Business Bay

ABOUT BUSINESS BAY

Business Bay is a destination that caters to the affluent providing a lifestyle. It serves as a business hub, housing major corporations, offices, and commercial establishments. Additionally, it boasts end projects that offer exclusive services and opulence.

Business Bay is a commercial destination and a primary center for major companies, offices, and business establishments in Dubai. It is also home to many high-end residential projects with excellent services and some opulent buildings that offer an exclusive level of luxury, presented to the elite.

The Business Bay district is centrally located in Dubai and is adjacent to the Downtown where the dazzling view of the Burj Khalifa overlooks the area, adding to the spectacular Business Bay Towers more glamor and singularity.

The view of the Business Bay buildings at night while their lights are twinkling on the surface of the Dubai Canal waters is one of the highlights of this area and it leaves an impression of magnificence that never fades.

Business Bay presents property options ranging from residential, to commercial encompassing everything from studios to villas. This allows individuals to purchase or rent a place that perfectly aligns with their preferences and requirements. For those seeking a lifestyle combined with transportation and services Business Bay proves to be an ideal choice.

Individuals who desire to live in Business Bay find ample options to buy or rent a place as there are many studios for rent in Business Bay as well as hotel apartments that provide excellent services and reasonable prices.

Business Bay apartments vary in size, number of rooms, services, and level of luxury. They include flat apartments, penthouses, duplexes, and loft apartments, to suit the tastes and needs of all types of residents. The penthouse apartments in Business Bay present unparalleled views, overlooking the Business Bay towers, bustling streets, and the Dubai Water Canal. Those aspiring to own a villa in Dubai – Business Bay can also find their request in several projects that offer luxurious villas with several rooms ranging from two to five bedrooms

The area is an integrated community that suits everyone from individuals to families and is very well served with transportation which makes it an excellent choice for those who don’t have a car or prefer to avoid driving in traffic.

WHO SHOULD PREFER BUSINESS BAY?

People who prefer living in Business Bay are usually those who work in the area or its surrounding districts; or those who find living just next to Downtown in a neighborhood of buzzing, lively atmosphere an appealing idea.

With tens of companies and hundreds of offices in Business Bay, the area attracts professionals of Dubai residents and investors for tenanting or buying Business Bay apartments for accommodation or investing.

RESIDENTIAL LANDSCAPE IN BUSINESS BAY

Business Bay is synonymous with living thanks to its range of apartments and penthouses. Whether you desire a studio or spacious apartments with one, two, or three bedrooms, even four-bedroom luxury apartments and penthouses are available here. In addition to these options, duplexes, hotel apartments, pavilion villas, Sky Villas, and Marasi floating villas along the Dubai Canal cater to tastes and preferences—ensuring there’s something for everyone, in this area.

These properties offer bedrooms with attached bathrooms, equipped and open kitchens, a cozy living and dining area, a storage room, a study space, large windows, from floor to ceiling, and for penthouses a private pool along with a terrace. Business Bay is a location to call home due to its position in the city and iconic skyline.

Some of the known business complexes in Business Bay include The Binary. A structure consisting of five interconnected podiums by Omniyat. It features 21 and 24-story buildings above the ground level along with three basements and 15 retail units on the ground floor. Another project by Omniyat is Bayswater which offers 293 offices. Deyaar commercial tower called The Citadel stands tall at 48 stories. Provides 406 office spaces. Other notable complexes are Clover Bay Tower, The Prism, Tamani Arts Offices, Iris Bay, The Exchange Business Bay, and Metropolis Tower.

Investors and potential homebuyers primarily focus on apartments for sale in Business Bay. Studio apartments in the area start at AED 1.05 million. Can go up to AED 2 million. On the other hand, the sale price for one-bedroom flats ranges between AED 650 thousand and AED 5.33 million.

If you’re interested in buying a 2-bedroom apartment in Business Bay, you’ll need to spend around AED 850k. The sale prices for 3-bedroom flats in Business Bay start at 1.38 million AED. Can go up to as high as 36 million AED.

