Apartments for Sale in Business Bay
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For more than 20 years, Dubai has been one of the most attractive cities for foreign investors. This is due to strong economic growth, developed tourism, trade, financial services, logistics and transport. The emirate has created the optimal conditions for business and career building in different areas. Plus the active construction of not only hotels, but also commercial and residential real estate has caused high investment interest among foreigners. In 2020-2021 the yield of local real estate reached 8%, which is markedly higher compared to other megacities. For example, in London, this figure holds at 3% per annum.
The advantages of the area
Business Bay is a business and commercial center of the city, but here, in addition to commercial real estate, residential properties are also actively being built. In this area of developed infrastructure there are many entertainment and shopping facilities, cafes and restaurants, kindergartens and schools, and medical clinics. There is plenty of public transportation available to get to Business Bay by bus, subway or by the DC1 and DC2 ferries.
From Business Bay it takes 15 minutes to get to the free Jumeirah Beach but relaxing by the water is also possible in the area. After all, this is where the Dubai Water Canal flows, along which a promenade with a pedestrian zone and bicycle paths has been built.
This canal is one of the attractions of the area. The second landmark is the JW Marriott Marquis Hotel, which until 2018 was considered the tallest hotel in the world. But now the Gevora Hotel has the accolade. However, it is only a 10-minute drive away.
Thus, the Business Bay area, being the business and commercial center of Dubai, remains a comfortable and attractive place to live.
Features of real estate
Villas and houses for residence in the area are few, the main development here – skyscrapers with commercial and residential premises, are hotels. That’s why investors are looking at these options.
According to the results in 2020, the average return on real estate in Business Bay was 6 percent per year. One of the most sought-after categories were apartments with 1-bedroom ROI of 5.6%.
Most often local real estate is chosen by the employees of a local company or owners of the local commercial space. The average cost of apartments in the Business Bay is about AED 500,000 (USD 136,000). For example, a 1-bedroom apartment in The Court Tower is 332 square feet and costs AED 375,000 (USD 103,000). The price of a 2-bedroom, 789-square-foot property in West High 2 is AED 660,000 (USD 180,000). The cost of renting an apartment starts at AED 40,000 (USD 11,000) per year.
*The price is valid for 2021