First homes, floating villas on sale on The World project in Dubai

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By Parag Deulgaonkar  www.emirates247.com

Hotel suites to floating villas in Mont Royal, a 5-star hotel being built on the main island of The Heart of Europe in The World, Dubai, are up for sale with off-plan prices ranging from Dh3,000 to Dh3,700 per square feet.

Local real estate agencies have listed units on property portals and selling a 640-square foot unit, termed “princess suite”, for Dh2 million, or Dh3,125 per square feet, while another 581 sqft (corner) suite is listed for Dh2.15m.

These are the first of the homes to go on sale on The World Island after the global financial crisis. Currently, the only island operating as a daytime resort is the Royal Island Beach Club.

As per the listings, the buyer will have to pay the first installment of 20 per cent of the unit price, along with the commission.

The second installment of 20 per cent will be due on October 2014, with the third 20 per cent falling due in March 2015. The final 40 per cent will have to be paid in December 2016, at the time of completion. More info

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