For those looking for a 4-bedroom apartment in Business Bay, the price range is between AED 2.85M and AED 80M. If you’re considering a 5-bedroom residence expect to pay between AED 3.8M and AED 99M. The cost of a 6-bedroom apartment in the area ranges from AED 35.9M to AED 39.1 M. Lastly, if you’re looking for a spacious living space a lavish 7-bedroom apartment can cost up to around AED 24.5M.

Buyers searching for hotel apartments in Business Bay have options ranging from studio units to those with up to three bedrooms available for purchase. Studio units are priced between AED 570k and AED 1.65M while the cost of a one-bed hotel apartment ranges from about AED 760k to AED 3.49M. If you’re looking for a long-term residence option consider exploring the availability of two-bed hotel apartments which are priced between roughly AED 1.43M and AED 6.52 M. Three-bed hotel apartments in Business Bay are generally priced at around AED 2.5 M.

Penthouses of different sizes are also available in Business Bay ranging from two bedrooms all the way, up to five bedrooms.

Prices for two-bedroom residences in the area can range from 3 to 23 million dirhams while three-bedroom homes are available for between 4.28 and 37 million dirhams.

In Business Bay penthouses with four bedrooms can cost anywhere from AED 3.6M to AED 100M. Those with five bedrooms are on sale between AED 16.4M and AED 100M. If you’re in search of a six-bedroom penthouse you can find one priced from AED 22.9M up to AED 42.2M. As for seven-bedroom penthouses, they are available for purchase within the range of AED 30M and AED 119.8M. Lastly, eight-bedroom or larger penthouses in Business Bay start at AED 77.9M.

REAL ESTATE MARKET TRENDS IN BUSINESS BAY

Rentals for studios in Business Bay vary from AED 44k to AED 160k per year. One-bedroom apartments in Business Bay can be rented between AED 59k and AED 235k annually. The rental rates for a two-bedroom flat in Business Bay range from AED 80k to AED 435k per year.

For those seeking bigger residential units, there are 3-bedroom and 4-bedroom flats available for rent in Business Bay, with annual costs ranging from AED 109k to AED 380k for the former, and from AED 244k to AED 550k for the latter.

If you’re interested in renting hotel apartments in Business Bay, you’ll find a range of options. The apartments can vary from studios to 3-bedroom units. The cost of a studio apartment starts at AED 105k per year. Can go up to AED 120k. For one-bedroom apartments, the annual rent can be anywhere between AED 90k and AED 205k.

Moving on to 2-bedroom hotel apartments, the prices in Business Bay range from AED 140,000 to AED 380,000 per year. If you’re looking for something larger there are also 3 bedroom hotel apartments available. Their prices typically fall between AED 160,000 and AED 300,000.

Now let’s talk about penthouses. In Business Bay you can find penthouses with four bedrooms. The rental cost for these ranges from AED 369k to AED 1.62M.

Business Bay also offers villas for rent. If you’re interested in a three-bedroom villa the yearly cost would be around AED 235k. On the other hand, four-bedroom villas can range from AED 288k to AED 350k per year.

In addition to options, there are residential floors available in this district as well. These floors come in sizes ranging from 1,354 sq. ft. to as large as 28,500 sq. ft. Their annual rental prices vary starting at AED 105K and going up to AED 3.6M.

Lastly, you’ll also find shops and offices for rent in Business Bay if you’re interested in commercial properties.

In Business Bay, rental prices for office spaces range from AED 45k to AED 5.8M per year. When it comes to shops the yearly rental fees start at AED 46k and can go as high as AED 2.9M.

Looking there are some exciting future development prospects in Business Bay. Select Group is working on Peninsula One, Two, Three, and Four The Plaza projects. These developments will offer a variety of options including studio apartments 1 to 4-bedroom apartments, duplexes, and penthouses. The completion dates for these projects are planned for Q4 of 2024 and 2026 respectively.

DAMAC Properties is also involved in creating the Safa Two and Chic Tower projects. These developments will provide studio apartments as 1 and 2-bedroom options. The estimated completion dates for these projects are set for the year 2026 and Q2 of 2026.

Additionally, Deyaar has their Regalia project in Business Bay which offers studios as well as apartments with sizes ranging from 1 to 3 bedrooms along with duplexes and penthouses. This project is expected to be ready by the year 2024.

