Abu Dhabi: The first floating structure has been registered as a villa in the United Arab Emirates, Al Bayan reported.
UAE-based property developer Kleindienst Group has announced that the government of Dubai had approved the registration.
Under the formula, the buyers of Floating Seahorse Villas will potentially be the first in the world to own ocean plots, pending official approval. The plot sub-division application process is underway.
The Floating Seahorse Villas will now be known as villas. The ownership of the "sea area" will allow the owners to value their villas by 20 per cent and 50pc of the total asset value.
&uuid=(email))