Business Bay Apartments 2024 Resale Report
(1st January - 31st December 2024)
AED 1,870
Average price per sq. ft
Compared to 2023
3758 transactions
AED 6.608B total resale value
Apartments in Business Bay 2024 Resale Report
Executive Summary
Ready properties accounted for 72.1 percent of resale transactions in Business Bay during 2024, while off-plan completions represented 27.9 percent. One-bedroom apartments generated 1,710 resale transactions in Business Bay during 2024, the highest count among all bedroom segments, with an average transaction price of AED 1,438,829 and transaction volume up 15.0 percent year-over-year. Studio apartments recorded 1,029 resale transactions in Business Bay during 2024 at an average price of AED 981,143, reflecting an 18.0 percent year-over-year increase in transaction count, while two-bedroom units logged 777 transactions at an average price of AED 2,486,393.
The off-plan primary market in Business Bay recorded 6,282 transactions during 2024 with a total value of AED 16,354,035,520, more than double the resale market transaction count. Three-bedroom apartments in Business Bay averaged AED 3,767,271 across 201 resale transactions during 2024, with transaction volume rising 16.0 percent year-over-year, and four-bedroom units averaged AED 10,329,549 across 38 transactions.
Key Facts
- In 2024, Business Bay apartments recorded an average resale price per square foot of AED 1,870, representing a 10.5% year-over-year increase.
- The district saw 3,758 resale transactions in 2024, marking a 13.0% year-over-year rise in transaction volume.
- Total resale value in Business Bay reached AED 6,607,647,078 during 2024, up 34.9% compared to the previous year.
- Ready properties accounted for 72.1% of resale transactions in Business Bay in 2024, while off-plan completions comprised 27.9%.
- One-bedroom apartments led resale activity in Business Bay with 1,710 transactions in 2024 at an average price of AED 1,438,829, reflecting 15.0% year-over-year growth in transaction count.
- Studio apartments in Business Bay recorded 1,029 resale transactions in 2024 at an average price of AED 981,143, with transaction volume rising 18.0% year-over-year.
- Two-bedroom units in Business Bay saw 777 resale transactions in 2024 at an average price of AED 2,486,393, showing 3.0% year-over-year growth in transaction count.
Key Performance Indicators
Key Performance Indicators
Resale - 2024
Rental - 2024
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did Business Bay Apartments transactions split between off-plan and ready in 2024?
In Business Bay apartments during 2024, ready properties accounted for 72.1% of all transactions and 71.8% of total transaction value, while off-plan units represented 27.9% of deals and 28.2% of value. The near-identical distribution across both metrics—with less than one percentage point separating transaction share from value share—indicates that average deal sizes were comparable between the two completion categories in this period. Ready properties maintained clear numerical dominance in the Business Bay apartment segment throughout the year, with off-plan transactions capturing roughly one-quarter of market activity by both count and monetary volume.
Which Apartments bedroom configurations recorded the highest resale activity in Business Bay during 2024?
In Business Bay apartments during 2024, one-bedroom units dominated transaction activity with 1,710 sales at an average price of AED 1,438,829, followed by studio apartments at 1,029 transactions and an average of AED 981,143. Four-bedroom configurations recorded the highest average price at AED 10,329,549 across 38 transactions, while studios anchored the lower end of the pricing spectrum. Studio units showed the strongest year-over-year transaction growth at 18.0%, outpacing the 15.0% increase in one-bedroom sales and the 16.0% rise in three-bedroom activity.
Performance by Bedroom Type
Price Insights by Bedroom
| Bedrooms | Avg Price | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| Studio | AED 981,143 | +13% | 1029 | +18% |
| 1 B/R | AED 1,438,829 | +17.4% | 1710 | +15% |
| 2 B/R | AED 2,486,393 | +21.6% | 777 | +3% |
| 3 B/R | AED 3,767,271 | +15.1% | 201 | +16% |
| 4 B/R | AED 10,329,549 | +132.7% | 38 | +3% |
| 5 B/R | AED 27,332,500 | -31.7% | 2 | +100% |
Transaction Distribution by Bedroom
Transaction Volume by Bedroom Type - 2024
| Bedroom Type | Transactions |
|---|---|
| Studio Bed | 1029 |
| 1 B/R Bed | 1710 |
| 2 B/R Bed | 777 |
| 3 B/R Bed | 201 |
| 4 B/R Bed | 38 |
| 5 B/R Bed | 2 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did off-plan primary-market sales of Apartments in Business Bay perform in 2024?
