Over the last year, Dubai has become a magnet for international real estate investors. The timely response of the UAE government to the spread of COVID-19 infection in the form of a lockdown, mass vaccination, and transformational visa reform allowed the local market to overgrow. Property in Downtown Dubai the UAE, immediately became one of the biggest winners in terms of investment. Now, you can see that Business Bay residential units are also starting to attract buyers worldwide because of their central location, developed infrastructure, and high-quality development.
Community Overview
Business Bay, one of the most recognizable areas, lies south of the city centre. The place got its name from the commercial buildings, offices, banks, and shops. Developed transport infrastructure makes the local lifestyle perfect for professionals working in the district's territory, in Downtown Dubai, and DIFC. Another distinctive feature is leading hotel chains such as Oberoi, Taj, and Marriott.
The neighbourhood has developed into a desirable residential area with various beautiful apartments and hotel suites. Local housing units are of interest to buyers and tenants. The high level of demand can be explained by the fact that this neighbourhood is located near the Dubai Design District design centre and Jumeirah, one of the iconic areas of the city.
Community real estate
It occupies an area of nearly 7,500,000 m2 and offers a wide selection of residential units. Most local real estate consists of apartments in high-rise complexes that are part of the city's famous skyline. In terms of property configuration, the community has many studios, 1-, 2-, and 3-bedroom apartments, several luxury 4- and 5-bedroom apartments, and penthouses.
The average apartment costs in Business Bay are provided in the table below:
There are several 2- to 5-bedroom penthouses for sale in Business Bay. Their prices range from AED 2,400,000 to AED 72,800,000.
There are also only a few options for luxury villas in the community. The average costs of these residential units are shown in the following table:
The area is famous for its cosmopolitan and dynamic atmosphere, which attracts young professionals working in the city's central part. The local lifestyle is mainly suitable for young couples and single people. But recently, the number of families interested in apartments has risen.
Return yield for investments in the community real estate
Studios have the highest return on investment (ROI) in Business Bay (6.0%). They are the most profitable buy-to-invest option for buyers looking to tap the local market's potential. The next are 1-bedroom apartments (5.6%) and 3-bedroom apartments (5.3%). The ROI of 2-bedroom apartments is 5.1%. It is 4.5% and 3.9% for 4- and 5-bedroom apartments, respectively.
Investors interested in purchasing private residential units should pay attention to 4-bedroom villas. The ROI of these units is 5.1%.
Transport infrastructure in the community
Each apartment has an assigned parking space in the area. There are several free public car parks on Al Aamal Street and Al Saada Street. You can also find private parking spaces, costing AED 10+ an hour.
The neighbourhood is connected to two of the busiest highways. In the north, it connects with the Sheikh Zayed Road, and in the south, it connects to Al Khail Road. There is an exit leading directly to Downtown Boulevard.
Moving around the area is quick and easy. The Business Bay metro station is available for all public transport users. Buses and route taxis run here.
Community retail outlets and restaurants
Shopping is one of the leading leisure activities. Although the Dubai Mall, with its impressive selection of fashion brands, is a popular choice among tourists, the Bay Avenue Mall attracts many locals with its numerous shops, restaurants, and spas. West Zone supermarket is close to Mayfair Towers, and Al Maya supermarket is next to Clover Bay Tower.
Local diners vary from casual eateries to fine dining restaurants. Some of the most well-known restaurants are Waka at the Oberoi, Mama'esh at the Bayswater Tower, Cuisinero Uno at the Steigenberger Hotel, and Tong Thai at the JW Marriott Marquis.
When it comes to licenced bars and pubs, locals also have a vast selection. The Backyard at the Steigenberger Hotel, The Vault at the JW Marriott Marquis, and The Eloquent Elephant at Taj Dubai is the most popular among these establishments.
Beaches next to the community
Water sports enthusiasts will be delighted to know that the famous Jumeirah Beach is only a 15-minute drive from Business Bay. Although not really a beach, locals can visit the magnificent artificial Dubai Canal. There is an excellent place for walking and enjoying the magnificent view of the water surface right next to it.
