DAMAC Hills Villas and Townhouses Q3 Resale Report
(1st July - 30th September 2024)
AED 1,661
Average price per sq. ft
Compared to Q3 2023
115 transactions
AED 531.8M total resale value
Townhouses & Villas in DAMAC Hills Q3 2024 Resale Report
Executive Summary
All 115 resale transactions in DAMAC Hills during Q3 2024 involved ready properties, with no off-plan resale activity recorded. Three-bedroom units led resale activity with 58 transactions at an average price of AED 3,251,181, while four-bedroom units recorded 36 transactions at an average price of AED 4,911,242, and five-bedroom units accounted for 19 transactions at an average price of AED 8,330,789. In the off-plan primary market, DAMAC Hills recorded 24 transactions valued at AED 258,927,480 during Q3 2024.
Key Facts
- In Q3 2024, the average resale price per square foot for townhouses and villas in DAMAC Hills reached AED 1,661, an increase of 24.5% year-over-year.
- DAMAC Hills recorded 115 resale transactions for townhouses and villas in Q3 2024, a decrease of 2.5% compared to the same quarter in 2023.
- The total value of resale transactions in DAMAC Hills for Q3 2024 was AED 531,808,199, representing an 18.6% year-over-year increase.
- All 115 resale transactions in DAMAC Hills during Q3 2024 were for ready properties, with zero off-plan resales recorded.
- Three-bedroom units led resale activity in DAMAC Hills in Q3 2024 with 58 transactions at an average price of AED 3,251,181, while transaction count grew 2.0% year-over-year.
- Four-bedroom townhouses and villas in DAMAC Hills saw 36 resale transactions in Q3 2024 at an average price of AED 4,911,242, with transaction count surging 112.0% year-over-year.
- Five-bedroom properties in DAMAC Hills recorded 19 resale transactions in Q3 2024 at an average price of AED 8,330,789, with transaction count up 27.0% year-over-year.
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 Townhouses & Villas
Average Price per Sq. Ft - DAMAC Hills Townhouses & Villas
| Period | Average Price per Sq. Ft (AED) |
|---|---|
| Q3 2023 | 1,334 |
| Q4 2023 | 1,439 |
| Q1 2024 | 1,443 |
| Q2 2024 | 1,498 |
| Q3 2024 | 1,661 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did DAMAC Hills Townhouses & Villas transactions split between off-plan and ready in Q3 2024?
In Q3 2024, DAMAC Hills Townhouses & Villas recorded exclusively ready property transactions, with off-plan sales accounting for 0.0% of both transaction volume and total AED value. All 100.0% of deals in the quarter involved completed units, indicating no active off-plan inventory or buyer interest in pre-construction townhouses and villas during this period. The identical distribution across transaction count and value metrics confirms that average deal sizes remained consistent regardless of completion status, as only one category was present in the market.
Which Townhouses & Villas bedroom configurations recorded the highest resale activity in DAMAC Hills during Q3 2024?
In Q3 2024, three-bedroom townhouses and villas dominated transaction activity in DAMAC Hills with 58 sales at an average price of AED 3,251,181, representing a 2.0% year-on-year increase in transaction count. Four-bedroom properties recorded 36 transactions at an average of AED 4,911,242, marking a 112.0% year-on-year surge in sales volume, while 19 five-bedroom units transacted at an average of AED 8,330,789. Across these reportable segments in DAMAC Hills during the quarter, average prices spanned from AED 3,251,181 for three-bedroom configurations to AED 8,330,789 for five-bedroom properties.
Performance by Bedroom Type
Price Insights by Bedroom
| Bedrooms | Avg Price | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| 2 B/R | AED 2,850,000 | N/A | 1 | N/A |
| 3 B/R | AED 3,251,181 | +8% | 58 | +2% |
| 4 B/R | AED 4,911,242 | +41.3% | 36 | +112% |
| 5 B/R | AED 8,330,789 | +20.1% | 19 | +27% |
Transaction Distribution by Bedroom
Transaction Volume by Bedroom Type - Q3 2024
| Bedroom Type | Transactions |
|---|---|
| 2 B/R Bed | 1 |
| 3 B/R Bed | 58 |
| 4 B/R Bed | 36 |
| 5 B/R Bed | 19 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did off-plan primary-market sales of Townhouses & Villas in DAMAC Hills perform in Q3 2024?
