Nearly all homes on Heart of Europe 'sold out', says developer

Just a handful of homes on The Heart of Europe project off the coast of Dubai remain unsold, according to sales figures shared with Arabian Business by developer Kleindienst Group.

The Heart of Europe is a six million square feet development on the man-made World Islands off the coast of Dubai that will become what the developer says will be “a taste of the best of Europe in Dubai”.

‘Countries’ in the form of islands include Sweden, Germany, Russia, and Italy, with a central commercial development called Europe with hotels, retail and entertainment spaces, and beaches.

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Construction on the much hyped project was due to begin in November 2008 before it was delayed after the financial crisis of 2008 hit Dubai in October that same year.

Development finally began in 2014 and the project’s value has grown from an initial AED 1.5 billion ($408.36 million) equity undertaking by Kleindienst Group to AED 5 billion ($1.36 billion) after sales, according to the developer.

“All of the homes will be handed over by the end of the year, and we will have all of the project completed and ready before the Expo 2020,” Kleindienst Group chairman, Josef Kleindienst told Arabian Business.

Of the beach palaces on Sweden, all of have been sold out at prices ranging from AED 30 million to AED 75 million ($8.2 million to $20.55 million).
“The residences were bought by two families from Europe with the rest sold to royals from the GCC countries whom everyone would recognise, but we cannot reveal their names because they were guaranteed privacy,” he said.

The homes will be handed over by the end of the year, “because many of the residents want to celebrate New Years’ Eve on the island,” he added.

Villas on the island of Germany came in two types, 15 beachfront villas and 17 lagoon front town houses. Prices for the former averaged AED 26.2 milion while those in the latter were sold starting at AED 11.5 million.

Ref : Property Report