Lastly Jumeirah Living Business Bay will be offering a range of options including apartments with sizes ranging from studios to units with up to four bedrooms along with penthouses that have four or five bedrooms for completion by Q4 of the year 2025.

When it comes to return on investment (ROI) in Business Bay properties, studio units provide an ROI of approximately 6.71%, followed by one-bedroom flats at around 5.68%. Two-bedroom flats offer an ROI of around 5.51%, while three-bedroom flats generate an ROI of about 4.88%. On the other hand, four-bedroom flats have an ROI offering of around 3.13%. If you’re considering investing in villas it’s worth noting that 2-bedroom properties yield an 8.86% return on investment. For 3-bedroom villas, the rate of return is 1.72%. For 4 bedroom villas, it’s 5.41%.

HOW TO CHOOSE THE RIGHT PROPERTY IN BUSINESS BAY?

When it comes to selecting the property in Business Bay there are a few important factors to consider such as your budget and specific requirements. It’s crucial to ensure that the property you choose aligns with your needs while staying within your budget.

• Location: The location of the property and its proximity to areas you might need access to should be taken into account when choosing a property in Business Bay.
• Budget: Before starting your search for a property in Business Bay it’s essential to establish a budget that will help narrow down your options and prevent overspending.
• Size: Think about the size of the property you’re looking for—is it a one-bedroom apartment or a spacious villa?
• Amenities; Check what amenities are included with the property—are there any shared facilities or amenities that you may require access to?
• Maintenance: Understand what maintenance is included in the property and clarify any responsibilities expected from you as a buyer or tenant.
• Regulations: Familiarize yourself with any regulations or restrictions that may apply to the property or surrounding area.
• Resale Value: Consider the resale value of the property in case you need to sell it in the future.

HERE ARE SOME IMPORTANT TIPS TO CONSIDER WHEN DEALING WITH REAL ESTATE AGENTS AND PROPERTY DEVELOPERS:

1. Research: It’s crucial to do your research before working with an agent or developer. This will give you an understanding of the market and the available properties in Business Bay.
2. Recommendations: Seek recommendations from friends or colleagues who have recently purchased or sold property in the area. Their experiences can provide insights.
3. Credentials Check: Ensure that the real estate agents and property developers you’re considering are registered with the Dubai Land Department. Verify their qualifications and experience to ensure they meet your standards.
4. Budget Setting: Determine your budget before starting your search for properties. This will help you focus on options, within your means and prevent overspending.
5. Match Your Needs: Ensure the property you’re considering aligns with your needs and is located where you desire.
6. Check Amenities: Confirm that the property offers all the amenities, like parking, security, and access to transportation.
7. Visit the Property: It’s crucial to visit the property in person before committing to anything. This will provide you with an understanding of its condition and overall suitability.
8. Negotiate: Don’t hesitate to negotiate the price of the property in a market. Bargaining can be advantageous.
9. Get an Inspection: Arrange for an inspection of the property before finalizing any agreements. This will help guarantee that it’s in good condition, without any expenses.
10. Read the Contract: Carefully read through. Comprehend all clauses and terms in the contract before signing it.

STEP-BY-STEP GUIDE TO BUYING PROPERTY IN BUSINESS BAY

Investors from abroad must take a step-by-step approach to purchasing property in Business Bay, beginning with understanding the various types of properties available and proceeding to the legal aspects and costs associated.

1. Before embarking on the search for properties in Business Bay it is crucial for expatriates to have an understanding of their situation. It is important to be well informed about the amount of finance to avoid making decisions and wasting valuable time. This approach ensures that you won’t be disheartened when you come across the asking price of your potential dream home. Once your finances are organized you can confidently begin the process of purchasing a property for sale in Business Bay. Apart from the payment, some costs need to be considered such as DLD fees, title deed issuance fees, admin fees, agency fees, NOC charges, mortgage fees, and mortgage insurance fees.
   
   
2. Before investing in an estate in Dubai it is vital to define what kind of property you are seeking and establish specific criteria to initiate your search. Familiarize yourself with your requirements including property type preference, desired number of bedrooms, access to amenities, and proximity to key destinations. Additionally, identify negotiable factors and areas where you can be flexible to make an informed decision. For instance, if you’re looking to find apartments in Business Bay and you have a budget in mind you can start by narrowing down the projects that fall within your range. Consider factors like the features, the views offered, and any ongoing developments.
   
