DAMAC Hills Apartments Q3 Resale Report
(1st July - 30th September 2024)
AED 1,240
Average price per sq. ft
Compared to Q3 2023
154 resale transactions
AED 161M total resale value
Apartments in DAMAC Hills Q3 2024 Resale Report
Executive Summary
Studio apartments led resale activity in DAMAC Hills with 59 transactions in Q3 2024, reflecting a 26.0% increase in transaction count year-over-year, at an average price of AED 544,653. One-bedroom units recorded 56 transactions at an average price of AED 889,029 in Q3 2024, up 2.0% in transaction count year-over-year. Two-bedroom apartments registered 25 transactions at an average price of AED 1,777,963 in Q3 2024, a 25.0% increase in count year-over-year, while three-bedroom units saw 14 transactions at an average price of AED 2,476,717, up 75.0% in count year-over-year. The off-plan primary market in DAMAC Hills recorded 43 transactions with a total value of AED 59,510,170 in Q3 2024.
Key Facts
- In Q3 2024, the average resale price per square foot for apartments in DAMAC Hills was AED 1,240, an increase of 13.4% year-over-year.
- DAMAC Hills recorded 154 resale apartment transactions in Q3 2024, up 18.5% compared to the same quarter in 2023.
- The total value of resale transactions in DAMAC Hills reached AED 161,043,269 in Q3 2024, representing a 42.7% year-over-year increase.
- Ready properties accounted for 93.5% of resale transactions in DAMAC Hills during Q3 2024, while off-plan properties made up 6.5%.
- Studio apartments led resale activity in DAMAC Hills with 59 transactions in Q3 2024, a 26.0% increase year-over-year, at an average price of AED 544,653.
- One-bedroom apartments recorded 56 resale transactions in DAMAC Hills during Q3 2024, with an average price of AED 889,029 and a 2.0% year-over-year increase in transaction count.
- Three-bedroom apartment resale transactions in DAMAC Hills grew by 75.0% year-over-year to 14 units in Q3 2024, with an average price of AED 2,476,717.
Key Performance Indicators
Key Performance Indicators
Resale - Q3 2024
Rental - Q3 2024
Source: Property Monitor, Metropolitan Premium Properties Analysis
Price Trend
Price Trend - DAMAC Hills Apartments
Average Price per Sq. Ft - DAMAC Hills Apartments
| Period | Average Price per Sq. Ft (AED) |
|---|---|
| Q3 2023 | 1,093 |
| Q4 2023 | 1,156 |
| Q1 2024 | 1,181 |
| Q2 2024 | 1,188 |
| Q3 2024 | 1,240 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did DAMAC Hills Apartments transactions split between off-plan and ready in Q3 2024?
In Q3 2024, ready properties dominated the DAMAC Hills Apartments market, accounting for 93.5% of all transactions and 93.5% of total transaction value, while off-plan units represented just 6.5% on both measures. The identical proportions across transaction count and value indicate that the average deal size for off-plan and ready apartments in DAMAC Hills was effectively the same during the quarter. This overwhelming preference for completed units reflects buyer appetite for immediate-occupancy inventory in the community, with off-plan activity remaining minimal throughout the period.
Which Apartments bedroom configurations recorded the highest resale activity in DAMAC Hills during Q3 2024?
Studio apartments led bedroom activity at DAMAC Hills Apartments in Q3 2024, accounting for 59 transactions at an average price of AED 544,653, followed by 1-bedroom units with 56 sales at AED 889,029. Two-bedroom apartments recorded 25 transactions at AED 1,777,963, while 3-bedroom units saw 14 sales at AED 2,476,717, reflecting a price range from AED 544,653 to AED 2,476,717 across the bedroom configurations. Notably, 3-bedroom transaction counts surged 75.0% year-on-year, while studio and 2-bedroom segments each rose approximately 25.0%.
Performance by Bedroom Type
Price Insights by Bedroom
| Bedrooms | Avg Price | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| Studio | AED 544,653 | +6.6% | 59 | +26% |
| 1 B/R | AED 889,029 | +22.8% | 56 | +2% |
| 2 B/R | AED 1,777,963 | +14.2% | 25 | +25% |
| 3 B/R | AED 2,476,717 | +10.6% | 14 | +75% |
Transaction Distribution by Bedroom
Transaction Volume by Bedroom Type - Q3 2024
| Bedroom Type | Transactions |
|---|---|
| Studio Bed | 59 |
| 1 B/R Bed | 56 |
| 2 B/R Bed | 25 |
| 3 B/R Bed | 14 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did off-plan primary-market sales of Apartments in DAMAC Hills perform in Q3 2024?
