In pictures: Luxury marine style living in Dubai's The World Island
Buyers of Floating Seahorse Villas will potentially be among the world's first individuals to not only own the structure, but "also the ocean plot beneath as a pioneers of ocean ownership, subject to authority approval".
UAE-based property developer Kleindienst Group has announced that the government has registered its first floating structure as a villa, meaning that buyers of Floating Seahorse Villas will potentially be the first in the world to own ocean plots. Kleindienst said that the ownership of ocean plots are subject to authority approval, but that the company has initiated the plot-sub-division application process. In the Heart of Europe Kleindienst Group development, the Floating Seahorse Villas will now only be known as villas. The company noted that adding that ‘ocean ownership’ will allow owners to treat their property in the same way as on-shore properties in which the plot is valued at between 20 percent and 50 percent of the total asset value. “The Heart of Europe is a pioneering resort development introducing the new concept of second homes to the region and now this world first,” said Kleindienst Group founder and chairman Josef Kleindienst. “The registration of The Floating Seahorse Villas as a Villa is the first step to enabling people to have a title deed to their own piece of ocean. It will make true ocean-living a reality for the first time in the world.”