Business Bay community, developed by Dubai Holding, is a prime central business hub known for its mixed-use developments, combining residential, commercial, and hospitality properties. The area continues to attract investors and residents due to its strategic location and a growing number of high-quality projects.
Business Bay is still undergoing development, with new infrastructure, luxury projects, and high-end residences under construction, leading to increased demand and appreciation. The area’s strategic location near Downtown Dubai and its competitive pricing compared to other prime areas make it highly attractive for long-term capital appreciation. As Business Bay matures, the prices are projected to rise further, offering substantial growth potential for investors who enter the market today.
That being said, we are pleased to present our Q3 2024 Business Bay Market Report, offering comprehensive insights into one of Dubai’s most dynamic and central business hubs. In this report, we will be covering Top Selling Residential Projects, Comprehensive analysis of Key Market Trends and Investor Preferences. This market report provides a well-rounded overview for investors, developers, and stakeholders looking to make informed decisions in the Business Bay area.
Top 10 Selling Projects (By Resale Transactions in Q3 2024):
- Sol Bay – 51 transactions
- Aykon City (2) - Tower C – 26 transactions
- Regalia – 26 transactions
- Peninsula One – 26 transactions
- Peninsula Four – 26 transactions
- Reva Residences – 23 transactions
- Aykon City-Tower B – 21 transactions
- Urban Oasis – 21 transactions
- Peninsula Three – 20 transactions
- Ahad Residences – 19 transactions
Comprehensive Analysis of Key Market Trends:
Top Growth Projects:
- Sol Bay saw a 200% increase, rising from 17 transactions in 2023 to 51 in 2024. Median price: AED 1.8M (AED 2,031/sqft).
- Peninsula Three grew by 81.8%, with transactions increasing from 11 to 20. Median price: AED 1.5M (AED 2,487/sqft).
- Ahad Residences posted a 58.3% increase in transactions, with a median price of AED 1.7M (AED 2,346/sqft).
Projects Facing Decline:
- Aykon City (2) - Tower C experienced a 57.4% drop, with transactions decreasing from 61 in 2023 to 26 in 2024. Median price: AED 1.5M (AED 1,997/sqft).
- Regalia saw a 31.6% decline, with transactions dropping from 38 to 26. Median price: AED 1.2M (AED 1,849/sqft).
- Urban Oasis experienced a 19.2% drop in transactions, with the median price at AED 1.8M (AED 2,126/sqft).
Stable & Moderate Growth:
- Peninsula Four saw a slight increase of 4%, rising from 25 to 26 transactions. Median price: AED 1.8M (AED 2,339/sqft).
- Reva Residences posted modest growth of 4.5%, with transactions rising from 22 to 23. Median price: AED 1M (AED 2,121/sqft).
Notable Pricing Trends:
- Peninsula One recorded the highest price per sqft at AED 2,533, positioning it as a premium project within Business Bay.
Investor Preferences and Search Trends in Business Bay – Q3 2024
In Q3 2024, clients in Business Bay were primarily searching for properties with the following features:
- Vacant and Ready to Move properties for immediate occupancy.
- Brand New developments, with demand for modern, untouched units.
- Distress properties for potential investment opportunities.
- High Floor units for better views.
- Canal View properties, especially along the Dubai Canal.
- Metro proximity for convenience.
- Burj Khalifa view, emphasizing the appeal of iconic landmarks.
Most Transacted Bedroom Types in Business Bay – Q3 2024
Transaction data for Q3 2024 shows that:
- One Bedroom units dominated the market with 40.7% of total transactions, making them the most popular choice among investors and end-users
- Studio apartments accounted for 23.5% of transactions, indicating high demand for compact living spaces.
- Two Bedroom units made up 25%, appealing to small families and couples.
- Three Bedroom units represented 7.6%, while larger units (4, 5, and 6 bedrooms) contributed less than 3% of transactions.
These trends reflect the popularity of smaller, more affordable units in Business Bay, particularly among professionals and investors looking for high rental yields.
Business Bay remains a dynamic and competitive market, offering diverse opportunities for investors, professionals, families, and end-users. The mix of affordable smaller units and premium high-end projects, combined with its strategic location and ongoing development, ensures long-term potential for capital appreciation. Whether seeking high rental yields or luxury living, Business Bay caters to a wide range of buyers, making it an ideal destination for property investment.
Ready to Take Advantage of Business Bay's Opportunities?
Whether you're a seller looking to maximize your property's value, an investor seeking strong returns, or an end-user in search of a prime location, Business Bay offers endless possibilities. Don't miss out on the chance to be part of Dubai's thriving real estate market. Contact us today to explore your options!