Kleindienst Group, the UAE’s largest European property developer, has announced that it has sold 85 per cent of the second homes scheduled for Phase One of its Dh1.5-billion ($408 million) mega development, The Heart of Europe, located 4 km off the coast of Dubai.

The Heart of Europe is pioneering the second home market and an unrivalled, innovative, world-class tourist destination on six coral-rich islands in The World, sustainably bringing the best of European culture to Dubai, stated the developer.

Kleindienst Group has worked on properties on Sweden Island, Germany Island and 78 floating seahorses situated in a Maldivian setting at honeymoon Island, St Petersburg.

Handover of Phase One started in 2018 and is fully on track for completion in 2019, said the developer.

The demand from investors, predominantly UAE (40 per cent) and GCC nationals (30 per cent) has been positive, demonstrating an understanding of the new second home concept in this region and the strong opportunity for favourable returns on investment, it stated.

Currently on The Heart of Europe, Kleindienst has built a fully functioning transportation hub to and from the mainland as well as a construction hub including barges, boats and a batching plant.

Over 1,700 workers now reside, eat and work on the six islands, an increase of 60 per cent since the beginning of the year. As more projects start construction in 2019, this number will grow again to maintain the momentum of delivery.

With the  infrastructure in place to support such a large workforce from kitchens producing organic food to housing, power, IT and sewage treatment - adhering to the zero discharge policy – The Heart of Europe is equipped to welcome owners in 2019 and tourists later in the year too.

Founder and Group Chairman Josef Kleindienst said: "After a highly successful 2018, The Heart of Europe is on track in Phase One with 85 per cent of the second homes sold."

"We are passionate about building the impossible and the innovative world firsts excite our investors as well as 100 per cent guaranteed return on investment after 12 years, attractive rental yields and strong capital appreciation," he noted.

“As the only developer to increase our prices more than 50 per cent due to strong demand for the second home market, a new concept in this region, we are confident that we will witness continued success year on year sales increase during 2019,” he added.-TradeArabia News Service