The Kleindienst Group says it will start handing over the first of the 2,000 residential and hospitality units within its $5bn Heart of Europe development in Dubai. The project includes floating villas, mansions and apartments.

According to a statement from the developer, the project spans six islands comprising part of the World Island’s, Dubai, and has already drawn investors from across the globe.

With handover of units commencing this month ahead of individual customisation, prices of ultra-prime villas, mansions, floating villas and apartment units will increase fourfold, the statement noted.

This brings the exclusive project into closer parity with the most sought-after property hubs in the world such as Monaco, London, Moscow, Geneva, Vienna and Paris, said chairman Josef Kleindienst. The move rightly applies increased values to properties within a project hallmarked by its innovation, uniqueness and sustainability as well as luxury, he remarked.

“Our price increase, specifically 4.5 times, marks a turning point for our existing investors as we enter a new phase in the development,” he pointed out.

Where previously Heart of Europe prices have been quoted in UAE Dirhams and at a discount to their international equivalents, those numbers will remain the same, but will now be denominated in Euros, explained Kleindienst.

He added, “This marks the project’s arrival on the world-class real estate stage and repositions its prices alongside the rest of the penultimate luxury segment. The Heart of Europe has performed very well across the second home and hospitality segments in the last five years; our Phase 1 is getting ready for handover and all islands are now under construction. We firmly believe that our prominence within the UAE’s fertile hospitality and second home sector, alongside our world-famous assets and experienced management team, is a potent combination which will support the company’s future growth and will further reward our investors.”

Kleindienst pointed out that determined construction progress has been made this year despite the challenges brought by the COVID-19 pandemic.

“This has seen our group leaping closer to delivering the key opening phases of the iconic development, which lies a short hop from one of the most connected, safe and tax-friendly cities in the world.”