   
3. Finding the right real estate agent in Dubai is crucial for expatriates who are interested in making property investments. By partnering with a team of experts and establishing a working relationship with your agent you can ensure that your investment goals will be met. Working with professionals provides insights into market trends, available options, and the area’s performance when it comes to capital appreciation.
   
   Armed with this knowledge you’ll be able to make informed decisions. The team at Driven Properties possesses the license, expertise, and impressive track record that makes them an ideal choice for all your property investment needs.
   
   
4. Once all necessary steps have been taken. A decision has been made, it’s time to initiate the property purchasing process. After agreeing on the asking price and other relevant details with the seller, both parties will need to sign an Agreement for Sale or Memorandum of Understanding (MOU). At this stage, you will be required to make a payment of a percentage of 10% as a confirmation of your commitment.
   
   Afterward, the seller must settle all payments to the developer. Following that, they can obtain a No Objection Certificate (NOC) from the developer, which permits them to sell the property. If the buyer is obtaining a mortgage loan the lender bank must be involved in this process.
   
   
5. Typically it takes a month to complete a real estate transaction from the time when the Sales Agreement was signed. To ensure that everything goes smoothly within the timeframe, it is important to have all the required documents prepared and readily available when needed. For expatriates, these documents include a passport, proof of residency (if living in the UAE), a property title deed, NOC (issued by the developer), bank pre-approval mortgage letter, mortgage settlement documents, and a seller’s service charges clearance letter. Additionally, providing a bank statement is also necessary to demonstrate that the buyer has funds for purchasing.

FINANCING AND LEGAL CONSIDERATIONS

When purchasing a house, financing and legal aspects should be given importance and consideration. Financing refers to the process of acquiring the funds to initiate and possess a house. This is typically achieved through a loan or a property mortgage. Legal considerations involve comprehending the laws that govern property ownership in your area and adhering to the regulations for compliance.

1. Before commencing the property purchase procedure in Dubai it is advisable to reach out to the bank via a mortgage broker or bank representative to obtain an approval letter. This will help you understand your affordability. Additionally, it is crucial to know the steps involved in purchasing a property in Dubai through a mortgage.
   
   Registering home loans with the Dubai Land Department (DLD) is mandatory for validity. Once these prerequisites are fulfilled, the DLD will issue a No Objection Certificate (NOC) following which ownership will be transferred to the owner. Both parties need to be physically present at the DLD office to finalize the transaction.
   
   The payment amount agreed upon with the seller must be settled on the transfer date. By following these procedures a title deed bearing the owner’s name will be issued.
   
   
2. If you’re a foreigner, in buying an estate in Dubai it’s important to understand the different types of property ownership options available in this emirate. Dubai was the emirate in the UAE to allow international buyers to own properties in some areas. The main difference between freehold and leasehold properties in Dubai lies in the buyer’s entitlement.
   
   Leasehold properties; When it comes to leasehold properties you will have ownership rights for a predetermined duration of up to 99 years. However, the land on which the property stands is not owned by you; instead, ownership rights revert to the landlord.
   
   Freehold properties; Buyers of freehold properties have ownership over both the building and the land it sits on. Unlike leasehold properties, owners are free to sell or rent out their property as they please.
   
   *Note; It’s worth noting that anyone, irrespective of nationality or location can purchase property in Dubai. You don’t need to be a UAE national or resident to own property there.
   
   
3. Investing in an estate in Dubai is appealing due to its tax nature; however there are various expenses associated with purchasing a property in this city.

The table below provides a representation of the costs and fees associated with your purchase, which will help you create a budget.

*Note: Apart from the deposit, if you require a mortgage to finance your purchase, you might need to pay charges such as mortgage registration fees and mortgage processing fees.

AMENITIES AND FACILITIES WITHIN BUSINESS BAY

SCHOOLS NEAR BUSINESS BAY DUBAI

For families with children in the city, there are excellent preschool options available. These include First Path Montessori located in Building 7 Bay Square; Hummingbird Nursery in Bay Avenue; Maple Bear PreSchool in The Burlington Tower; and Canadian Kids Nursery in Churchill Residency.

