Damac Hills is a luxury residential complex in Dubai, United Arab Emirates. Built around the prestigious Trump International Golf Club, Damac Hills offers a peaceful and picturesque living environment for those who value time spent with their families. The community is famous for its fantastic townhouses but comprises, aside from that, apartments, villas, and hotels. It boasts beautiful views of green parks, and while it is ideal for families and immigrants, Damac Hills provides a calm and serene atmosphere away from bustling city life.
This buyer’s guide will provide a full and frank exposition of the facts on Damac Hills, including the key features, target audience, daily life, transport accessibility, attractions, and types of real estate available. Furthermore, we’ll take a bird’s eye view of the average prices for each type of real estate, including a breakdown of the average price per bedroom, and provide scenarios to help you make an informed decision when buying real estate in Damac Hills.
There is no secret: countries in the Middle East, especially the United Arab Emirates, have encouraged and witnessed spectacular growth in real estate assets in the last decade. According to DXBInteract and Dubai Land Department, here is a breakdown of the Damac Hills real estate volume of transactions since 2014:
| Year | Volume* | YOY(%)** |
|---|---|---|
| 2014 | 120 | – |
| 2015 | 165 | 37.5 |
| 2016 | 56 | -66.06 |
| 2017 | 55 | -1.79 |
| 2018 | 59 | 7.27 |
| 2019 | 24 | -59.32 |
| 2020 | 47 | 95.83 |
| 2021 | 91 | 93.62 |
| 2022 | 66 | -27.47 |
| 2023 | 294 | 345.45 |
*Volume is expressed in the number of transactions
**YOY(%) = Year-over-year percentage growth or decline
We noticed steady growth in the previous years, except for 2022, when the real estate industry shrunk because of the pandemic. And while 2023 just started, the real estate market recovered and registered the most substantial growth of the decade, covering up losses in 2022 and proving the Damac Hills area worthwhile.
Step-by-step guide
American Post News will outline below the key steps as you buy properties in Damac Hills, Dubai, from finding a suitable property to finalizing the transfer of ownership. Whether looking for a family home, a rental property, or a vacation home, Damac Hills has something to offer.
1. Find the property that fits your criteria
In this preliminary stage of your search for a property in Damac Hills, Dubai, you should already understand your needs and preferences. Before you start looking at properties, it is recommended that you consider the following factors:
Location and Neighborhood
Damac Hills is situated in one of the most desirable locations in Dubai, with easy access to several major attractions and amenities. Some of the advantages are listed below:
- Proximity to Dubai Marina, Downtown Dubai, and Dubai Sports City
- Easy access to major highways and roads
- Close to shopping, dining, and entertainment options
- Overview of the neighborhood
A well-planned and well-developed community, Damac Hills offers a range of residential, commercial, and recreational properties, featuring a mix of villas, apartments, and commercial spaces, an ideal place to live, work and play. The community is also well-connected to key locations in Dubai, an attractive option for residents and investors.
Amenities and nearby attractions
Damac Hills is located near several major attractions in Dubai, including the Dubai Marina, The Walk, and Dubai Sports City. It is an ideal location for those who enjoy an active and social lifestyle. All in all, it offers a range of world-class amenities for residents, including:
- Golf course
- Shopping mall
- Restaurants and cafes
- Swimming pools
- Parks and green spaces
Types of Properties
Damac Hills has you covered, from villas to apartments and commercial spaces, to fit your specific requirements. Here are some of the options available in February 2023:
Villas
- Single-family
Spacious and luxurious living spaces are perfect for families or those who desire privacy. - Multi-family
Multi-family villas are ideal for those who prefer a more community-oriented living environment.
Apartments
- Studio apartments are suited for those looking for a compact and affordable living space.
- 1-bedroom apartments are ideal for single individuals or couples.
- 2-bedroom apartments go well for families who need additional living space.
- 3-bedroom apartments with ample living areas and luxurious features for those who require even more space.
Commercial properties
The development also features a range of commercial properties, including office spaces and retail units, for those looking to invest in the area.
