The populace of Dubai is incessantly expanding: within the past year alone, over 80,000 people have relocated here. A lenient tax regime, expedited residency acquisition, and pristine beaches allure expatriates and investors. Prior to your relocation, you may wonder: which district to select for life and investment? In this article, we talk about one of the paramount business hubs of the city – the Business Bay district.
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General description of the district
Business Bay is a renowned commercial and residential district spanning 6 km², meticulously developed on both sides of the Dubai Water Canal. The inception of this project dates back to 2003, with the developer's aspiration to craft a contemporary and convenient space where more than 300,000 people could reside and work comfortably.
The district is alluringly positioned: to the north, it borders the city center – the Downtown district. One can reach the Burj Khalifa within 10-15 minutes, the DXB airport within 15-20 minutes, and the journey to the beaches of Dubai Marina district will take no more than half an hour.
On Dubai’s map
Brief district developers overview
The main developer of the district is the state-owned entity Dubai Properties, under the auspices of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai. Initially conceived predominantly as a commercial endeavor, Business Bay evolved to accommodate elite residential properties as an investor interest point.
The comprehensive construction endeavor reached its culmination by 2015, yet new edifices continue to emerge. Today, Business Bay stands as a fully realized district boasting advanced infrastructure, firmly establishing itself as the epicenter of Dubai's commercial life.
District residents insights on living there
Locals extol the convenient transportation system, proximity to iconic landmarks, bustling streets, and extensive infrastructure. Among the drawbacks cited by residents of the district are the lack of sizable park zones, high traffic, and noise from ongoing construction projects.
Advantages of Business Bay
Owing to its central location, residents don’t have to spend much time getting to the beach, airport, or major shopping centers. Also, for daily tasks and errands, departing Business Bay is entirely unnecessary: an array of F&B establishments, sports facilities, medical clinics, and retail outlets abound. The district also caters to families with children, as nurseries are within walking distance, and the nearest schools are a mere 10-15 minutes' drive away.
Investment opportunities and economic allure
Business Bay ranks among the most sought-after districts in the rental market. Acquiring real estate here yields stable returns and high profitability: approximately 6% annually for long-term leases and 10% for short-term ones.
Moreover, property values here consistently appreciate, according to the consulting firm Knight Frank, in 2023, the average price increased by 12.4% compared to the previous year. Such dynamics offer lucrative prospects for resale: purchasing property in Business Bay during the construction phase can yield profits of up to 30% after building completion.
Infrastructure of Business Bay
Business Bay boasts the substantial Bay Avenue Mall, replete with branded stores, restaurants, and a shaded children's play area at the entrance. Everyday necessities can be procured from Spinneys and Choithrams supermarkets, while Dubai Mall in Downtown, the world's largest mall, offers a broader selection of goods and entertainment.
The district is renowned for its diverse array of cafes and restaurants, numbering over 200, ensuring there's something to suit every taste and budget. Experience the ambiance of the Indian restaurant Rang Mahal, savor fresh seafood at Sallet Al Sayad Seafood Restaurant, or indulge in authentic Chinese cuisine at Summer Place Dubai.
For healthcare needs, multi-specialty clinics such as Aster Clinic and Emirates Hospital Clinic are available. Fitness enthusiasts can access yoga studios like Dhyana Dubai and AYC YOGA CENTER, the group fitness gym GFX, and the Business Bay Cross Fit studio.
Families and friends can enjoy strolls along the picturesque Dubai Water Canal promenade or relax in the cozy Bay Avenue Park, adorned with palm trees and emerald lawns.
Schools and other infrastructure for families with children
Within the district, there are several private nurseries, the most prominent are Maple Bear Nursery Business Bay and Learning Tree Nursery. The last one works under the British early development program, fostering a nurturing environment for creativity and worldly exploration. At Maple Bear Nursery Business Bay, adherence to the Canadian curriculum makes an emphasis on growing curiosity and creative attitude through playful engagement.
While schools in Business Bay are now lacking, the closest ones are a mere 10-15 minutes' drive away. However, there is a developmental center for children and teenagers, Naurs Fine Arts Training, offering theatrical workshops, yoga studios, gymnastics and dance classes, vocal training, and piano lessons.
Transport accessibility
The district hosts the Business Bay metro station, part of the red line, providing swift access to the Burj Khalifa within minutes. Public surface transportation is also well-developed, with routes F19B, F19A, F41, F14 traversing the area, with most stopping near the metro station. Connectivity with other parts of the city is facilitated by major thoroughfares such as Al Khail and Sheikh Mohammed Bin Zayed roads.
Real estate in the district
One River Point
One River Point is a 36-story tower nestled along the banks of the Dubai Water Canal, featuring glass facades that shimmer under the sun's rays. Here, one can procure cozy studios, spacious 1-4 bedroom apartments, luxurious duplexes, and penthouses with designer finishes.
Focus on work or study can be maintained within the comfortable coworking space, while business meetings can be conducted in a separate lounge area equipped with multimedia projectors. After a productive day, you can relax in the fitness center or interactive yoga studio. For unwinding, residents can recline on plush loungers by the open-air swimming pool, chill in the cafe, or retreat to tranquil green spaces. Revel in views of the Dubai Water Canal from the observation deck or host gatherings with friends at the barbecue zone – One River Point has curated all amenities for comfortable living and leisure.
Price: from $403,000.
Completion date: 2nd quarter of 2027.
Trillionaire Residences
Trillionaire Residences – a 19-story residential complex situated along the Dubai Water Canal promenade. Select from snug studios with balconies or apartments featuring 1-2 bedrooms, boasting expansive terraces and private swimming pools.
Residents of Trillionaire Residences enjoy a comprehensive infrastructure: round-the-clock concierge services cater to domestic needs, from taxi bookings to arranging cleaning services, while a personal chauffeur ensures your vehicle is ready when needed. Conduct business meetings in the lobby lounge, unwind by the open-air swimming pool, engage in fitness activities at the state-of-the-art gym, and afterward, indulge in the wellness center complete with spa facilities and a jacuzzi.
Price: from $452,000.
Completion date: 3rd quarter of 2024.
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Brief overview of property buying rules in Dubai
After selecting a property, you are required to make a reservation deposit amounting to 10-15% of its price.
From the developer, you will receive a «Booking Form» detailing your unit and a payment invoice.
The next step involves making the initial payment and settling a one-time 4% tax with the Land Department, which will furnish you with an OQOOD document – the same as a property ownership certificate in a developing property.
Following this, you'll proceed to sign the SPA contracts with the developer and make timely payments while construction of your future home progresses.
FAQ
What is the price range of apartments in Business Bay?
Apartments in Business Bay start from $240,000.
Is investing in Business Bay lucrative?
Indeed. Renting out apartments for long-term leases typically yields an average of 6% annual return. Moreover, if you purchase property for resale, you can earn returns ranging from 20-30% on your investments.
How to select apartments for investment?
Choose studios and 1-bedroom apartments, as they are in high demand. Additionally, consider the apartment's views, quality of finishes, and nearby infrastructure.
Conclusion
Business Bay stands as Dubai's bustling business hub, suitable for both residency and investment purposes. If you seek property here, turn to our brokers who will tailor the best offers for you, with dedication and no commission.
