The UAE remains one of the most popular countries chosen by foreigners for immigration. Most prefer the most developed emirate of the state – Dubai. There are many areas in the city where foreigners are legally allowed to purchase residential property as full ownership. You can consider the proposals in the popular resort communities or prefer a quieter and more peaceful way of life. Such can be led by foreigners who choose property in Damac Hills.
Damac Hills Community Overview
Damac Hills (formerly known as Akoya) is a new luxury residential community in Dubailand. The project is authored by the UAE’s largest developer, Damac Properties. The residences are located around an 18-hole PGA championship golf course designed in collaboration with Donald Trump. The golf course opened in February 2017, and nearly all of the residences were completed by June 2020, though some communities were still under construction. Full completion was due in 2018.
The 42 million-square-foot neighborhood with a golf course, private park and multipurpose arena is actively being developed. Other amenities include a clubhouse with restaurants, pool and gym, Little Village playground, supermarkets, pharmacies, banks, schools and daycare centers.
Lifestyle at Damac Hills
The neighborhood is located in a relatively quiet area. Convenient transportation makes it easy to get around the neighborhood and the city as a whole. There are two buses running throughout the community. In order to use the subway, you will have to take a bus or order a cab.
It is most convenient to move around the area and beyond in your own car. Dubai Marina, Downtown Dubai or International City are all within half an hour of Damac Hills. The Mall of the Emirates and Dubai Marina Mall are a similar distance away.
The most popular preschool in the area is considered CreaKids kindergarten, also nearby are Blossoms Mudon and The Wonder Years nursery. Among the schools the residents particularly like are Jebel Ali and South View. The nearby universities are about 20-30 minutes away. Residents can get medical care at Mediclinic Parkview Hospital and Emirates Hospital in Dubai Motor City, which provides comprehensive medical care.
Real Estate in Damac Hills
The community includes 3,008 villas and townhouses and 4,335 apartments, including studios and one-, two- and three-bedroom apartments. There are also 163 serviced hotel villas and 4,317 serviced apartments and hotel rooms.
The most popular community in DAMAC Hills is Topanga Villas. The project features 3-4-bedroom villas with variations ranging in size from 148 m2 to 337 m2. The price for the property starts at AED 1,500,000, about $408,400. Those interested in renting property in this community can focus on a cost of between AED 90,000 and AED 120,000 per year.
The second most popular sub-communities are Pelham and The Field:
Pelham is a collection of villas and townhomes with various styles of finishes and layouts. Interested buyers can purchase 3 and 4 bedroom villas ranging in size from 208 m2 to 559 m2, or townhouses ranging in size from 223 m2 to 251 m2. The initial price for the property: from AED 2,475,000 or about $674,000.
The Field offers to buy and rent villas with 3-6 bedrooms. Depending on the price, properties may include private pools, spacious living or dining areas, and covered parking spaces. In addition to the basic functions of the layout types, private garden areas are also provided. Depending on the additional amenities such as swimming pools and the number of rooms, the average size of a villa ranges from 250 m2 to 759 m2. Property prices start at AED 2,400,000 and go as high as AED 14,000,000 ($653,400 to $3,812,000). Currently, the annual rent of a 5-bedroom villa ranges from AED 142,000 to AED 300,000 ($38,700 to $81,700).
The Loreto sub-community consists of studios and one- to two-bedroom apartments, as well as several townhouses. Property prices start at 450,000 dirhams (about $122,500) and the average rental price is about 20,000 dirhams a year (about $5,500).
The economic appeal of investing in Damac Hills real estate
Despite the community’s association with luxury, real estate prices remain largely affordable. People who live in the community can enjoy the many conveniences of living nearby, including spas, health centers, shopping centers, entertainment attractions, and outdoor sports areas. The area is also listed as one of the popular places to buy villas in Dubai, which are located in a quiet location away from the city, close to the highways.
The above-listed benefits provide a high return on investment. Housing enjoys a consistently high demand, so it can always be resold at a significant profit or to receive a passive income from the rental of apartments or villas. The highest return on investment in Damac Hills is 6.1% – for studios and one-bedroom apartments. This is followed by 2-bedroom and 3-bedroom apartments with a return on investment of 5.5% and 5.4%, respectively.
A 2-bedroom villa can yield an annual rental return of about 6.1%. Villas with 3 to 4 bedrooms – from 5% to 5.7% per year. The payback on a villa with 5-6 bedrooms is in the range of 4.5% a year.
Professional help in choosing and buying property in Dubai
The official website Emirates.Estate offers a wide range of properties in popular locations in the emirate. In the catalog you can find different types of properties from developers and local agencies. Specialists are ready to answer any questions related to the search and purchase of residential property for relocation or as an investment. Check out the pricing policies of the region in real time. Find luxury seaside apartments now!