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DAMAC Hills 2 Tops UAE In Property Transactions

Data from the Dubai Land Department (DLD) confirms the strong performance of DAMAC Hills 2, positioning it among the most actively traded properties in the UAE. Spanning an impressive 55 million square feet, this master development by DAMAC Properties, a leading UAE developer, offers a unique experience in Dubai community living. It caters to residents and visitors seeking a lifestyle that seamlessly blends relaxation, recreation, and natural beauty. The community’s success is further evidenced by the impressive sales figures, with over 11,806 units sold, solidifying its popularity among property buyers.

A key indicator of DAMAC Hills 2’s maturation is the increasing activity in the secondary market. Nearly 1,700 units have been sold in the secondary market over the past three years, highlighting the robust demand for villas within the community. Furthermore, a burgeoning rental market bolsters the community’s attractiveness, with investors capitalizing on improving rental yields. This trend reflects the growing confidence of both investors and residents who recognize the value proposition of DAMAC Hills 2, which currently houses over 30,000 residents.

Villas remain the most coveted property type in DAMAC Hills 2, experiencing a remarkable 22% growth in capital value over the past three years (2021-2023). Notably, seven clusters within the community have witnessed double-digit capital appreciation over the last two years, signifying consistent growth and sustained demand. The Aquilegia cluster, featuring three and six-bedroom configurations, exemplifies the high demand for premium villas within DAMAC Hills 2.

This growing demand extends to the rental market, with high net-worth individuals seeking spacious living options. Six-bedroom villas rank as the most sought-after rental properties, followed closely by three-bedroom options. Two-bedroom apartments have also seen significant interest, with a noteworthy 44% increase in rental value over just three quarters.

Investment opportunities remain strong, with off-plan apartments experiencing a significant rise in average price per square foot (PSF) by 16% in 2023 compared to 2021. The demand for 2-bedroom and studio apartments is particularly noteworthy, with both registering impressive growth rates of 37% and 36%, respectively, over the past three years. Navitas Residences A stands out as a prime example, recording the highest price increase of seven percent in 2023 compared to 2021, further solidifying the community’s value as a lucrative investment destination.

DAMAC Hills 2 is meticulously designed to cater to residents of all ages, divided into three distinct zones: Central Park, District Park, and Picnic Park. Central Park offers a Californian vibe with its Malibu Beach featuring a wave pool, splash pads, and a lazy river. Sports Town provides a haven for recreational activities, boasting multiple sports facilities, open spaces for yoga and fitness activities, an outdoor cinema, a dog park, and a petting farm. Uniquely, the community is home to the UAE’s first bird aviary, showcasing a diverse range of avian species. The Pavilion area offers green spaces for children’s activities, BBQ pits, and a community mall with a hypermarket, restaurants, and various retail outlets.


Publish 18 Apr 2024

Source: https://www.khaleejtimes.com/business/realty/damac-hills-2-community-emerges-as-one-of-the-highest-transacted-in-the-uae

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