DAMAC Hills Apartments 2024 Resale Report
(1st January - 31st December 2024)
AED 1,221
Average price per sq. ft
Compared to 2023
592 transactions
AED 570.2M total resale value
Apartments in DAMAC Hills 2024 Resale Report
Executive Summary
One-bedroom units led resale activity in DAMAC Hills Apartments in 2024 with 243 transactions at an average price of AED 839,140, reflecting a 33.0% year-over-year increase in transaction count. Studios recorded 220 transactions in DAMAC Hills Apartments in 2024 at an average price of AED 529,673, up 15.0% in transaction count year-over-year. Two-bedroom units saw 87 transactions in DAMAC Hills Apartments in 2024 at an average price of AED 1,704,060, a 21.0% year-over-year rise in transaction count, while three-bedroom units registered 42 transactions at an average price of AED 2,417,977, up 35.0% in transaction count year-over-year. Off-plan primary market transactions in DAMAC Hills Apartments totaled 632 units in 2024 with a combined value of AED 816,509,484, exceeding the resale transaction count of 592 units.
Key Facts
- In 2024, DAMAC Hills apartments recorded an average resale price per square foot of AED 1,221, representing a 12.0% year-over-year increase.
- The community saw 592 resale transactions in 2024, a 23.8% increase compared to the previous year.
- Total resale transaction value in DAMAC Hills apartments reached AED 570,247,218 in 2024, up 39.9% year-over-year.
- Ready properties accounted for 91.7% of resale transactions in DAMAC Hills apartments during 2024, while off-plan units represented 8.3%.
- One-bedroom apartments led resale activity in DAMAC Hills with 243 transactions in 2024, a 33.0% year-over-year increase, at an average price of AED 839,140.
- Studio apartments recorded 220 resale transactions in DAMAC Hills during 2024, with an average price of AED 529,673 and a 15.0% increase in transaction count year-over-year.
- Two-bedroom units in DAMAC Hills averaged AED 1,704,060 across 87 resale transactions in 2024, representing a 21.0% year-over-year increase in transaction volume.
Key Performance Indicators
Key Performance Indicators
Resale - 2024
Rental - 2024
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did DAMAC Hills Apartments transactions split between off-plan and ready in 2024?
In 2024, ready properties dominated DAMAC Hills Apartments transactions, accounting for 91.7% of deals and 91.4% of total transaction value, while off-plan sales represented 8.3% of transactions and 8.6% of value. The near-identical distribution across both metrics—with off-plan capturing 8.3% by count versus 8.6% by value—indicates minimal difference in average deal size between the two completion categories. This pattern reflects a market where the vast majority of buyer activity concentrated on completed, move-in-ready units rather than under-construction inventory during the year.
Which Apartments bedroom configurations recorded the highest resale activity in DAMAC Hills during 2024?
In DAMAC Hills Apartments during 2024, 1-bedroom units led transaction activity with 243 sales at an average price of AED 839,140, followed by Studio units at 220 transactions averaging AED 529,673. The bedroom segments displayed a wide price range, with Studio apartments at the entry level of AED 529,673 and 3-bedroom units commanding an average of AED 2,417,977 in the same community and year. Year-on-year transaction counts increased across all configurations, with 1-bedroom and 3-bedroom units each posting 33–35% growth in DAMAC Hills Apartments in 2024.
Performance by Bedroom Type
Price Insights by Bedroom
| Bedrooms | Avg Price | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| Studio | AED 529,673 | +8.1% | 220 | +15% |
| 1 B/R | AED 839,140 | +16.3% | 243 | +33% |
| 2 B/R | AED 1,704,060 | +9.4% | 87 | +21% |
| 3 B/R | AED 2,417,977 | +8.3% | 42 | +35% |
Transaction Distribution by Bedroom
Transaction Volume by Bedroom Type - 2024
| Bedroom Type | Transactions |
|---|---|
| Studio Bed | 220 |
| 1 B/R Bed | 243 |
| 2 B/R Bed | 87 |
| 3 B/R Bed | 42 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did off-plan primary-market sales of Apartments in DAMAC Hills perform in 2024?
