Business Bay H1 2024 Resale Report
(1st January — 30th June)
AED 1,826
Average price per sq. ft
Compared to H1 2023
1950 transactions
AED 3.166B total resale value
Apartments in Business Bay H1 2024 Resale Report
Executive Summary
One-bedroom apartments accounted for 924 resale transactions in Business Bay during H1 2024, the highest transaction count among all bedroom segments, with an average price of AED 1,402,112 and a 32.0% year-over-year increase in transaction volume. Studio apartments recorded 539 transactions at an average price of AED 953,253, with transaction count up 31.0% year-over-year, while two-bedroom units saw 371 transactions at an average price of AED 2,404,049 and a 4.0% increase in volume. Three-bedroom apartments in Business Bay transacted 102 times during H1 2024 at an average price of AED 3,442,828, with transaction count rising 34.0% year-over-year, and four-bedroom units recorded 12 transactions at an average price of AED 4,874,229, down 14.0% in transaction count compared to the prior year. The off-plan primary market in Business Bay generated 3,066 transactions valued at AED 8,255,321,096 during H1 2024, exceeding the resale market's 1,950 transactions in volume.
Key Facts
- In H1 2024, Business Bay apartments recorded an average resale price per square foot of AED 1,826, representing a 12.4% year-over-year increase.
- Business Bay saw 1,950 resale apartment transactions in H1 2024, a 25.1% increase compared to the same period in 2023.
- The total value of resale apartment transactions in Business Bay reached AED 3,165,580,606 during H1 2024, up 42.0% year-over-year.
- Ready properties accounted for 70.7% of resale transactions in Business Bay during H1 2024, while off-plan units represented 29.3%.
- One-bedroom apartments dominated resale activity in Business Bay with 924 transactions in H1 2024, a 32.0% increase year-over-year, at an average price of AED 1,402,112.
- Studio apartments recorded 539 resale transactions in Business Bay during H1 2024, up 31.0% year-over-year, with an average transaction price of AED 953,253.
- Two-bedroom apartments in Business Bay saw 371 resale transactions in H1 2024, a 4.0% year-over-year increase, with an average price of AED 2,404,049.
Key Performance Indicators
Key Performance Indicators
Resale - H1 2024
Rental - H1 2024
Source: Property Monitor, Metropolitan Premium Properties Analysis
Price Trend
Price Trend - Business Bay Apartments
Average Price per Sq. Ft - Business Bay Apartments
| Period | Average Price per Sq. Ft (AED) |
|---|---|
| H1 2023 | 1,624 |
| H2 2023 | 1,752 |
| H1 2024 | 1,825 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did Business Bay Apartments transactions split between off-plan and ready in H1 2024?
In H1 2024, ready apartments dominated transaction activity in Business Bay, accounting for 70.7% of all deals compared to 29.3% for off-plan units. By transaction value, ready properties represented 68.9% of total consideration while off-plan captured 31.1%. The modest gap between transaction-count share and value share indicates relatively balanced average deal sizes across both completion categories during the period.
Which Apartments bedroom configurations recorded the highest resale activity in Business Bay during H1 2024?
One-bedroom apartments dominated apartment sales in Business Bay during H1 2024, recording 924 transactions at an average price of AED 1,402,112. Studio units ranked second with 539 transactions at AED 953,253, while two-bedroom apartments generated 371 sales at AED 2,404,049. Across reportable segments, average prices ranged from AED 953,253 for studios to AED 4,874,229 for four-bedroom units, with three-bedroom apartments posting the strongest year-on-year transaction growth at 34.0%.
Performance by Bedroom Type
Price Insights by Bedroom
| Bedrooms | Avg Price | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| Studio | AED 953,253 | +13.7% | 539 | +31% |
| 1 B/R | AED 1,402,112 | +20.3% | 924 | +32% |
| 2 B/R | AED 2,404,049 | +21.8% | 371 | +4% |
| 3 B/R | AED 3,442,828 | +8.5% | 102 | +34% |
| 4 B/R | AED 4,874,229 | -15.7% | 12 | -14% |
| 5 B/R | AED 27,332,500 | -31.7% | 2 | +100% |
Transaction Distribution by Bedroom
Transaction Volume by Bedroom Type - H1 2024
| Bedroom Type | Transactions |
|---|---|
| Studio Bed | 539 |
| 1 B/R Bed | 924 |
| 2 B/R Bed | 371 |
| 3 B/R Bed | 102 |
| 4 B/R Bed | 12 |
| 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 H1 2024?