In proximity to the Business Bay area, there are schools like Dubai International School Al Quoz, GEMS Our Own Indian School, and Safa British School. All these schools offer classes from Kindergarten to Grade 12. Dubai International School Al Quoz follows the American curriculum.

Safa British School is an owned school that follows the England and Wales-based National Curriculum until level. It is located in Al Safa 1. GEMS Our Own Indian School is situated near Manama Hyper Market on Al Meydan Road, while Global Indian International School (GIIS) Dubai Campus can be found close to Al Manar Islamic Center, on Al Meydan Road. In the vicinity of Business Bay, you’ll find GEMS Wellington Primary School located in Al Satwa. This school follows the UK/IB system and caters to students up to Year 13.

For students, universities situated in Dubai Knowledge Park are easily accessible by both car and public transportation. These universities offer a range of courses endorsed by institutions.

HEALTHCARE IN BUSINESS BAY DUBAI

Business Bay accommodates many clinics, hospitals, and healthcare centers so residents will find many options to cater to their needs when it comes to health facilities. Emirates Hospital Clinics in Business Bay is easily accessible for residents of the community. Besides other hospitals and clinics that residents can visit for specialized care in neighboring communities. In case you need assistance both Medcare Hospital in Safa and Emirates Hospital in Jumeirah are just a short 15-minute drive away.

ENTERTAINMENT AND SHOPPING IN BUSINESS BAY DUBAI

Business Bay boasts an array of restaurants that cater to culinary preferences. Tong Thai, Izakaya, Kitchen 6, Prime 68, Miss Tess, Acai and Co., Mama’esh, Kamat, Farsi Restaurant, Tangerine and Tibba are a few names mentioned. Additionally, Dubai Old Town, Downtown Dubai, City Walk, and DIFC are areas that offer a range of dining options.

Residents of this area have choices when it comes to licensed bars and pubs for socializing. Lock Stock & Barrel Business Bay, Sports on 4, Hudson Tavern Dubai, Bay Club, Oud Lounge, Makar, Vault and The Rose & Crown are some options

Jumeirah Beach holds popularity. Can be reached within a mere 15-minute drive. Although it may not be the closest beach to Business Bay, you can still enjoy the man-made Dubai Canal and its stunning boardwalk, which offers a delightful waterfront experience.

When it comes to shopping, Dubai Mall is well known for its range of fashion brands. However, it’s worth checking out Bay Avenue Mall in Business Bay. This place offers a variety of shops, eateries, and spas. Some popular establishments here include M2M, Signature Studio, and Big Brands.

NOTABLE LANDMARKS IN BUSINESS BAY

One of the landmarks in Business Bay is the Dubai Canal. This man-made marvel showcases Dubai Creek. Spans 3 kilometers. Not only is it visually pleasing but also provides a water transport system that connects Business Bay to the older parts of Dubai.

Business Bay in Dubai is rapidly emerging as a sought-after tourist destination. Numerous projects are currently underway to transform this area into a hub for leisure activities. Among these projects are Marasi floating villas situated along the Dubai Canal in Business Bay.

Dubai’s Dragones La Perle show is truly groundbreaking as it is the first of its kind in the Middle East and North Africa. Created by Franco Dragone, it’s a blend of art, live performances, and cutting-edge technology. Visitors can witness the talent of dancers, jaw-dropping stunts, by motorcyclists, and impressive acrobatic displays.

RECENT PROPERTY RATES IN BUSINESS BAY

Business Bay, a thriving community, has witnessed remarkable growth in its real estate sector over the years. Here is a customized area-wise sold properties widget:

Conclusion

Business Bay is more than a cluster of skyscrapers; it offers a modern living experience. Alongside its towering buildings, you’ll find amusement parks, beautiful apartments, hotels, restaurants and shops. Living in Business Bay also means being in proximity to Downtown Dubai, a remarkable part of the city.

At Qae Real Estate, we’re dedicated to assisting you throughout your journey of owning property in Dubai. Our services go beyond providing property options; we offer market knowledge and insights into the communities in Dubai to empower you with informed decision-making capabilities.