Work soon to start on Dubai's Europe

The islands earmarked for The Heart of Europe development.

The European Kleindienst Group will commence development on its Heart of Europe project – a 12-site luxury vacation destination on Nakheel's The World project, off the coast of Dubai, at the beginning of 2010.

The development will take in six of The World’s islands and construction will start on the island of Germany, with a first phase comprising 20 villas, designed by Spanish firm A-cero.

The developer has claimed that it remains confident about the investment potential of The World, given its status as one of the only sites in the region 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,” explained Kleindienst Group chief executive Josef Kleindienst.

“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.

“It is a safe and sophisticated city which is half the travel time [compared to alternative winter sun destinations] so visitors avoid jet lag. They can also enjoy tax-free income generation from holiday leasing,” he added.

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“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.

The Heart of Europe project is spread over the islands of Germany, Austria, Switzerland, Netherlands, St Petersburg and Sweden and is developing each country in a style that captures a different facet of its unique character.
 
When complete, The Heart of Europe will have 75 private holiday homes, six apartment buildings, six hotels, six lighthouses and six ‘floating palaces’, as well as a range of retail, entertainment and F&B outlets.
 
“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,” added Nakheel group managing director Marwan Al Qamzi.
 

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