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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.
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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.
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In the Heart of Europe Kleindienst Group development, the Floating Seahorse Villas will now only be known as villas.
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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.
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“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.
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“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.”