Mira Phase 1 & 2 by Emaar, Reem Community

Mira Oasis Buyer Guide - November 2018

Published on Nov 13 2018 975 Views More Videos

This presentation is a buyer guide for the Mira Oasis townhouse community by Emaar which is scheduled for handover in November and December of 2018.

About Mira 1, 2, 3, 4 & 5

Please note: Mira Phases 1 - 5 are one of the 60 major communities in freehold Dubai where Lookup.ae reports quarterly prices. We track all property types within Mira and this data can be viewed in more detail under this section's Transaction Prices and Historic Data sections.

General Guide

Mira are townhouse enclaves within the Reem master-community. A total of 5 phases of Mira were launched by Emaar between May and November of 2013. Reem is a master-development by Emaar which has a very large size, scale and scope. To date, 5 phases of Mira and 3 phases of Mira Oasis have been launched. Since these 8 enclaves were launched, Emaar have not announced any further development within Reem. As of Feb 2016, we believe further phases of Reem will be launched in the future probably after the deliveries of the first Mira phases and provided market conditions are more welcoming.

Mira's first few launches received an incredible response. A few days before the launch, Emaar announced their intention to sell 3 bedroom townhouses with prices starting from AED 990,000 (in reality only a few units were sold at those prices). In the days leading up to the launch, thousand of people queued outside of Emaar's offices to purchase units.

Mira was launched before Government regulations were implemented to prevent flipping. Within hours of launch, units were being flipped for premiums ranging from 7 - 10%. The premiums for Mira Phase 1 & 2 units eventually reached as high as 35 - 45%.

To prevent further chaos for future launches, Emaar eventually implemented a token system where buyers would have to pre-register their interest and receive a token to appear on launch date for purchase.

In the weeks and months following the Mira 1 launch, Emaar launched a total of 4 additional Mira phases through 2013. In early 2014, Emaar launched the next major phase of the Reem master-development which was called Mira Oasis. These were larger townhouses and cluster homes. Mira Oasis is reported separately on Lookup.ae.

All five Mira phases consist of a total of 1,900 three & four bedroom townhouses.

Property Types

All 5 Mira phases consist of the same six property types.

Type 3M: 3 Bed Townhouse with BUA of 2,180 sq. ft.

Type 3E: 3 Bed Townhouse with BUA of 2,554 sq. ft.

Type 2M: 3 Bed Townhouse with BUA of 2,385 sq. ft.

Type 2E: 4 Bed Townhouse with BUA of 2,524 sq. ft.

Type 1M: 3 Bed Townhouse with BUA of 2,347 sq. ft.

Type 1E: 4 Bed Townhouse with BUA of 2,687 sq. ft.

A closer look at the Mira phases

All 5 Mira phases have been handed over as of March 2017.

Mira 1: total of 330 units. This phase has frontage along Al Qudra Road. Phase 1 is also a short distance away from the (planned) retail center and schools. There is only one small communal pool in Phase 1. Only 30 units have a very prime location facing the community pool.

Mira 2: total of 334 units. Phase 2 has a little frontage along Al Qudra Road. This rectangular shaped enclave has one park / community pool area. Residents will have quick entry & exit points to Al Qudra Road.

Mira 3: total of 402 units.

Mira 4: the largest phase of Mira containing 516 units. There are a number of parks and parts of the phase will be very close to the recreation center, tennis courts, soccer field and planned retail & schools.

Mira 5: total of 316 units. By far has the best location of all the Miras. It also has the highest original prices. The largest park in Mira is located in Phase 5 and there are a large number of park facing units here. Some units in Phase 5 also border the Recreation club which has tennis courts and football pitch. The only mosque in Mira is located in Phase 5. Phase 5 is also a short distance away from the (planned) retail center and schools.

Factors affecting Price

The original purchase price of the unit. Mira 1 & 2 had lower purchase prices compared to Phases 3, 4 & 5. With each subsequent launch, prices were increased by Emaar. Owners in Mira 1 & 2 may charge higher premium while premiums will be lower in the other phases; in general prices will be quite similar.

Location of the unit within the phase. There are some prime locations in each of the Mira phases and these may command higher premiums.

Some units types are more in demand than others.

Al Qudra Road facing or boundary facing units may be single row (which is an advantage) but may be less desirable for some buyers

Dubai Land Classification Details:

Project: Reem - Mira 1

Land Number: 292

Project Number: 1792

RERA Permit No : 15128