Tue 22 Dec 2020, 9:39 AM

Last updated: Tue 22 Dec 2020, 9:43 AM

Property developer Kleindienst Group said prices of its $5 billion The Heart of Europe project have more than quadrupled.

“Our price increase, specifically 4.5 times, marks a turning point for our existing investors as we enter a new phase in the development… Our Phase 1 is getting ready for handover and all islands are now under construction,” said Josef Kleindienst, chairman of Kleindienst Group.

Where the cost of a Floating Seahorse Villa was Dh20 million, it will now increase to €20 million (Dh90 million), while a Beach Palace on the Sweden island rises from Dh80 million to €80 million (Dh358 million). Units in the Côte d'Azur section of the project will now cost €1.7 million (Dh7.616 million) instead of Dh1.7 million previously.

This brings the project into closer parity with the most sought-after property hubs in the world such as Monaco, London, Moscow, Geneva, Vienna and Paris, where prime property prices can range between Dh59,000 up to Dh235,000 per square meter. Where previously Heart of Europe prices have been quoted in UAE Dirhams and at a discount to their international equivalents, those numbers will remain the same, but will now be denominated in euros.

Luxury properties in Dubai are almost 10 times cheaper than in some of the world’s most expensive cities, according to latest research by Knight Frank, the global real estate advisory.

The Prime International Residential Index (PIRI 100), part of Knight Frank's Wealth Report 2020, revealed that $1 million will get investors 154 square metres of prime real estate in Dubai. Monaco topped a list of the world’s most expensive cities and the same spend will buy just 16.4 square metres, followed by 21.3 square metres in Hong Kong and 30.4 square metres in London.

waheedabbas@khaleejtimes.com