DAMAC Hills, Dubai

DAMAC Hills, Dubai: buyer questions

How much does property in DAMAC Hills cost?

Realty Hunting lists 20 projects in DAMAC Hills. Entry prices start at AED 393K, about Rs 1.01 Cr at Rs 25.75 to the dirham, and the most expensive project on the list starts at AED 18.09M. The developer is DAMAC Properties. Each project page prints the developer's payment plan, the handover date on record and whether the project is registered with the Dubai Land Department.

What does a buyer pay on top of the price in DAMAC Hills?

The fees are Dubai's, the same in DAMAC Hills as in any other community: a 4% Dubai Land Department transfer fee, a registration fee (the trustee office on a ready unit, Oqood on an off-plan one) and, on a resale, an agency fee that is usually 2%. On the entry price here of AED 393K, the DLD fee alone is AED 16K, about Rs 4 lakh. There is no annual property tax, no stamp duty and no capital-gains tax. Off-plan instalments go into a DLD-regulated escrow account (Law 8 of 2007), released to the developer against construction milestones. A buyer paying from India remits under the RBI's Liberalised Remittance Scheme, USD 250,000 per person per financial year.

Does buying in DAMAC Hills qualify for the Golden Visa?

The 10-year Golden Visa needs property worth AED 2 million or more, ready or off-plan, with or without a mortgage. 7 of the 20 priced DAMAC Hills projects here start at or above AED 2 million; in the others it takes a larger unit or two properties whose combined value crosses the line. The visa covers the buyer, spouse and children, and does not need a sponsor.

The DAMAC Hills area guide covers rents, yields and who is buying. The Dubai buying guide walks through the purchase step by step, and every Dubai community is one page up.