Properties In Damac Hills Dubai

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About Damac Hills

Situated right in the middle of Dubailand, DAMAC Hills was formerly known as Akoya by DAMAC. The master developer of this area is DAMAC Properties, which is well-known for coming up with and accomplishing luxury residential, commercial, and mixed-use projects in the GCC. Covering an area of 42 million sq. ft., DAMAC Hills consists of a variety of mixed-use properties. It is located on Al Qudra Road (D63) and comprises townhouses, villas, apartments, retail, sports, spa, wellness, and leisure amenities. According to the H1 Dubai sales report 2023, DAMAC Hills is one of the most sought-after places for buying luxury villas as seen on major property portals.

Those looking to enter the Dubai real estate market should consider Damac Hills as an investment option. Located in a prime area, it offers a wide variety of amenities and the potential for great returns. Rental income is an additional benefit, as the area is developed by a highly respected developer. Thus, a high-end lifestyle and attractive returns can be expected from this investment.

Residents of Damac Hills will find that there are plenty of entertainment and leisure options available to them. The community is home to a world-class golf course, a clubhouse with a luxurious swimming pool, a tennis court, and a gym. Additionally, there are multiple restaurants and cafes that provide diverse culinary options. Young families can take advantage of the schools and nurseries situated within the neighborhood.

Located close to other rapidly developing communities in Dubai like Remraam and Motor City, DAMAC Hills is a great residential spot for families, offering a variety of apartments, hotels, townhouses, and luxurious villas for sale and rent.

Residential Landscape

The DAMAC Hills community consists of three primary components: Akoya Park, Akoya Drive, and the Trump International Golf Club. Akoya Park is an expansive 4 million sq. ft. area with tranquil villas and pathways, as well as picturesque streams.

The Trump International Golf Club is a major attraction in the area. Situated in the middle of the community, this 18-hole golf course is equipped with a Trump Clubhouse that has plenty of amenities, including restaurants, swimming pools, gyms, and a health club. The club also has some select villas with views of the golf course and an amphitheater.

The DAMAC Hills neighborhood has a variety of apartments, townhouses, villas, and luxury villas managed in partnership with Fendi, The Trump Organization, and Paramount Hotels & Resorts. There are many sub-communities in the area, such as Rockwood, Queens Meadows, and others.

Real Estate Market Trends

For those looking for a rental property in DAMAC Hills, there is a wide selection of studios, 1, 2, 3, and even 4-bedroom flats and apartments.

The annual price range for studios starts from AED 32k, 1-bed apartments from AED 36k, 2-bed flats from AED 110k to AED 150k, and 3-bed apartments from AED 180k to AED 210k.

In addition, there are townhomes and independent villas in the 26 different sub-communities. 3-bed villas for rent in DAMAC Hills cost between AED 180k and AED 240k, 4-bed villas from AED 220k to AED 299k, 5-bed villas from AED 300k to AED 900k and 6-bed villas from AED 300k to AED 900k.

Townhouses in DAMAC Hills come in 3 and 4-bed configurations, with rents ranging from AED 172k to AED 320k for 3 beds and AED 200k to AED 370k for 4 beds. With so many options, DAMAC Hills is an ideal place to rent a property.

Moving on to the sales side of things, studio apartments in DAMAC Hills are available from AED 419k up to AED 1.1M. Those keen on purchasing a 1-bed flat in the area can expect to spend in the region of AED 500k. 2-bedroom apartments in DAMAC Hills are priced between AED 1.2M and AED 2.9M. For 3-bedroom flats, the average cost is AED 1.5M.

Villas in Trump Estates and Veneto offer off-plan properties, as well as Cavalli Estates, Gems Estates, A La Carte Villas, and Beverly Hills Drive.

Those searching for a 3-bed villa for sale in DAMAC Hills should be prepared to pay approximately AED 2.7M, while a 4-bedroom residence will set you back an average of AED 3.3M. Buying a 5-bed villa in the area ranges from AED 3M to AED 16M with sizes from 3,123 sq. ft. to 6,669 sq. ft. 6-bed villas for sale in DAMAC Hills cost around AED 17.8M.

Ready townhouses in DAMAC Hills are also available, with a 3-bed unit starting at AED 1.1M, a 4-bed house from AED 1.7M, a 5-bed townhouse from AED 2.8M, and a 6-bedroom property costing around AED 3M.

