Kleindienst Group, the creator of The Heart of Europe project being built off the Dubai coast, has announced a record sales quarter of over AED345 million ($93.9 million) for its freehold second homes.
This represents a 69 percent year on year increase compared to Q1 2018, the developer said in a statement.
Since the end of December, Kleindienst said it has sold 100 percent of phase one including Sweden Island, Germany Island, St Petersburg Island and over 80 Floating Seahorse Villas.
With over 2,000 people working on the islands Kleindienst, will hand over phase 1 by the end of 2019, it added.
Kleindienst said it is creating a new destination for vacationers and staycationers alike offering new experiences such as diving among coral reefs in a Maldivian-style island setting just 20 minutes from shore.
The project will also feature climate controlled streets for an ambient temperature outside all year round.
According to Kleindienst’s initial research, there is an estimated demand for between 50-60,000 second homes worth around AED50 billion in Dubai.
Josef Kleindienst, founder and chairman of Kleindienst Group said: “The model for world-class second homes in Dubai is working. The record sales this quarter have reinforced the concept with many investors who now understand the definition of second homes either as a holiday retreat or as a good financial investment with guaranteed returns.
"Whether you welcome friends and family to spend time on a Floating Seahorse Villa or your suite in one of the 13 hotels, the trend is moving towards second homes and income-generating assets.”
In February, Kleindienst Group said it plans to double its workforce by June.
The European property developer said it already doubled is workforce last year, rising from 878 in January to 1,672 by the end of December.
Kleindienst Group said it will hire an additional 250 new staff per month for the first six months of 2019, to support the completion of phase one and the start the second and third phases of construction, as well as grow its sales operations.
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