Cost of Living in Damac Hills
The cost of living in Dubai, United Arab Emirates, is estimated to be around 3,511.5$ per month for a family of four and 1,006.3$ per month for a single person (according to the latest Numbeo’s cost of living estimator). If we were to compare it with an important US city like Seattle, Dubai is 30.2% cheaper in terms of living expenses (excluding rent). Rent in Dubai is, on average, 30.7% lower than in Seattle. The cost of living in Dubai includes expenses for transportation, clothing and shoes, sports and leisure, markets, utilities, rent, and restaurants.
According to the same data available in February 2023, regarding transportation, a one-way ticket for local transport costs around 5.25 AED, and a monthly pass for regular price costs 340 AED. For clothing and shoes, a pair of Levi’s 501 jeans costs 229.51 AED, while a summer dress from a chain store like Zara or H&M costs 197.37 AED. Regarding food, a meal for two people at a mid-range restaurant costs around 300 AED, while a gallon of milk costs 25.63 AED. Rent per month for a 1-bedroom apartment in the city center is estimated to be around 6,858.59 AED, while the price per square foot to buy an apartment in the city center is 1,375.13 AED. The average monthly net salary after tax in Dubai is around 15,767.74 AED, while the yearly mortgage interest rate for a 20-year fixed rate is 3.96%.
Average home prices
The cost of buying real estate in Damac Hills varies depending on the property type and its location within the development. On average, villas in Damac Hills cost between USD 400,000-500,000 million and USD 2,5-3 million, while apartments range from USD 300,000-400,000 to USD 4 million.
For example, according to the data provided by Ax Capital in UAE, based on the number of bedrooms, property prices are averaging the following values in USD:
| Type of Real Estate | Average Price | Average Price per Bedroom |
|---|---|---|
| 1 Bedroom | 0.4M | 0.4M |
| 2 Bedrooms | 0.3M | 0.15M |
| 3 Bedrooms | 0.7M | 0.23M |
| 4 Bedrooms | 0.8M | 0.2M |
| 5 Bedrooms | 1.5M | 0.3M |
| 6 Bedrooms | 2.0M | 0.33M |
| 7 Bedrooms | 3.4M | 0.49M |
Other living expenses
Setting aside the cost of purchasing a property, consider other living expenses, such as utilities, maintenance, and insurance, as they can add up and need to be budgeted accordingly.
Factors affecting the cost of living
Some factors that can affect the cost of living in Damac Hills include the type of property, its location within the development, and the current market conditions.
2. Conduct a property appraisal
Inspecting the property will allow you to see what you are paying for, determine if the property fits you, and make an informed decision, avoiding subsequent later.
During an inspection, assess the property’s overall condition, including the structure, appliances, plumbing, electrical systems, and more. Check for any signs of damage, wear and tear, and potential problems that may need to be addressed. Check whether the environment and the location suit your needs and preferences. You can check the area’s surroundings, neighborhood, and general atmosphere.
Financing options
- Mortgage options
Several mortgage options are available for those looking to finance their purchase in Damac Hills, including traditional bank mortgages, Islamic finance options, and foreign currency mortgages. - Eligibility criteria for a mortgage
To be eligible for a mortgage in Damac Hills, buyers must meet certain criteria, such as having a minimum income, a good credit score, and a stable employment history. - Down payment and closing costs
Buyers must also consider the down payment and closing costs associated with purchasing real estate in Damac Hills. According to Bayut, the minimum down ranges from 20% for locals, and 25% of the property’s value for foreigners, while closing costs can add up to several thousand dirhams.
Due diligence
In the context of buying real estate in Damac Hills, Dubai, UAE, due diligence involves evaluating several factors related to the property, including its location, physical condition, zoning regulations, environmental impact, and any potential liabilities or encumbrances, such as outstanding debts or legal disputes. Do it to prevent making a costly mistake or investing in a property that may not meet buyers’ needs or expectations.
- Title search and verification will ensure that the property is free of any liens or other legal issues that could affect the sale.
- Legal considerations associated with buying real estate in Damac Hills are must-reads, including the Dubai Land Department regulations and the Dubai Property Law.
