An emerging location in Dubai where property values have risen by 20 per cent in the last 12 months? That too amidst all the distractions and disruptions the property market has been put through because of the pandemic?
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Dubai Hills has shown it can – and the impression is that Emaar-developed mixed-use destination in MBR City is only getting started. “Over the past few years, people have driven by the area and seen large patches of undeveloped land,” said Liam Jeffrey, Associate Director at LuxuryProperty.com. “Now they are actually seeing the community take shape and are recognizing it as a place that they can truly call home. Market activity this year has been strong, with several high-value transactions, which only serves to make Dubai Hills an even more attractive community for prospective residents.”
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In all that buying, some of the COVID-19 related influences are being felt – keenly. Today, end-users want their bit of green and open spaces, and Dubai Hills’s spread delivers it in spades. Not just from the generous 1.8 million square feet of parkland that extends across the 2,700 acre development, but in the way the plots and buildings have been spaced out.
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Dubai Hills gives the impression that property owners and future residents will not feel hemmed in. “On the whole, prices in the community have gone up by roughly 20 per cent over the past 12 months as we see gradual improvements across the Dubai market,” said Jeffrey. “It is very much a premium neighbourhood.”
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Launched in 2015, Dubai Hills is part of the first phase of Mohammed Bin Rashid (MBR) City. In these five years, Dubai’s property market had cooled off significantly. This helped Dubai Hills develop away from the spotlight, with none of that buffeting of plot prices and property values that the Palm and Emirates Hills have been subject over more than 15 years.
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But the rich have been building their mansions and villas in relatively stable environment. So, when the 20 per cent increase over the last 12 months at Dubai Hills started, there were enough properties that were ready for property investors to snap up and move in at the earliest.
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“Contractors are seen regularly at sites in Dubai Hills, while several areas are complete,” said Saad Hussain of Audax Steel, a fitout and interiors company. “A number of custom-built villas are near completion or in the stages of final approvals from Emaar and Dubai Development Authority.”
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After the COVID-19 strike, Emaar had extended the grace period for plot owners to finish their custom-built homes. Residential plots were between 10,000 square feet to 45,000 square feet. “Emaar had initially given a grace period for investors to complete construction, which was then further extended due to the economic strain and then the pandemic, which created a bit of uncertainty,” said Hussain.
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Now, everything is slotting into place, not least being the 2.82 million square feet mall, which Emaar recently confirmed should be ready in the first-half of 2022. The mall opening should be the driving force behind another burst of buying and selling activity on the residential side at Dubai Hills. .
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More homes will be delivered at Dubai Hills in the next few months cutting across price ranges, and interested buyers will do well to keep track on any price changes. In other words, they should, ideally, not be delaying any decisions. With a 20 per cent increase in values, this is one spot where decisions need to be made quick.
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According to Jeffrey, “If it is a completed property, then it is already occupied. We are in a situation where demand in Dubai Hills is vastly outpacing supply, especially in the mid to high-end villa segment. The Mall opening will further add to that demand.”
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On its website, Emaar has the entry level price for a Dubai Hills home at Dh788,888. Going by the current hot streak, this time next year those prices could be wearing quite a different look. A few Dh100 million deals will also leave their imprint on the Hills.
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