The Sea-Horse Villa

For Dubai’s latest twist on luxe living, don’t look up–look down, into the Persian Gulf. That’s where developer Kleindienst is building dozens of half-submerged $3.3 million vacation homes, each with an underwater master bedroom. The Floating Seahorse villas, set to begin opening this fall with their own coral gardens, are named for the rare creatures they aim to attract, both for decoration and preservation. “We’re building an entire habitat,” says architect Paulo André.

–Julie Shapiro