Off-plan primary market activity in DAMAC Hills Townhouses & Villas during Q3 2024 recorded 24 transactions with a combined value of AED 258,927,480. This represented a decrease from the same quarter in 2023, with transaction count declining and total value also falling year-over-year. During the same period, resale activity substantially exceeded off-plan volumes, with 115 resale transactions totaling AED 531,808,199 in DAMAC Hills Townhouses & Villas.
Rental Summary
Rental Contract Distribution - Q3 2024
Contract Types
Rental Insights by Bedroom
| Bedrooms | Avg Rent | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| 2 B/R | AED 201,300 | +7.6% | 5 | -29% |
| 3 B/R | AED 196,201 | +15.8% | 165 | -29% |
| 4 B/R | AED 257,821 | +9.1% | 61 | +56% |
| 5 B/R | AED 357,863 | +0.4% | 37 | -12% |
| 6 B/R | AED 414,898 | +11.4% | 3 | +50% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Dubai Townhouses & Villas Market Context -- Q3 2024
Dubai's real estate market recorded 47,203 sale transactions and 119,904 rental transactions in Q3 2024, with rental activity substantially outpacing sales. Initial sales dominated the sales market at 68.6% of total transactions, while resale transactions comprised 31.4%. In the rental sector, contract renewals accounted for 60.7% of activity, with new rental contracts representing 39.3%, indicating an established tenant base across Dubai during the quarter.
Dubai Overall Market Context
Dubai Townhouses & Villas 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 townhouses and villas in DAMAC Hills during Q3 2024?
How many resale transactions occurred for townhouses and villas in DAMAC Hills in Q3 2024?
What was the total resale transaction value for DAMAC Hills townhouses and villas in Q3 2024?
What was the average resale price for 3-bedroom townhouses and villas in DAMAC Hills in Q3 2024?
What was the average resale price for 4-bedroom properties in DAMAC Hills during Q3 2024?
What was the average resale price for 5-bedroom properties in DAMAC Hills in Q3 2024?
What percentage of DAMAC Hills townhouse and villa resale transactions were ready properties in Q3 2024?
Methodology
The resale market analysis for DAMAC Hills townhouses and villas is based on transaction data sourced from Property Monitor, which aggregates Dubai Land Department registration records for the period 1 July 2024 through 30 September 2024. Year-on-year comparisons reference the corresponding quarter in 2023, with percentage changes computed against Q3 2023 baseline figures for average price per square foot and transaction volume. Readers should note that registration dates may lag actual transaction agreement dates by several weeks, meaning transactions registered in Q3 2024 could reflect sale agreements concluded in prior periods, which may affect temporal precision when comparing quarterly snapshots or attributing market momentum to specific calendar intervals.
Glossary
- PSF
- Price per square foot, the standard unit for measuring real estate values in Dubai, calculated by dividing the total sale price by the property's built-up area in square feet.
- Off-plan
- Properties sold by developers before construction is complete, typically purchased through payment plans during the building phase.
- Secondary market
- The resale market where properties are bought and sold between individual owners after the initial developer sale, also called the resale market.
- Ready property
- Completed, move-in ready properties available for immediate occupancy, as opposed to off-plan units still under construction.
- Resale
- A transaction where an existing property owner sells to a new buyer, distinct from a direct developer sale.
- Resale Off-Plan Origin
- Properties originally purchased off-plan from a developer that are resold by the buyer before construction completion or handover.
- Off-Plan Developer Sale
- The initial sale of an under-construction property directly from the developer to the first buyer.
- Townhouse
- A multi-story residential unit sharing one or more walls with adjacent units, typically featuring private outdoor space and individual entrances.
- Villa
- A detached single-family residential property, typically featuring private gardens, parking, and no shared walls with neighboring units.
- DAMAC Hills
- A master-planned residential community in Dubai developed by DAMAC Properties, featuring villas, townhouses, and apartments alongside recreational amenities.
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