Off-plan apartments registered and averaged a robust growth of 16% in price per square foot from 2021 to end of 2023 Data from the Dubai Land Department (DLD) has revealed compelling insights, placing units in DAMAC Hills 2 as one of the highest transacted in the UAE.
Spread across a 55 million sq. ft area, this master development by UAE’s leader developer DAMAC Properties offers a unique experience in community living in Dubai and provides residents and visitors with a lifestyle that combines relaxation, recreation, and natural beauty. The community’s allure is evident in its impressive record of 11,806 units sold, a testament to its unwavering popularity among property seekers.
A significant indicator of DAMAC Hills 2’s maturation as an established end-user community is the surge in secondary market transactions. Over the last three years alone, close to 1,700 units have been sold in the secondary market, showcasing a robust demand for villas within the community. The community’s attraction is further bolstered by its burgeoning rental market, with investors capitalising on improving rental performance. This trend underscores the confidence of investors and residents alike, who recognise the value and appeal of DAMAC Hills 2 properties, which house more than 30,000 residents today.
Villa properties reign supreme in DAMAC Hills 2, witnessing a staggering 22% growth over three years from 2021 to 2023. Notably, seven clusters within the community have recorded double-digit capital value appreciation over the last two years, signalling sustained growth and demand. The Aquilegia cluster, featuring 3 and 6-bedroom configurations, stands out as a prime example of coveted villa units within DAMAC Hills 2.
High net-worth individuals, in particular, are drawn to the spacious homes offered within DAMAC Hills 2, with 6-bedroom villas emerging as the most sought-after rental properties followed closely by 3-bedroom villas. Similarly, 2-bedroom apartments have been receiving significant attention, recording a remarkable 44% rental appreciation in just three quarters.
Even off-plan apartments in DAMAC Hills 2 have experienced remarkable growth, with an average price per square foot (PSF) registering a robust 16% increase as of 2023 compared to 2021. The demand for 2-bedroom and studio apartments remains undeniable, with both types recording impressive growth rates of 37% and 36%, respectively, over the last three years.
Among the highlights of DAMAC Hills 2’s stellar performance is Navitas Residences A, which recorded the highest price rise of 7% in 2023 compared to 2021, further cementing the community’s value as an investment destination.
Split across three zones – Central Park, District Park, and Picnic Park, DAMAC Hills 2 features offerings crafted to entertain and engage residents of all ages.
Central Park consists of three main areas: the Water Town, Sports Town, and Pavilion. In Water Town, residents can enjoy the laid-back Californian vibes of Malibu Beach. Named after its predecessor, Malibu Bay, in the developer’s first master community, DAMAC Hills, this water feature offers a wave pool, splash pads, and a lazy river.
The Sports Town is a hub for recreational and sports activities. Multiple sports pitches have been built across the community, including facilities for football, tennis, basketball, and cricket, open spaces for yoga, a jogging and cycling track, and zones for other fitness activities. In addition to these, the community offers an outdoor cinema, a dog park, and a petting farm.
The community is the first in the UAE to house a bird aviary. Residents and visitors will have the opportunity to discover the wonders of nature with a captivating bird aviary that hosts a diverse range of species, including Glossy Ibis, Sun Conures, Vulturine Guineafowl, Rose-ringed Parakeet, Western bronze-naped Pigeons, Splendid Starlings, Blackcap Babblers, Lemon Doves, and Black-bellied Sandgrouse.
The Pavilion area has open grass space that can host kids’ play activities, BBQ pits, a maze, giant chess and snakes and ladders games. In addition, the community mall is now fully occupied, with a hypermarket, restaurants, and various retail outlets.
In conclusion, DAMAC Hills 2 stands tall as Dubai’s premier real estate destination, boasting the highest transacted values and offering unparalleled luxury, comfort, and investment opportunities. With its thriving community, diverse property options, and sustained growth trajectory, DAMAC Hills 2 continues captivating investors and residents, solidifying its position in Dubai’s real estate landscape.
About DAMAC
DAMAC Properties and DAMAC International have been at the forefront of the Middle East’s luxury real estate market since 2002, delivering award-winning residential, commercial and leisure properties across the region, including the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Iraq, the Maldives, Canada, the United States, as well as the United Kingdom.
Since then, the company has delivered approximately 46,000 homes. Joining forces with some of the world’s most eminent fashion and lifestyle brands, DAMAC has brought new and exciting living concepts to the market in collaborations that include luxury homes in association with Versace, Cavalli, de GRISOGONO, Zuhair Murad, Vincent Faudemer, Paramount Hotels & Resorts, Rotana and Radisson Hotel Group. With a consistent vision and strong momentum, DAMAC Properties is building the next generation of Middle Eastern luxury living.
Visit us at www.damacproperties.com
