The Tower Cluster Is Growing As End-Users Seek More Inexpensive’ Solutions.
The Business Bay Properties are experiencing one of the fastest growth rates in Dubai’s property market. As middle-income end-users and investors snap up ‘cheap’ apartments. The majority of the value gains occurred in the 1Q of the year. According to some estimates, the cluster’s units have increased by 17% in 2 years, compared to 25-30% in Dubai Marina. This also demonstrates that increases in Dubai’s residential values are not limited to the Palm Jumeirah, Dubai Hills, Dubai Marina, and other high-end neighborhoods.
“The significant increase in residential price levels in Business Bay over the last 2 years. That is part of a larger shift in the city’s Centre of gravity toward central Dubai. Which includes DIFC, Sheikh Zayed Road zone between Trade Centre. As well as Dusit Thani, and Downtown,” said Faisal Durrani, Associate – Head of Middle East Research at Knight Frank. “Business Bay Properties is located on the outskirts of Dubai’s major business sector” In addition, quite close to perhaps the emirate’s most lifestyle retailing rich neighborhoods, including such Jumeirah and Al Safa.”
Yet Business Bay is no more just about apartments priced between Dh1 million and Dh3 million. You can also Buy Properties in Business Bay. Ticket prices for super-premium products at the cluster are now in the $10 million – $20 million range, ‘which would have been viewed as outrageous five years ago,’ providing Business Bay with the enviable position as an emerging premier location in Dubai.
Almost 7,000 flats were produced in Business Bay in 2019-20. With prices that have been on average 27% cheaper than in neighboring Downtown. After the harshest of the Covid phase, Business Bay began to see buyer interest. In the beginning with the larger apartments, in the 4th quarter of 2020. Then followed Deyaar, who announced the June 2021 debut of a Dh700 million tower called ‘Regalia.’
“Well-known residential builders are aware of Business Bay’s strategic importance. In addition, we are seeing ultra-high-end operators like the Dorchester, The Cipriani family’s Mr C Residences. Moreover, Four Seasons upwind along the Dubai Canal bringing brands. That are reinventing prices along this span of Central Dubai,” said Dean Foley, Chairman of Residential Project Sales and Marketing at Knight Frank.