In Q3 2024, DAMAC Hills Apartments recorded 43 off-plan transactions with a combined value of AED 59,510,170. Off-plan transaction count declined compared to the prior year, while total off-plan value also decreased year-over-year. During the same quarter, resale activity in DAMAC Hills Apartments reached 154 transactions valued at AED 161,043,269, representing approximately 2.7 times the off-plan value.
Rental Summary
Rental Contract Distribution - Q3 2024
Contract Types
Rental Insights by Bedroom
| Bedrooms | Avg Rent | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| Studio | AED 40,503 | +16% | 273 | -16% |
| 1 B/R | AED 63,008 | +14% | 259 | -27% |
| 2 B/R | AED 115,204 | +14.2% | 63 | -39% |
| 3 B/R | AED 176,803 | +28.2% | 21 | -38% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Dubai Apartments Market Context -- Q3 2024
Dubai's real estate market in Q3 2024 recorded 47,203 sale transactions and 119,904 rental contracts, with rental activity outpacing sales by a factor of 2.5 to 1. Initial sales dominated the purchase market at 68.6% of all transactions, while resale properties accounted for 31.4%. In the rental segment, contract renewals represented 60.7% of activity across Dubai, compared to 39.3% for new tenancies. These Dubai-wide figures provide the benchmark against which DAMAC Hills Apartments performance is assessed in the following analysis.
Dubai Overall Market Context
Dubai Apartments Market Totals - Q3 2024
| Category | Percentage |
|---|---|
| Initial Sale | 68.6% |
| Resale | 31.4% |
| Category | Percentage |
|---|---|
| New | 39.3% |
| Renewal | 60.7% |
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 Q3 2024?
How many resale apartment transactions occurred in DAMAC Hills in Q3 2024?
What was the total transaction value for resale apartments in DAMAC Hills Q3 2024?
What percentage of DAMAC Hills apartment resales were ready units versus off-plan in Q3 2024?
What was the average price for a studio apartment resale in DAMAC Hills Q3 2024?
What was the average resale price for a two-bedroom apartment in DAMAC Hills Q3 2024?
How much was a three-bedroom apartment resale in DAMAC Hills during Q3 2024?
Methodology
The resale market data presented for DAMAC Hills apartments during Q3 2024 (July 1 through September 30, 2024) is sourced from Property Monitor's transaction register, which aggregates Dubai Land Department resale registrations. Year-over-year comparisons reflect the change in average price per square foot and transaction count relative to the same quarter in 2023, with all metrics calculated from completed transactions recorded during the respective three-month periods. Off-plan transaction figures are reported separately from resale figures to distinguish between properties sold during construction and properties sold after handover. One limitation of this dataset is that transaction registrations may reflect a lag between the signing of a sale and purchase agreement and the official recording at the Land Department, meaning some deals closed near period boundaries may appear in adjacent reporting quarters.
Glossary
- PSF
- Price per square foot, calculated by dividing the total sale price by the property's area in square feet. This metric standardizes comparison across properties of different sizes.
- Off-plan
- A property purchased directly from a developer before construction is complete, typically sold in phases with payment plans tied to construction milestones.
- Secondary market
- The resale market where properties are sold between private parties or investors rather than by the original developer. Also called the resale market.
- Ready property
- A completed, finished property available for immediate occupancy and transfer of title. In Dubai, this typically refers to properties where the developer has received a completion certificate.
- Resale Off-Plan Origin
- A transaction where a buyer purchases an off-plan unit from an investor or previous purchaser before the property is completed, rather than directly from the developer.
- Resale
- A transaction classification in Dubai Land Department records indicating a property sold between private parties in the secondary market, regardless of whether the unit originated as off-plan or ready.
- AED/sqft
- The price expressed in United Arab Emirates Dirhams per square foot of built-up area, the standard pricing metric for Dubai residential properties.
- DAMAC Hills
- A master-planned residential community in Dubai developed by DAMAC Properties, featuring apartments, villas, and amenities including the Trump International Golf Club Dubai.
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