Entertainment and attractions in the community
The Dubai Canal mentioned above is definitely an iconic attraction. This is a man-made project that allows you to enjoy the free-flowing waters of Dubai Creek. The 3 km long canal creates a beautiful picture and connects the district to the old parts of the city with a highly efficient water transport system.
Another local attraction is the JW Marriott Marquis Hotel. It was the tallest hotel in the world until February 2018. Then the Gevora Hotel on Sheikh Zayed Road beat it by 1m.
Educational institutions in the community
For parents with younger children, there are some of the best preschools in town. Regarding primary and secondary schools, Al-Safe School, with the British Curriculum, is the most popular among local families.
Students living in the district may use a private car or public transportation to get to DKP. Universities in this location offer educational programs from internationally accredited institutions.
Healthcare facilities in the community
The clinic, located on Bay Avenue, is considered one of the best medical facilities in the district. It helps local residents treat minor diseases. Al-Saf and Jumeirah hospitals are better for conditions that require further analysis. It takes approximately 15 minutes to get there.
Churches, temples, and mosques in the community
There are no places for worship on the territory, but locals can get to the famous Jumeirah Mosque in 15 minutes. Other notable mosques include Al Ghafoor and Burj Khalifa in Downtown Dubai.
The nearest Christian churches can be found in Oud Metha, 15 minutes from the district. Hindu residents visit the Shiva and Krishna temples 25 minutes away in Bur Dubai.
Reasons to invest in community real estate.
To sum everything up and make sure that investing in Business Bay real estate is helpful, check out the following list of main benefits:
- Central location. The community is close to Downtown Dubai and is known for its cosmopolitan and dynamic lifestyle. The community attracts many young professionals and families working in the city's central areas. Iconic attractions such as the Burj Khalifa, DIFC and the Dubai Mall are just a few minutes away.
- A market with a high level of transactions. Business Bay is among the top 5 communities with the most significant buying and selling transactions. Over the past year, the number of transactions doubled compared to Downtown Dubai and Dubai Hills Estate. Since the community attracts young professionals, families, and tourists, its population has increased by 200% in just 5 years. Currently, it is second only to Jumeirah Village Circle, primarily known as a residential centre for families with children.
- An ideal place to relax. The neighbourhood has proven itself not only as an excellent area for migration but also as a place for recreation. The community is situated in the city centre, has a modern landscape and architecture, and offers breathtaking views of the Burj Khalifa skyscraper and amenities such as restaurants, hotels, etc. Tourists get almost the same benefits they could get in Downtown Dubai, but at a lower price. So, local real estate investors can expect a stable rental income.
- The historical centre of the city. Although Business Bay is located in the more modern and promising part of the city, it is close to the city's historic centre. Bur Dubai and Deira, located right in front of Dubai Creek, are full of numerous cultural and historical attractions appealing to locals and tourists. Walking through these areas allows you to look into the city's past. Here, you can find many spice bazaars and traditional Emirati restaurants.
- Active social life. There are plenty of popular public spaces like world-class restaurants and nightclubs. Dubai Design District, the city's thriving arts and culture hub, are not far away. It attracts art and fashion lovers worldwide with a broad selection of art galleries, trendy lounges, cosy cafes, and eateries. Thanks to this, the community gathers people with different interests, cultural backgrounds and outlooks on life in one place.
- The commercial centre of the city. In the neighbourhood, much attention is given to businessmen and working professionals. It is close to several first-class professional economic centres such as Dubai International Financial Centre, Dubai Healthcare City, and Dubai World Trade Centre. As part of the recently released Dubai Urban Master Plan 2040, Business Bay and the Dubai International Financial Center look forward to further strengthening as the epicentre of all financial events in the city. More and more manpower will arrive in these communities soon. So the need for high-quality and suitable living conditions will continue to skyrocket. This will make the local real estate market one of the fastest-growing markets.
Assistance with purchasing a property in Business Bay
Business Bay is achieving a reputation as one of the most sought-after locations for real estate acquisition. The targeted development, long-term plans for the future, and investment attractiveness will help the community to reach its peak.
To get help with buying or renting a premium property in Business Bay or any other elite community in Dubai, contact AX Capital directly. Clients of a well-known agency in the UAE can count on advice considering any issue of interest, full support during the real estate transaction, and high-quality after-sales service.
