Business Bay Q3 2024 Resale Report
(1st July - 30th September 2024)
AED 1,853
Average price per sq.ft.
Compared to Q3 2023
851 transactions
AED 1.418B total resale value
Apartments in Business Bay Q3 2024 Resale Report
Executive Summary
Ready properties accounted for 76.5 percent of all resale transactions in Business Bay in Q3 2024, while off-plan completions represented 23.5 percent. One-bedroom apartments led resale activity in Business Bay during Q3 2024 with 379 transactions at an average price of AED 1,434,756, showing no year-over-year change in transaction count. Studio apartments followed with 233 transactions at an average price of AED 972,967 in Business Bay for Q3 2024, down 5.0 percent year-over-year in transaction count, while two-bedroom units recorded 178 transactions at an average price of AED 2,313,490, a decline of 8.0 percent in transaction count compared to Q3 2023.
The off-plan primary market in Business Bay generated 1,330 transactions totaling AED 3,394,992,242 in Q3 2024, substantially exceeding the 851 resale transactions valued at AED 1,418,100,729 during the same period.
Key Facts
- In Q3 2024, the average resale price per square foot for apartments in Business Bay reached AED 1,853, representing a 2.2% increase year-over-year.
- Business Bay recorded 851 resale apartment transactions in Q3 2024, a decline of 4.3% compared to the same quarter in 2023.
- The total value of resale apartment transactions in Business Bay during Q3 2024 was AED 1,418,100,729, up 2.8% year-over-year.
- Ready properties accounted for 76.5% of resale transactions in Business Bay during Q3 2024, while off-plan completions comprised 23.5%.
- One-bedroom apartments led resale activity in Business Bay during Q3 2024 with 379 transactions at an average price of AED 1,434,756, unchanged in transaction count year-over-year.
- Studio apartments in Business Bay recorded 233 resale transactions in Q3 2024 at an average price of AED 972,967, reflecting a 5.0% decrease in transaction count year-over-year.
- Two-bedroom apartments in Business Bay saw 178 resale transactions in Q3 2024 at an average price of AED 2,313,490, with transaction volume declining 8.0% year-over-year.
Key Performance Indicators
Key Performance Indicators
Resale - Q3 2024
Rental - Q3 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) |
|---|---|
| Q3 2023 | 1,812 |
| Q4 2023 | 1,691 |
| Q1 2024 | 1,827 |
| Q2 2024 | 1,824 |
| Q3 2024 | 1,852 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did Business Bay Apartments transactions split between off-plan and ready in Q3 2024?
In Q3 2024, ready apartments dominated the Business Bay market, accounting for 76.5% of all transactions and 74.6% of total transaction value, while off-plan units represented 23.5% of deals and 25.4% of value. The slightly higher share of value relative to transaction count for off-plan apartments indicates that the average off-plan purchase in Business Bay during Q3 2024 carried a marginally higher price point than the average ready unit transaction. Ready properties maintained a clear majority across both volume and value metrics for the quarter.
Which Apartments bedroom configurations recorded the highest resale activity in Business Bay during Q3 2024?
In Q3 2024, one-bedroom apartments dominated transaction activity in Business Bay with 379 sales at an average price of AED 1,434,756, followed by studio units with 233 transactions at AED 972,967. The bedroom segments showed a price gradient from studios to four-bedroom units, which averaged AED 4,473,610 across 10 transactions. Transaction counts declined year-over-year for most configurations, with three-bedroom units recording the steepest drop at -15.0% and four-bedroom properties posting a 25.0% increase.
Performance by Bedroom Type
Price Insights by Bedroom
| Bedrooms | Avg Price | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| Studio | AED 972,967 | +9.2% | 233 | -5% |
| 1 B/R | AED 1,434,756 | +12.1% | 379 | 0% |
| 2 B/R | AED 2,313,490 | +7.3% | 178 | -8% |
| 3 B/R | AED 3,746,860 | +2.9% | 51 | -15% |
| 4 B/R | AED 4,473,610 | +3.3% | 10 | +25% |
Transaction Distribution by Bedroom
Transaction Volume by Bedroom Type - Q3 2024
| Bedroom Type | Transactions |
|---|---|
| Studio Bed | 233 |
| 1 B/R Bed | 379 |
| 2 B/R Bed | 178 |
| 3 B/R Bed | 51 |
| 4 B/R Bed | 10 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did off-plan primary-market sales of Apartments in Business Bay perform in Q3 2024?
