Over the years, the UAE real estate sector has been characterized by strong growth, its rapid development has necessitated a transition to the latest technologies that will help developers minimize costs and optimize return on investment. Many talk about the oversupply that exists in the residential real estate market in the UAE. However, this trend does not apply to a situation where hundreds of people from Sharjah and other emirates, where the cost of living is lower than in Dubai, come here every day to work. Speaking about prices real estate in Business Bay, Downtown and other areas of the emirate, still wins over those in other emirates.
It is fair to say that affordable residential real estate does not necessarily meet the specific requirements of the domestic market, but foreign investors may also be attracted by the interesting features of Dubai’s heterogeneous property portfolio.
Real estate in Dubai
In the next three years, housing in overheated areas of the city will rise in price slightly, and in undervalued locations – by about 25 percent per year. The corresponding forecast for the real estate market in the popular resort was given by Realiste specialists, based on artificial intelligence data.
According to experts, undervalued locations, where housing prices will rise at a rate of about 25 percent per year, includeЖ
- Business Bay,
- Sobha Hartland,
- Jumeirah Village Circle
- and Nad Al Sheba First.
They added that in these places the main focus is not on proximity to the sea, but on greenery, autonomy, and security of territories.
“Due to the smaller number of residential buildings and important social infrastructure – schools, kindergartens, and so on – housing here is cheaper than in more developed areas. But in the future, as the economy and markets develop, this price gap will narrow, and housing prices will rise significantly,” Realiste analysts said.
Description of the Business Bay
Business Bay is the main business center of the emirate. Residential and hotel skyscrapers are located next to the office and retail towers. Promising building designs and proximity to attractions make the area popular with tourists, tenants and investors.
The center of commercial life in the UAE has grown along the Dubai Water Canal in the neighborhood of Downtown. The area of the territory approaches 7.5 square kilometers. The master plan includes more than 240 high-rise buildings.
The architecture of Business Bay Dubai is diverse and recognizable. Significant buildings include:
- Opus is the only hotel in the world for which Zaha Hadid designed both the exterior and interior;
- DAMAC Paramount Towers – 4 towers with furnished apartments and hotel rooms;
- Marasi Floating Villas are 2-4 bedroom villas located on the water of the Dubai Canal.
The man-made Dubai Canal is a visiting card of Business Bay among the attractions. A promenade is laid along the waterway, luxurious restaurants and entertainment centers are open, including the La Perle by Dragone water theater.
Business Bay Dubai has many fitness centers, shops and banks. Bay Avenue hosts farmers’ fairs, music festivals, and mass celebrations. Safa Park and Dubai Mall are located next door.
Advantages of the Business Bay area include:
- Stable return on investment
- Comfortable real estate price range
- Transport accessibility: Sheikh Zayed Road in the north, Al Khail Road in the south; there is also a metro line running through the area
- 15 minutes drive to Dubai International Airport
- 15 minutes to one of the most popular beaches in the United Arab Emirates – Jumeirah Beach
- 10 minutes by car to Burj Khalifa
Real estate for sale in the Business Bay
Residential real estate is represented mainly by studios, apartments and penthouses. In Business Bay, you can buy an inexpensive apartment. Affordable prices and the fast pace of life attract young people, tourists and local office workers as buyers and tenants.
At the end of 2022, the 21-storey project 15 Northside was be completed on the canal bank. This is a complex with apartments and an exclusive collection of penthouses. Individual apartments and entire floors are for sale.
AHAD Residences will be commissioned in Business Bay in Dubai in 2023. This is a community with studios and premium apartments. Apartments are bought immediately with finishing, plumbing and kitchen appliances. A ready-made set of furniture can be purchased additionally.
Property for sale in Dubai
Emirates.Estate website has a huge catalogue of the real estate not only in the Business Bay, but also of the other areas in Dubai. Visit the website and start your search, to start you need only to define your budget and decide on the preferences.