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.
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.
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
Mira Phases 1, 2, 3 & 4 have expected completion dates of June 2016 while Mira Phase 5 is expected to be handed over by 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
- Handover dates. Phases 1 & 2 will likely be delivered first (even though they have the same official delivery dates as Phase 3 & 4.
What is the process of purchasing?
All units were sold out by Emaar, so the only way to purchase in Mira is from the secondary market. All units are either 70 - 80% paid already, so this amount has to be paid up-front along with any premiums and closing costs. Balance payments to Emaar for the remaining 20 - 30% is payable as per the payment-plan of each respective phase.
Typically, closing costs will be 4% Transfer Fees, AED 5,000 for NOC charges and 4% to reimburse the owner for the Oqood (Title Registration Fee). In some cases, the Oqood cost is built into the price or the owner will waive that fee.
How do I identify a good deal?
Buyers looking to purchase in Mira face several challenges when trying to understand pricing. A visit to any of the many listing portals in Dubai reveal some very low prices. In actuality, what many estate agents do is list the property at its original price rather than the actual selling price (i.e. they don't add the premium in the listed price). This is usually done to entice buyer inquiries (to be fair, it is a competitive market-place and therefore any edge is utilized). The consequence is that it is a confusing process for buyers.
As of February 2016, the Mira market is getting a lot inquiries and a number of units are being transacted. Due to slower market conditions, buyers will have choice but there are very few distress deals in Mira. Many owners have already bought on high premiums and have already paid up-to 80% of the purchase price. With handovers set to commence in 2016, most owners are content to wait till handover and maximize on their investment.
Is Mira a good purchase proposition?
Al Qudra Road (where Mira is located) is where much of future development and supply will be take-place for freehold Dubai. Mira does offer value especially when you compare it to existing townhouse communities in Dubai. However it isn't really fair to compare Mira with projects like Springs or Ranches which are obviously much more mature and have superior locations. But as of Feb 2016, the average price per sq. ft. in Mira ranges from AED 800 - 850 which is considerably less than areas like Springs or Ranches where similar property types range from AED 1,050 - 1,150 per sq. ft.
Mira Phase 1 & 2 units handover commenced in September 2016.