In H1 2024, off-plan apartment transactions in Business Bay totaled 3,066 units with a combined value of AED 8,255,321,096, representing year-on-year increases of 54.2% and 100.9% respectively. Primary market activity substantially exceeded resale volumes during the period, with off-plan transactions outnumbering resale deals (1,950 units valued at AED 3,165,580,606) by a ratio of approximately 1.6 to 1 by volume and 2.6 to 1 by value. The data reflects sustained developer-led supply and buyer interest in pre-construction inventory within this established Dubai community during the first half of the year.
Rental Summary
Rental Contract Distribution - H1 2024
Contract Types
Rental Insights by Bedroom
| Bedrooms | Avg Rent | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| Studio | AED 65,148 | +19.1% | 1122 | -8% |
| 1 B/R | AED 88,696 | +11.2% | 1867 | -22% |
| 2 B/R | AED 122,095 | +14.8% | 1347 | -24% |
| 3 B/R | AED 164,855 | +15.1% | 452 | -31% |
| 4 B/R | AED 265,932 | +4.1% | 38 | -41% |
| 5 B/R | AED 1,342,816 | +7.2% | 2 | -50% |
| 6 B/R | AED 600,000 | +50% | 1 | -50% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Dubai Apartments Market Context -- H1 2024
During H1 2024, Dubai's real estate market recorded 74,829 sale transactions and 189,761 rental contracts, reflecting sustained activity across both ownership and tenancy segments. Initial sales accounted for 63.0% of all property purchases across the emirate, while resale transactions represented 37.0% of the market. In the rental segment, contract renewals dominated at 63.0% of all tenancy agreements, with new rental contracts comprising the remaining 37.0%. These emirate-wide patterns provide essential context for interpreting community-level performance in areas such as Business Bay.
Dubai Overall Market Context
Dubai Apartments Market Totals - H1 2024
| Category | Percentage |
|---|---|
| Initial Sale | 63.0% |
| Resale | 37.0% |
| Category | Percentage |
|---|---|
| New | 37.0% |
| Renewal | 63.0% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Frequently Asked Questions
What was the average price per square foot for apartments in Business Bay during H1 2024?
How many resale apartment transactions occurred in Business Bay in H1 2024?
What was the total value of resale apartment transactions in Business Bay during H1 2024?
What was the average resale price for a one-bedroom apartment in Business Bay in H1 2024?
What was the average resale price for a two-bedroom apartment in Business Bay in H1 2024?
What percentage of Business Bay apartment resales in H1 2024 were ready properties versus off-plan?
What was the average resale price for a studio apartment in Business Bay during H1 2024?
Methodology
This report analyzes Business Bay apartment resale activity for the first half of 2024 using transaction data from Property Monitor, which aggregates Dubai Land Department registration records for the period January 1 to June 30, 2024. Year-on-year comparisons reference the corresponding H1 2023 period, with percentage changes calculated on both transaction volumes and average price per square foot metrics. Readers should note that registration dates may lag actual sale agreements by several weeks, meaning transactions recorded in H1 2024 could reflect purchase decisions made in late 2023, and that the resale dataset excludes off-plan purchases, which represented a separate and larger transaction segment by both count and value during the same period.
Glossary
- PSF
- Price per square foot, the standard unit for measuring Dubai property values, calculated by dividing total sale price by the property's area in square feet.
- Off-plan
- Properties sold by developers before construction is complete, typically requiring staged payments during the build period.
- Secondary market
- The resale market where properties are sold between private parties rather than purchased directly from the original developer.
- Ready property
- Completed properties available for immediate occupancy, as opposed to off-plan units still under construction.
- Resale
- A transaction where an existing property owner sells to a new buyer, regardless of whether the property was originally purchased off-plan or as a completed unit.
- AED/sqft
- Property price denominated in United Arab Emirates Dirhams per square foot, the local currency measure of real estate value density.
- Business Bay
- A mixed-use community in central Dubai characterized by high-rise residential towers and commercial developments along the Dubai Water Canal.
- Resale Off-Plan Origin
- A secondary market transaction where the seller originally purchased the property off-plan from a developer and is reselling before or after completion.
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