Real estate developer Kleindienst Group said prices for its $ 5 billion European project Floating villas in Dubai have more than quadrupled.
Our price increase, especially 4.5 times, is a turning point for our current investors as we enter a new stage of development. . Joseph Kleindienst, president of the Kleindienst Group, has stated that the first phase of our work is preparing for the handover of power and that all of the islands are now under construction.
The cost of the floating Seahorse villa is 20 million dirhams, and will now increase to 20 million euros (90 million dirhams), while a beach palace on the island of Sweden rises from 80 million dirhams to 80 million euros (358 million dirhams). Units in the Côte d’Azur section of the project will now cost 1.7 million euros (7.616 million dirhams) instead of 1.7 million dirhams previously.
This would bring the project closer to the most expensive property centers in the world such as Monaco, London, Moscow, Geneva, Vienna, and Paris, where prime real estate prices range from 59,000 dirhams to 235,000 dirhams per square meter. Where real estate prices in the UAE were set in the heart of Europe and discounted on the international equivalent, these numbers will remain the same, but now they will be denominated in euros.
Luxury real estate in Dubai is almost ten times cheaper than its counterparts in some of the most expensive cities in the world, according to the most recent research by Knight Frank, the Global Real Estate Investment Report.
The International Residential Index (Perry 100), which forms part of Knight Frank’s Fortune Report for 2020, revealed that $ 1 million will get investors 154 square meters of prime real estate in Dubai. Monaco may top the list of the most expensive cities in the world and will buy the same spending only 16.4 square meters, then 21.3 square meters in Hong Kong, and about 30.