There can be no such place as the best place to buy or rent a property in Dubai. However, every site in the city is fantastic and is worth staying in.
Even then, you can consider Business Bay, one of the fantastic places in the city, comprising excellent residential and professional properties.
It is a spectacular place, situated amidst the clean waters of the Dubai Canal. And, it is adjacent to the attractive neighbourhood, Downtown Dubai.
Business Bay is developing into a central business hub of Dubai. You can get the best-in-class to facilitate a fast-paced lifestyle in Business Bay, which has become one of the most recognisable neighbourhoods in Dubai.
Today, Business Bay is counted among the best mixed-use neighbourhoods in Dubai with residential and commercial areas. Moreover, the community has also become a popular place for affordable apartments.
Key Features on Business Bay:
- A business hub
- Has many residential and commercial skyscrapers
- Situated on the banks of the Dubai Canal
- It gives views of the skyline
- Near to Burj Khalifa, The Dubai Fountain and Dubai Aquarium
- Hosts many upcoming developments and projects, attracting investors
- Home to the former tallest hotel in the world, JW Marriott Marquis
- Have several restaurants, cafes and hotels
Renting and Buying Property in Business Bay
Business Bay is one of the most popular off-plan communities in Dubai that is more than 80 million square feet in area. It is located conveniently in the city and has a mix of excellent residential and commercial properties.
Notably, you will see apartments as the predominant residential property in Dubai. And Dubai’s iconic skyline holds many buildings in Business Bay.
However, you can find some pavilion villas for rent in the Executive Towers. In addition, there are the Sky Villas and the Marasi floating villas along the Dubai Canal.
You can find different properties in Business Bay– studios, 1, 2 and 3-bedroom apartments, 4-bedroom luxury apartments and penthouses.
Given the commercial attractiveness of Business Bay, you can also buy an office in Business Bay to run your business. If you want to run a small retail business, you can look for a shop for sale in Business Bay.
Among the popular properties to invest in Business Bay, you can consider Private Residences by Omniyat, Millennium Binghatti Residences by Binghatti Developers and Paramount Towers by DAMAC Properties.
The lifestyle in Business Bay is perfect for young couples and singles. It drew in a significant population of young professionals working in Downtown Dubai, Sheikh Zayed Road and DIFC. However, many families have recently purchased apartments in the community.
What is more, you will find the population in Business Bay a mix of different nationalities and many expatriates.
Executive Towers is one of the most popular residential towers to rent in Business Bay. It has 12 high rise buildings, with a mix of commercial and residential properties.
Rental Price Trends
If you are looking for a property for rent in Business Bay, you can have many apartment options. Remarkably, the apartments come with many amenities, such as well-equipped gyms, swimming pools, children’s play areas, etc.
According to the prevailing trend, rents for studios in Business Bay fall between AED 28k and AED 200k.
While rents for 1-bedroom apartments in Business Bay oscillate between AED 35k and AED 200k, rents for 2-bedroom apartments hover between AED 53k and AED 950k.
If you are looking for larger residential apartments, you can choose 3 and 4-bed units. Rents for a 3-bedroom start at AED 89k yearly and go up to AED 220k.And, 4-bedroom apartments in Business Bay can come at a rent of AED 290k.
Rents for hotel apartments in Business Bay oscillate between AED 37k and AED 288k. And, they come in 3-bedroom types.
If you can spend a bit more, you can consider a penthouse. According to the current trends, rents for penthouses in Business Bay are within the AED 199k to AED 1.3M range.
However, you will get fewer villas for rent in Business Bay. And, for a 4-bedroom villa, you need to spend at least AED 247k on rent.
In addition to residential properties, there are also commercial properties in Business Bay. While rents for offices in Business Bay are between AED 1.5k and 5.9M, shops for rent come within AED 39k to AED 2.3M.
Sales Trends
Property purchases in Business Bay are gaining momentum. According to the prevailing trends, sale prices for studios in Business Bay start at AED 418k and increase to AED 1.48M.
Rents for 1-bedroom apartments range between AED 550k and AED 2.8M. And, buying 2-bedroom apartments in Business bay will entail a minimum rent of AED 850k.
If you want to buy a 3-bedroom apartment, the price can start from AED 1.3M and go up to AED 19.8M.
The sale prices for 4-bedroom apartments fall between AED 2.3M and AED 32.4M. And, that for a 5-bedroom apartment can hover between AED 4.4M and AED 40M.
Currently, the sale price for a 6-bedroom apartment can start at AED 27.8M.
Moreover, you can get penthouses for sale in Business Bay. And they come in 2 to 5-bedroom types, with sales prices ranging from AED 2.4M and AED 72.8M. So while the sale price for a 2-bedroom penthouse starts at AED 16.6M, a 3-bedroom penthouse for sale in Business Bay comes within the range of AED 2.8M to AED 17.1M.
Sales prices for 4, and 5-bedroom penthouses for sale in Business Bay can be within AED 2.4M to AED 72.8M and AED 3.35M to AED 70M, respectively. And, a 6-bed penthouse can come for AED 30M.
Also, hotel apartments for sale in Business Bay come within AED 444k and AED 475M.
The most famous buildings to buy apartments in Business Bay are the Executive Towers, DAMAC Towers by Paramount Hotel & Resorts, Merano Tower, Capital Bay Towers and Ontario Tower.
While the sale price for a 2-bedroom villa can be AED 2.0M, that for a 3-bedroom villa is AED 2.8M. And, the sale price range for a 4-bedroom villa in Business Bay is between AED 4.6M and AED 7.0M.
Besides, the sale price for a 3-bedroom townhouse in Business Bay can be AED 4.2M.
You can get the option of purchasing a commercial property in Business Bay. While the sale prices for an office are within AED 212k to AED 34.7M, that for a retail shop is between AED 439k and AED 13M.
Importantly, you should not fail to acquaint yourself with the Dubai Tenancy Law if you want to purchase a property to rent out.
Conclusion
Making Business Bay your home has its perks. You can give your family a fantastic lifestyle. And there are all amenities and facilities available in the community.
You can move to Business Bay either for work or doing business. However, despite many advantages, there is a thing to consider–there can be many traffic-related disruptions due to the heavy traffic and limited public parking spaces.
However, that cannot be a reason to refrain from buying a property in the majestic community. So, if you are pondering whether or not buying a property in Business Bay is worthwhile, stop considering and get ready to own a property there