3. Negotiate the price and terms
During the negotiating stage, you can work to get the best terms and conditions for your transaction, which can result in a significant discount on the purchase price, better financing terms, and other favorable conditions. Be clear on the terms of your transaction, including the duration of the transaction, the cost of the property both now and in the future, and the laws and regulations surrounding the transaction. Ask as many questions as possible to clarify unclear terms.
Factor your mode of payment into the conversation, including cash payments or taking out a mortgage. Consider the market conditions and the property’s value. Researching and gathering information about the current real estate market in Damac Hills (table 2 above is a good example of pricing, while table 1 shows the market growth in the last decade) can give you a better understanding of a fair price for the property you are interested in.
4. Draw up an agreement
Drawing up an agreement requires you to put the terms of your transaction in writing and to ensure that all details are clearly outlined and agreed upon by both parties. Seek the help of a professional, such as a real estate agent or a lawyer, to assist you in drafting the agreement and completing Form F. You can get your form F via the Dubai Land Department REST app for Apple users and Android users.
If you choose to work with a real estate agent to help you buy your property, ask yourself the following questions while drawing up your agreement:
- What properties does the agent have available in Damac Hills?
- How much experience does the agent have with buying real estate in Damac Hills?
- Can the real estate agent provide references or testimonials from previous clients?
- How does the agent approach the negotiation process for a real estate purchase?
- How does the agent keep you informed throughout the buying process?
- What is the agent’s commission or fee structure?
Going further, the agreement should include both contracting parties’ names and contact information, as well as the terms and conditions of the transaction. This may include the purchase price, the payment schedule, the duration of the transaction, and any other relevant details. It is important to ensure that the agreement is clear, concise, legally binding, and accurately reflects the transaction’s terms.
In addition to the agreement, obtaining Form F from the Dubai Land Department’s website is important. Form F is the official land sale form required for all property transactions in Dubai. This form must be completed and submitted to the Dubai Land Department to complete the transaction.
5. Sign the agreement
The final step in buying real estate in Damac Hills, Dubai, is signing the agreement. At this point, both parties formally agree to the terms and conditions of the transaction, and the sale of the property is finalized. In Dubai, real estate transactions are governed by the Real Estate Regulatory Agency (RERA) and the Dubai Land Department.
To sign the agreement, both parties must be present and affix their signature or seal/stamp in the presence of at least one witness. Once the agreement has been executed, and all outstanding charges on the property have been paid, you will be granted a No Objection Certificate (NOC) from the Dubai Land Department. The certificate confirms that there are no legal or financial obstacles to the transfer of ownership and that you are now the proprietary owner of the property.
6. Final transfer
The final transfer is the culmination of buying real estate in Damac Hills, Dubai, and involves presenting all the necessary documents and proof of transfer to the Dubai Land Department. During a meeting at the department, the transfer of ownership from the seller to the buyer is recorded and officially recognized.
Fees and rates over landed agreements
According to Dubai Land Department services, when buying a property in Dubai, there are several fees that the buyer and seller need to pay. For the transfer of ownership, the buyer and seller each need to pay 2% of the sale price as agency fees, including 5% VAT. Additionally, the buyer must pay the Title Deed issuance fee of AED 250 and the Land Map Fees, which can vary based on the property’s location. For lands that are not subject to the authority of Dubai Municipality, the fee is AED 100, and for a unified map with Dubai Municipality, it is AED 325. For Villas and Units Map Issuance Fees, the fee is AED 250. In addition to these fees, AED 10 Knowledge fees and AED 10 Innovation fees are added to each fee.
The buyer also needs to pay the Registration Trustee Fee based on the property’s sale price. If the sale price exceeds or equals AED 500,000, the fee is AED 4,000 + VAT on Service Partner’s fees, and if the sale price is less than AED 500,000, the fee is AED 2,000 + VAT on the Service Partners’ fees. If the buyer chooses to hire a conveyancer, they must pay conveyance fees ranging from AED 6000 to AED 10,000 (approximately).