Dubai – Mubasher: Dubai-based developer Kleindienst Group on Monday announced receiving the government’s approval of the world’s first floating structure now registered as a Villa.
“This new registration and classification of The Floating Seahorse as a Villa by the Government earns another world-first for Dubai making ocean living reality, not just a dream,” the UAE’s largest European property developer said in a statement.
This new category of the property will set an example globally for many more ocean developments to come, the creator of The Heart of Europ added.
“The Floating Seahorse Villas will be known only as Villas and by adding ocean ownership through the title deed, it will significantly increase the value of each Villa. Once completed,” the statement said.
The Floating Seahorse Villas will allow owners to treat their property in the same way as an on-shore one and the plot on which a property sits is usually valued between 20% and 50% of the total asset value, Kleindienst noted.
“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,” Josef Kleindienst, founder and chairman of Kleindienst Group, commented.
The Emirati developer highlighted that new regulations and approvals are required to secure and increase the asset value.
