Staff Report,
Dubai, UAE
Damac Hills 2, a master community project by Damac Properties, has emerged as one of the highest transacted areas in the UAE, according to Dubai Land Department. It has sold 11,086 homes and currently houses more than 30,000 residents.
Spanning an area of 55 million square feet, Damac Hills 2 noted a surge in secondary market transactions. As many as 1,700 ready-to-move-in villas were sold and the demand is evident from the 22 percent growth from 2021 to 2023. Moreover, seven clusters within the community have recorded double-digit capital value appreciation over the last two years, signalling sustained growth and demand. Coupled with high rental performance, the community has garnered much interest among investors and residents.
Six-bedroom villas are the most sought-after rental properties followed by three-bedroom villas by high net-worth individuals. Similarly, two-bedroom apartments have been receiving significant attention, recording a remarkable 44 percent rental appreciation in just three quarters.
Off-plan apartments in Damac Hills 2 have experienced remarkable growth, with an average price per square foot (PSF) registering a 16 percent increase as of 2023 compared to 2021. The demand for two-bedroom and studio apartments has led to growth rates of 37 percent and 36 percent, respectively, over the last three years.
Among the residences in Damac Hills 2, Navitas Residences A recorded the highest price rise of 7 percent in 2023 compared to 2021.
Damac Hills 2 is composed of three zones- Central Park, District Park, and Picnic Park. Central Park features the Water Town, Sports Town, and Pavilion. Inspired by Malibu Beach, the Water Town offers various entertainment options. The Sports Town is a hub for recreational and sports activities complemented by an outdoor cinema, a dog park, and a petting farm. The Pavilion area has open grass space that can host kids’ play activities, BBQ pits, a maze, and giant chess and snakes and ladders games. The community is also the first in the UAE to house a bird aviary.
The remarkable performance of Damac Hills 2 reflects the upward trajectory of residential real estate in Dubai. The surging demand among local and international investors alongside the myriad benefits the city offers has propelled the industry to thrive and expand its footprint.
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