In 2024, DAMAC Hills Apartments recorded 632 off-plan transactions with a combined value of AED 816,509,484 in the primary market. Off-plan transaction volumes declined year-on-year, though primary market activity remained larger than resale in both transaction count and value. During the same period, resale transactions in DAMAC Hills Apartments totaled 592 deals worth AED 570,247,218, indicating that off-plan sales represented the majority of market activity in this community.
Rental Summary
Rental Contract Distribution - 2024
Contract Types
Rental Insights by Bedroom
| Bedrooms | Avg Rent | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| Studio | AED 41,188 | +16% | 1031 | -14% |
| 1 B/R | AED 62,486 | +13.5% | 914 | -16% |
| 2 B/R | AED 114,686 | +15.2% | 228 | -24% |
| 3 B/R | AED 170,157 | +21.2% | 54 | -43% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Dubai Apartments Market Context -- 2024
Dubai recorded 168,955 sale transactions and 467,487 rental transactions in 2024, with rental activity representing the larger share of overall real estate transactions. Within the sales market, initial sales accounted for 65.9% of transactions while resales comprised 34.1%, indicating that approximately two-thirds of purchases involved off-plan or newly completed properties. The rental market showed 61.9% of contracts were renewals compared to 38.1% new tenancies, reflecting a stable tenant base across the emirate during the year.
Dubai Overall Market Context
Dubai Apartments Market Totals - 2024
| Category | Percentage |
|---|---|
| Initial Sale | 65.9% |
| Resale | 34.1% |
| Category | Percentage |
|---|---|
| New | 38.1% |
| Renewal | 61.9% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Frequently Asked Questions
What was the average price per square foot for resale apartments in DAMAC Hills during 2024?
How many resale apartment transactions occurred in DAMAC Hills in 2024?
What was the total transaction value for DAMAC Hills resale apartments in 2024?
What was the average resale price for studio apartments in DAMAC Hills in 2024?
What was the average resale price for one-bedroom apartments in DAMAC Hills in 2024?
What was the average resale price for two-bedroom apartments in DAMAC Hills in 2024?
What percentage of DAMAC Hills apartment resale transactions were ready properties in 2024?
Methodology
This report analyzes resale apartment transactions in DAMAC Hills recorded by Property Monitor's transaction register, which aggregates Dubai Land Department registration data for the full calendar year 2024 (January 1 to December 31). Year-over-year comparisons measure percentage change against the same period in 2023, with the average price per square foot calculated by dividing total transaction value by total area transacted across all 592 resale sales. Readers should note that the figures exclude off-plan sales, which totaled 632 transactions valued at AED 816,509,484 during the same period, and that registration dates may lag actual sale agreements by several weeks, meaning late-year transactions could reflect market conditions from earlier months.
Glossary
- PSF
- Price per square foot. A standardized metric that divides a property's total sale price by its built-up area in square feet, enabling comparison across different unit sizes and communities.
- Off-plan
- A property purchased directly from a developer before or during construction, typically sold in phases with staggered payment plans tied to construction milestones.
- Secondary market
- The resale market where properties are sold between private parties or investors rather than purchased directly from the original developer.
- Ready property
- A completed, habitable unit that has received its occupation permit and is available for immediate handover to the buyer.
- Resale
- A transaction where an existing property owner sells their unit to a new buyer, regardless of whether the property was originally purchased off-plan or as a completed unit.
- Off-Plan Developer Sale
- A sale_classification indicating a transaction where the buyer purchases an under-construction unit directly from the developer for the first time.
- Resale Off-Plan Origin
- A sale_classification for properties originally purchased off-plan that are now being resold by an owner before project completion or handover.
- AED/sqft
- The price per square foot expressed in United Arab Emirates dirhams, the standard currency unit for Dubai real estate transactions.
- Built-up area
- The total internal floor space of an apartment unit measured in square feet, including all enclosed rooms but typically excluding balconies and external terraces.
- DAMAC Hills
- A master-planned residential community in Dubai developed by DAMAC Properties, featuring apartments, villas, and townhouses centered around a Trump International Golf Club.
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