A closer look: Mira & Mira Oasis by Emaar, Akoya Oxygen by Damac and Town Square by NSHAMA

March 23 2015
By Lookup.Ae Sales

In this edition, we compare these three communities which are all under-construction, located close to one another and offer amongst the cheapest options to purchase townhouses in freehold Dubai.

Location Comparison

In terms of location, it can probably be argued that Town Square by NSHAMA has the best location. If you’re coming from Al Qudra Road from Arabian Ranches, Town Square will be more easily accessible, whereas the Mira & Akoya Oxygen communities will (for the moment) have a longer route to access.
These communities are being built on the outskirts of Dubai. However, there is a lot of construction activity nearby with a number of villa developments taking shape. As Dubai has grown, Al Qudra Road has become a natural destination for future development.

Location Comparison of Mira & Mira Oasis by Emaar, Akoya Oxygen by Damac and Town Square by NSHAMA - © Lookup.ae

Disclaimer: locations are approximations and may not be entirely accurate due to lack of public information available.

Comparing Size & Scale

  • When first launched by Emaar, Mira was planned as part of a larger master-development called Reem. While this may still be true, it appears that Emaar do not currently have plans to launch new phases of Reem.
  • In 2013, 5 phases of Mira were launched. In 2014, Emaar launched 2 phases of Mira Oasis.
  • Akoya Oxygen is still in a launch phase and the master-plan calls for eventually delivering 2,000 townhouses, though according to sources at Damac, the current phase consists of about 400 townhouses.
  • Town Square by NSHAMA will have an estimated 3,000 townhouses and 18,000 apartments. The master-plan is extremely large in size and scope with a number of developments planned.
  • The table below shows the estimated supply of townhouses that these communities will bring to market:
  Launch Date Proposed Units Launched Units Estimated Delivery of Launched Units
Mira 1, 2, 3, 4 & 5 2013 1582 1582 Q2 and Q4 2016
Mira Oasis 1 & 2 2014 878 878 Q2 and Q3 2017
Akoya Oxygen 2014 2,000 400 2017 through 2019
Town Square 2015 3,000 1,000 Q4 2017 through 2020

Comparing Property Types, Original & Current Prices

  • Akoya Oxygen and Town Square are still in their first launches, so their original prices and current prices are the same. In the case of Town Square, we have shown current prices according to their second launch held on March 22nd, 2015 as compared to their first VIP launch two weeks prior.
  • Mira was launched by Emaar in five different phases over a period of a few months in 2013. Launches took place in Dubai, Abu Dhabi and internationally with each successive launch witnessing an increase in prices. For this reason, Lookup.ae reports prices for Mira separately (Mira 1 & 2, and then Mira 3, 4 & 5). The original prices help determine current prices & demand and hence these have been separated to report price data in a more accurate way.
  • All four projects consist of townhouses, but Town Square will also contain apartments which haven’t yet been launched.
Community Types of Property Original Prices psf Current Prices psf Peak Prices psf
Mira 1 & 2 3 & 4 bed townhouses AED 550 - 650 psf AED 675 -  760psf AED 760  - 860 psf
Mira 3, 4 & 5 3 & 4 bed townhouses AED 660 - 780 psf AED 650 - 750 PSF AED 760  - 860 psf
Mira Oasis 3 & 4 bed townhouses AED 650 - 890 psf AED 750 - 800 psf AED 760 - 940 psf
Akoya Oxygen 3, 4, 5 & 6 bed townhouses AED 940 - 980 psf AED 940 - 980 psf N/a
Town Square 3 & 4 bed townhouses AED 470 - 585 psf AED 570 - 670 psf N/a

Comparing Current Prices & Trends

  • Transactions in Mira Phases 4 & 5 as well as Mira Oasis 1 & 2 have ground to a halt. There are even units available at 0% premium and in some cases, in negative premium. There are reported transactions for Mira Oasis 1 & 2 at up-to minus 5 – 7% premium.
  • Mira Phase 1 & 2 still have some activity, but these units were already heavily transacted previously (in some cases sold more than twice already in the secondary market). Those owners who purchased at premiums as high as 30 – 40% are not going to sell at the moment. Since construction is well underway, its likely that by mid-2016, a lot of the value will be recovered.
  • NSHAMA’s Town Square has done very well in its first two launches. However, one trend we can see is that 3 bedroom townhouses that were originally marketed at AED 1 – 1.05 M are already climbed to AED 1.25 – 1.3 M at the second launch which took place on March 22nd, 2015. If prices continue to rise in subsequent launches, the product may not remain attractive.
  • Anyone buying in Town Square now is aware that flipping is just not an option. Transfers will only be allowed after 50% of the value is paid, and Dubai Courts no longer allow Power of Attorneys to be made for off-plan units unless it’s for next of kin.
  • The below table gives a snapshot of current prices for all the projects covered in this report:
  3 Bedrooms 4 Bedrooms 5 Bedrooms 6 Bedrooms
Mira 1, 2, 3, 4 & 5 AED 1.47 - 1.7 M AED 1.8 - 2.18 M - -
Mira Oasis 1 & 2 AED 1.6 – 1.9 M  AED 1.9 – 2.2 M - -
Akoya Oxygen AED 1.6 - 1.8 M AED 2.1 - 2.2 M AED 2.4 - 2.5 M AED 3.9 M
Town Square AED 1.2 - 1.3 M AED 1.5 - 1.6 M - -

Comparing with other established communities

The below table is a brief on what 3 & 4 bedroom townhouses cost in more established areas of Dubai:

  3 Bed Townhomes 4 Bed Townhomes Typical PSF Prices
Springs AED 2.7 - 4.1 M N/a AED 1,200 - 1,250
Arabian Ranches AED 2.5 - 4.0 M N/a AED 1,182 - 1,280
Al Furjan AED 2.65 - 2.95 N/a AED 940 - 1,100
Mudon N/a AED 3.2 - 3.5 M AED 860 - 880
JVC Private Dev AED 2.2 - 2.6 M AED 2.2 - 2.9 M AED 720 - 800
Victory Heights N/a AED 3.3 - 3.4 M AED 1,300

Pictures & Renderings

Akoya Oxygen Project render. This project’s USP is its open spaces, facilities and greenery - © Lookup.ae

Akoya Oxygen Project render. This project’s USP is its open spaces, facilities and greenery

A row of Mira Townhouses by Emaar - © Lookup.ae

A row of Mira Townhouses by Emaar

Mira Phase 1 & 2 under-construction. Pictures taken in March 2015 - © Lookup.ae

Mira Phase 1 & 2 under-construction. Pictures taken in March 2015

Render of the Town Square community - © Lookup.ae

Render of the Town Square community


Get expert advice on purchasing property in Akoya Oxygen by Damac Properties

Master-development consisting of townhouses, apartments and residential plots.

Subscribe to Lookup.ae’s Mailing List to receive property news and opportunity alerts.