Rental yields for apartments in DAMAC Hills have reached an impressive 8.7% for 4-bedroom units. 

Apartment Type ROI
Studio 6.87%
1-Bed 6.65%
2-Bed 7.93%
3-Bed 8.71%

This is a particularly attractive return on investment, with villas offering 9.13% ROI. It is likely that investing in townhouses and villas could result in a profitable return.

Villa Type ROI
3-Bed 7.89%
4-Bed 9.13%
5-Bed 6.47%
3-Bed 8.71%
6-Bed 6.53%

How to choose the right property in Damac Hills

When you invest in a property from a reputable builder like Damac Properties, you can be assured of the quality and reliability of what you are spending your money on. Damac Hills is a great choice for anyone looking to invest in Dubai's real estate market. Typically, customers are expected to pay an administrative or booking fee of about 10%. In order to complete the purchase, you will need to present your passport.

When it comes to investing in real estate, it is important to make sure that it is the right decision for you. Consider your finances and make sure that you can afford the property that you would like to purchase. Additionally, be sure to look into the area or location that you are interested in to make sure that it is close to all of the necessary amenities and facilities. It is also important to do your research on the construction company and the project to make sure that you will receive your property in a timely manner with no issues. Lastly, take a look at the financing options available to you based on your budget and preferences.

Now, dealing with unprofessional real estate agents can be an inconvenient and frustrating experience for buyers, sellers, tenants, and landlords. From not returning calls to showing you a property that doesn't match its online listing, these situations can make it hard to find a true professional. To help you find a reliable real estate agent or property developer, here are some tips to consider:

  1. Before engaging with a real estate agent, it is important to ensure they are employed by a reputable real estate agency. Do some research to determine how long the business has been operating in Dubai and if they have earned any business awards. Companies that are highly esteemed often provide thorough training to their consultants to give them the necessary skills and knowledge to be successful.

  2. The Dubai Real Estate Regulatory Agency (RERA) was founded in 2007 to control the Dubai real estate market. As a result, RERA is in charge of authorizing all real estate operations, such as licensed real estate agents. You can confirm if your agent is RERA certified by taking a look at his profile on property websites. The BRN number should be visible. If it's not, you can just ask the agent directly.

  3. Real estate agents who specialize in a particular area are invaluable. They have the knowledge and expertise to understand the unique features that make your property and neighborhood stand out from the rest. As your agent continues to work in the same area, their area knowledge will grow and they will be better equipped to represent your property.

Step-by-step guide to buying property in Damac Hills

Visit Driven Properties and browse through the various available listings of DAMAC Hills. Then look at the transaction records to know what community is popular or the service charges per community or project. In addition, the filters on our user-friendly website help to tailor the selection according to your requirements.

Once you have contacted one of our DAMAC Hills specialists and selected a property to invest in and spoken to the seller, the next step is for the buyer and seller to agree on the terms of the sale through a Memorandum of Understanding (MOU) signed by both parties. When signing an MOU, the buyer has to pay a deposit for the property, which is generally calculated to be 5% to 25% of the property value. Then a No Objection Certificate (NOC) needs to be issued from the developer, after which the Dubai Land Department (DLD) will transfer the ownership. Finally, the respected banks must get involved if an investor considers getting a mortgage.

Financing and Legal Considerations

Once you've found the perfect home in Dubai, it's time to look into the different mortgage options available to you. Purchasing a dream house is an exciting journey that requires you to browse online listings, meet agents, talk to your friends and family, and visit the property in person. After you have all the necessary information, you can make an informed decision and go ahead with the purchase.

Here are the different mortgage types in Dubai:

  1. Fixed-rate mortgage: interest rate is fixed for a pre-agreed period (less than five years).
  2. Variable rate mortgage: Interest rate can change throughout the repayment period.
  3. Discounted rate mortgage: The interest rate is lower than the Emirates Interbank Offered Rate (EIBOR).
  4. Capped mortgage: Maximum cap is set before the loan term begins.
  5. Remortgage: Get a new loan on an existing mortgage or transfer the existing mortgage.
  6. Offset mortgage: Linking a traditional mortgage with one or more deposit accounts.
  7. Investment mortgage: Loan acquired to buy a property for investment.
  8. Non-resident mortgage: Available for non-residents of the UAE.
  9. Residential mortgage: Loan acquired by an individual to buy a home to live in.
  10. Commercial mortgage: This tool business owners use to buy a property for their business operations.
  11. Land/Construction mortgage: Loan secured to fund the land purchase, structure renovation, or construction.
  12. Mortgage repayment options: Interest-only repayments, Capital and interest repayments, Down payment, Mortgage life insurance.

