Dubai is full of wonderful constructions and every other day a new landmark becomes a part of it. Local and international investors are operating in Dubai and working on different projects which keeps Dubai in news. About a decade ago, a project named as ‘The World’ was being constructed in Dubai which was a combination of 300-islands and probably the biggest manmade archipelago. However, the construction of the project postponed due to the lack of finances and some other issues. It’s expected that the project will be resumed very soon and the announcement was made by the developers. The project is a cluster of six-islands where numerous floating houses are constructed in a unique way.
According to Josef Kleindienst is the CEO of the development firm Kleindienst Group, he confirmed that they are going to resume the project very soon and will surely fulfill the commitments they made with customers and investors.“The project ‘The Heart of Europe’ is a unique project and the home of ultra-rich homes, luxurious houses, and lavish restaurants which are surrounded by floating seahorses”, he shared the details of the project with Tech Insider. Floating homes are called seahorses and a number of seahorses were sold in 2015 before the completion of the first phase. It shows the popularity and high demand of project. No doubt, the project is a miracle in its features and inspires everyone from its unusual nature.
Dubai always aims to attract investors and buyers by providing them luxurious property and business opportunities. The World island is one of them and the idea was presented by Sheikh Mohamamd bin Rashid Al Makhtoumwho wanted to build floating islands that impact the world map. The project started on Persian Gulf and investors showed immense interest in the property. Ultra-rich investors and business tycoons came forward and brought properties there. Nakheel Properties claimed to buy 70% of the project which was a combination of 300-island. They also announced to start a boat our in “The World” to encourage investors buying property there. As the project is connected with Palm Jumeirah, it has immense value and high chances of providing a pleasant community lifestyle.
Unfortunately, the entire construction and the development had to stop when the world faced global financial crisis and the main developer Nakheel Groups broke off. The entire project was in loss and it had to bear a debt of $25 billion. In 2009, investors didn’t show any interest in the project and refrained them from investing in the project further as it seemed that the real estate market of Dubai won’t overcome this crisis soon. After three years of disappearance and crisis, the owner of an Asian atoll brought the project back into the market with an aim of providing more benefits to investors and paying them all what they were promised for. With an investment of $29 million, the project came into the market back with no longer mentions a tour around ‘The World’.
Nakheel developed some model houses in Greenland aiming to attract investors and buyers towards the project and a similar project was also developed in Lebanon in 2012. The project offered numerous amenities to its residents including restaurants, lounges, bars, and corporate events facilities. However, these efforts even didn’t give many benefits and the original owner of the property sold the project with an estimated loss of $6.8 million. According to a report, losing potential buyers isn’t the only problem the island is facing as the island is losing between 4 and 16 inches of sand into the Persian Gulf due to the poor maintenance and routine erosion. It’s necessary to take proper measures to save the sand and stop the further loss.
Each island is of different size; some are just as small as 6-acres while others cover even more than 20 acres. There is no other mean to reach the island other than boat or a seaplane that is a major issue reported by the investors as commute isn’t a challenge for ultra-rich investors, but a serious issue for the community.
The recent situation is very favorable for the real estate sector of Dubai and investors are taking interest in the property which has also opened opportunities for ‘The World’. A number of dining and shopping centers are going to open in 2020. It’s expected that more investors will sow interest in the project after the initial successful inaugurations which will increase the construction speed and help to complete the project on-time.