Kleindienst Group says first-half sales supports estimates that there is demand for up to 60,000 second homes in the UAE
Kleindienst Group, the creator of The Heart of Europe project off the coast of Dubai, has announced revenues exceeded AED575 million ($155 million) during the first half of 2019.
The developer said the half-year sales demonstrates the popularity of The Heart of Europe and supports its estimates that there is a latent market demand for between 50,000 and 60,000 second homes in the UAE alone.
The $5 billion project is the first of its kind to introduce the second home concept to Dubai.
Kleindienst also revealed that two of the islands on The Heart of Europe project are more than two-thirds complete, with Germany Island and Honeymoon Island entering the final stages of build.
Germany Island is shaped like a horse shoe, featuring 32 villas, either positioned with beachfront access or surrounding a purpose-built lagoon, with landscaped gardens and tropical vegetation. There will also be 12 Floating Seahorse villas - underwater living residences - situated at Germany Island.
The Honeymoon Island has been constructed in the shape of a heart, and will host over 100 Floating Seahorse villas, four restaurants and bars, adult infinity pool, children’s pool and play area, dive centre, and health spa.
Phase one is sold out with phase two and three underway and seeing strong demand from European investors.
The developer also said it will shortly launch one of the project's hotels.
Josef Kleindienst, founder and chairman of Kleindienst Group said: “Sales in H1 indicate there is a strong demand for a unique second home destination. We have over 2000 people working on the delivery of The Heart of Europe, and it is really taking shape.
"Germany Island and Honeymoon Island are the most advanced, while Sweden Island, which will hold 10 luxurious and intricately designed palaces, is 70 percent to completion. The Heart of Europe’s first hotel, the family-only Portofino Hotel is also around 50 percent finished. Creating something that has never been done before is not always straightforward, but our team has never wavered in its pursuit of perfection. Their hard work and dedication is beginning to pay dividends.”For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.