In Q3 2024, Business Bay apartments recorded 1,330 off-plan transactions totaling AED 3,394,992,242, representing declines of 11.2% and 12.7% year-over-year respectively. Off-plan activity accounted for 61% of all transactions by count in the community during the quarter, with resale transactions numbering 851 and valued at AED 1,418,100,729. The off-plan segment generated approximately 2.4 times the transaction value of resale activity in the same period.
Rental Summary
Rental Contract Distribution - Q3 2024
Contract Types
Rental Insights by Bedroom
| Bedrooms | Avg Rent | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| Studio | AED 67,003 | +15.4% | 844 | +9% |
| 1 B/R | AED 86,310 | +12% | 1548 | -1% |
| 2 B/R | AED 125,848 | +11% | 985 | -10% |
| 3 B/R | AED 172,493 | +11.1% | 284 | -17% |
| 4 B/R | AED 311,743 | +11.9% | 30 | -32% |
| 5 B/R | AED 2,033,288 | -0.8% | 1 | 0% |
| 6 B/R | AED 1,497,343 | +57.6% | 1 | -50% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Dubai Apartments Market Context -- Q3 2024
Dubai's real estate market in Q3 2024 recorded 47,203 sale transactions and 119,904 rental transactions, with rental activity representing the larger share of total market movements. Within the sales segment, initial sales accounted for 68.6% of transactions while resales comprised 31.4% across Dubai in Q3 2024. The rental market showed 60.7% of contracts in Q3 2024 were renewals and 39.3% were new tenancies, indicating a balanced mix of tenant retention and new leasing activity across Dubai during the quarter.
Dubai Overall Market Context
Dubai Apartments Market Totals - Q3 2024
| Category | Percentage |
|---|---|
| Initial Sale | 68.6% |
| Resale | 31.4% |
| Category | Percentage |
|---|---|
| New | 39.3% |
| Renewal | 60.7% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Frequently Asked Questions
What was the average price per square foot for resale apartments in Business Bay during Q3 2024?
How many resale apartment transactions occurred in Business Bay in Q3 2024?
What was the total resale transaction value for apartments in Business Bay in Q3 2024?
What was the average resale price for a one-bedroom apartment in Business Bay in Q3 2024?
What percentage of resale transactions in Business Bay Q3 2024 were for ready properties versus off-plan?
What was the average resale price for a two-bedroom apartment in Business Bay during Q3 2024?
How many studio apartment resale transactions were recorded in Business Bay in Q3 2024?
Methodology
The resale market data for Business Bay apartments during Q3 2024 (July 1 through September 30, 2024) is sourced from Property Monitor's transaction register, which aggregates filings from the Dubai Land Department's official registry of completed property transfers. Year-over-year comparisons reflect the percentage change between Q3 2024 and Q3 2023 for metrics including average price per square foot, transaction count, and total transaction value. Readers should note that Dubai Land Department registrations may reflect a lag between actual sale agreement dates and formal registration dates, meaning some transactions completed in late Q2 2024 or early Q4 2024 could appear in or be excluded from the Q3 2024 dataset depending on when parties finalized their filings.
Glossary
- PSF
- Price per square foot. A standardized metric used to compare property values by dividing the total sale price by the property's area in square feet.
- Off-plan
- Properties purchased directly from developers before construction is complete, typically sold in phases during the development cycle.
- Secondary market
- The resale market where properties are sold between private parties rather than purchased directly from developers.
- Ready property
- Completed properties that are immediately available for occupancy or handover, as opposed to those still under construction.
- Resale
- A transaction where an existing property owner sells to a buyer, occurring in the secondary market rather than as a new developer sale.
- AED/sqft
- The price per square foot denominated in United Arab Emirates Dirhams, the standard currency and area unit for Dubai property transactions.
- Off-Plan Developer Sale
- The initial sale of a property by a developer to the first owner before or during construction, recorded as a new development transaction.
- Resale Off-Plan Origin
- A secondary market transaction where the seller originally purchased the property off-plan from a developer and is now reselling before or after completion.
- Studio apartment
- A self-contained residential unit without separate bedrooms, typically consisting of one main living space with an integrated sleeping area and separate bathroom.
- Business Bay
- A mixed-use freehold district in central Dubai characterized by high-rise residential towers, commercial offices, and proximity to Downtown Dubai and the Dubai Water Canal.
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