Off-plan apartment transactions in Business Bay totaled 6,282 sales worth AED 16,354,035,520 in 2024, representing increases of 31.8% and 50.6% year-on-year respectively. Primary market activity substantially exceeded resale volumes in the community during the same period, with off-plan transactions outnumbering resale deals (3,758 transactions valued at AED 6,607,647,078) by a ratio of approximately 1.7 to 1 by count and 2.5 to 1 by value. The data indicates that developer-direct sales constituted the dominant share of apartment trading activity in Business Bay throughout 2024.
Rental Summary
Rental Contract Distribution - 2024
Contract Types
Rental Insights by Bedroom
| Bedrooms | Avg Rent | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| Studio | AED 67,399 | +13.4% | 3094 | +4% |
| 1 B/R | AED 89,245 | +11.2% | 5388 | -6% |
| 2 B/R | AED 125,432 | +12.8% | 3603 | -10% |
| 3 B/R | AED 170,060 | +13.8% | 1075 | -19% |
| 4 B/R | AED 321,658 | +19.1% | 102 | -30% |
| 5 B/R | AED 1,572,973 | +11.4% | 3 | -40% |
| 6 B/R | AED 1,028,505 | +53.4% | 4 | -20% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Dubai Apartments Market Context -- 2024
Dubai recorded 168,955 sale transactions and 467,487 rental transactions in 2024, with rental contracts outnumbering sales by approximately 2.8 to 1. Within the sales market, initial sales accounted for 65.9% of transactions (compared to 34.1% resales), indicating continued buyer preference for off-plan and newly completed properties across the emirate. In the rental segment, contract renewals represented 61.9% of activity versus 38.1% new contracts, reflecting a majority of tenants remaining in their existing accommodations during the year.
Dubai Overall Market Context
Dubai Apartments Market Totals - 2024
| Category | Percentage |
|---|---|
| Initial Sale | 65.9% |
| Resale | 34.1% |
| Category | Percentage |
|---|---|
| New | 38.1% |
| Renewal | 61.9% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Frequently Asked Questions
What was the average price per square foot for resale apartments in Business Bay in 2024?
How many resale apartment transactions occurred in Business Bay during 2024?
What was the total transaction value for resale apartments in Business Bay in 2024?
What was the average resale price for a studio apartment in Business Bay in 2024?
What was the average resale price for a one-bedroom apartment in Business Bay in 2024?
What was the average resale price for a two-bedroom apartment in Business Bay in 2024?
What percentage of Business Bay apartment transactions in 2024 were ready properties versus off-plan?
What was the total value of off-plan primary market apartment transactions in Business Bay in 2024?
Methodology
This analysis of Business Bay apartment resales in 2024 draws on transaction data from Property Monitor, which aggregates Dubai Land Department registration records covering the period from January 1 to December 31, 2024. Year-on-year comparisons reference the corresponding calendar year 2023, with percentage changes calculated on both unit counts and aggregate transaction values. The report distinguishes between resale transactions (secondary market transfers of completed units) and off-plan transactions (purchases of units under construction or not yet delivered), a distinction that reflects contract registration timing rather than actual occupancy status. Readers should note that registration dates may lag actual sale agreements by several weeks, meaning transactions registered in late December 2024 could reflect purchase decisions made in prior months, affecting the precision of period-end trend interpretation.
Glossary
- PSF
- Price per square foot. A standardized metric that divides a property's total sale price by its built-up area in square feet, enabling comparison across units of different sizes.
- Off-plan
- A property purchased directly from a developer before construction is complete, typically sold in phases with staggered payment plans tied to construction milestones.
- Secondary market
- The resale market where properties change hands between private owners rather than being sold by the original developer, encompassing both ready and under-construction units.
- Ready property
- A completed, habitable property with an issued occupancy certificate, available for immediate possession and occupancy by the buyer.
- Resale Off-Plan Origin
- A transaction where an owner sells an off-plan unit purchased from a developer to another buyer before construction completes, transferring the original purchase contract.
- Resale
- A transaction classification indicating the property is being sold by a private owner who previously acquired it, whether from a developer or another owner, rather than being a first sale from the developer.
- Business Bay
- A mixed-use district in central Dubai featuring high-rise apartment towers, commercial offices, and retail space along the Dubai Water Canal, positioned between Downtown Dubai and DIFC.
- Transaction type
- A classification distinguishing whether a sale involves an off-plan property still under construction or an existing ready property with completed handover.
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