Now, let’s have a look at how you can get a mortgage in Dubai through the following takeaways:

  1. Two ways of buying property in Dubai: cash or on a mortgage.
  2. Eligibility criteria for a mortgage in Dubai:
  • Be a UAE national or resident
  • Be between the ages of 21 and 65
  • Have a monthly income of AED 15K (salaried) or AED 25K (self-employed). Please note that the monthly income can vary between banks.

3. Documents required to apply for a mortgage in Dubai:

  1. A copy of your visa and passport
  2. A copy of your Emirates ID
  3. A salary certificate for proof of employment
  4. Proof of residence (copy of tenancy contract or DEWA bill)
  5. Pay slips and bank statements for the past six months
  6. The latest statements of your credit cards

Note: Non-residents seeking a home loan in Dubai must provide the following documents:

  1. A copy of your passport
  2. Your bank statements for the past three months

4. Step-by-step process of getting a mortgage in Dubai:

  1. Find a lender
  2. Choose the right mortgage for you
  3. Get a pre-approval letter
  4. Find your dream home
  5. Finalize your property purchase

5. Expats can buy property in designated freehold areas in Dubai, such as:

  1. Dubai Marina
  2. Palm Jumeirah
  3. Downtown Dubai
  4. Dubai Hills Estates
  5. Emaar Beachfront
  6. JVC
  7. Dubai Creek Harbour
  8. Jumeirah Golf Estates

6. Mortgage down payment depends on the purchase value of the property and the resident status. Expatriates can get a mortgage from lenders operating in the UAE, but conditions may apply. For example, expat investors can be expected to pay a minimum down payment of 20% to 25% of the mortgage value besides associated costs.

7. Takes around two weeks (around 10 working days) to obtain the final offer mortgage letter.

Worth mentioning that property ownership in DAMAC Hills is available to both UAE nationals and non-UAE citizens. For those not from the UAE, there are specific regulations and guidelines established by the Dubai government and Dubai Land Department (DLD) in order to purchase properties in the designated freehold areas of Dubai, which includes DAMAC Hills.

Furthermore, if you are a US citizen looking to purchase property in the UAE, it is important to bear in mind the country's expat-friendly taxation system. While the UAE does not levy tax on purchased property, expatriates must still consider any legal liabilities that may arise in their home countries. For instance, any earnings such as rental income, interest on savings, and dividend payments may be subject to tax in the United States. For this reason, it is recommended that you consult with a tax agent in your own country to gain a clearer understanding of any tax liabilities associated with foreign property purchases before making the decision to buy.

Amenities and Facilities within Damac Hills

Jebel Ali School in DAMAC Hills provides education along the British curriculum up to Grade 13. CreaKids Nursery, located near Golf Horizon, is a popular choice among preschoolers as it offers Early Years education based on the Norwegian Curriculum.

Those looking for other nearby nurseries can find Blossoms Mudon Nursery and The Wonder Years Nursery within a 9 to 12-minute drive.

As for higher education, both academic centers in Dubai can be reached in 20 minutes. Dubai Knowledge Park near Dubai Media City offers universities such as Middlesex University Dubai and University of Wollongong Dubai, while Dubai International Academic City is home to institutions like Manipal University and Zayed University.

Furthermore, residents living in DAMAC Hills will find Mediclinic Parkview Hospital the closest healthcare facility. The hospital houses an extensive outpatient department, emergency and radiology department, ICU, and a pharmacy. It offers services related to obstetrics and gynecology, family medicine, pediatrics, and other diseases. The hospital is only 16 minutes away by car.

In addition, Aster Clinic and Core Care Polyclinic are located in the vicinity.

What’s next? The Trump-branded 18-hole, par 71 championship golf course at DAMAC Hills is nothing short of spectacular. Spanning an impressive 73,000 yards, the golf course was designed by Gil Hanse, a renowned 2016 Olympic golf course architect.

The Trump Organisation, which owns more than ten other golf courses around the world, manages the clubhouse at the course. Residents can take advantage of the golf academy, whether it be to tee off or to learn this sport. The clubhouse also offers dining and events facilities.

 

Ready Projects in Damac Hills

Off Plan Projects in Damac Hills

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