TOP 5 BENEFITS OF RESIDING IN DUBAI'S BUSINESS BAY AREA

Dubai has always retained its image as the best spot for investment opportunities and an ideal place to move. Over time, Emirates has released many reforms, such as the Golden Visa, allowing foreigners and ex-pats to live in Dubai longer without a necessary local sponsor.

Amongst all the luxurious localities in Dubai, Business Bay Area is a unique place to invest your property and gain excellent profits. But, where exactly is the Business Bay area? It's located alongside Dubai Creek on extended land from Ras Al Khor to Sheikh Zayed Road. The project was established in 2003, covering an area of over 64,000,000 square feet.

The Business Bay Area carries various residential units such as apartment complexes, townhouses, and big villas. They also have a vast area for commercial properties and a business center being its main attraction. As the name suggests, the locality is targeted for business officials, Business meetings, renters, and primarily the best place to hold any event or function related to your company. The total number of buildings in the entire infrastructure is 240, including residential units for families or bachelors living alone.

On top of all this, the area is full of beautiful greenery, landscapes of gardens, concrete network of proper transportation such as roads, pathways, and canals. The vision of the Business Bay area Dubai was part of the collective efforts of the UAE Vice President, Prime Minister, Minister of Defence, Ruler of Dubai, and His Highness Sheikh Mohammed Bin Rashed Al Maktoum.

They wanted Business Bay to be a city within Dubai that encapsulates the citizens of Emirates and becomes an official locality for all business activities and individuals to have their designated place. Read the article below to elaborate on the advantages of buying property in the Business Bay Area!

1. Nearby Locations

Any good property deal is identified through its area and the surrounding facilities. Every buyer wants their property near the best shops, retail markets, healthcare facilities, commercial activities, and work.

Luckily, the business bay area is geographically close to Downtown Dubai, The Dubai Fountain, Dubai Aquarium and has an exhilarating view of the Burj Khalifa through its buildings. It's the perfect spot for residents who love a high-end lifestyle surrounded by expensive cuisine restaurants top-class hotels such as Oberoi, Taj, and Marriott.

Business Bay Dubai is also strategically built to gain ut-most accessibility for its residents. Transportation is a practical necessity for every individual; thus, the infrastructure of Business Bay is designed in a manner that connects it to most areas in the city.

Firstly, the Dubai Water Canal is an artificial channel that links Old Dubai to the Arabian Gulf. The site has two metro stations with various bus routes and multiple luxury buses. They also provide water taxis with four stations within Business Bay and fifteen minutes from Dubai International Airport (DXB). It's easy for residents or visitors to move along the city at any time of the day without worrying about the lack of transportation and hazy routes.

2. Diversity

Diversity is the link to an interconnected community that strives together. There is a 100% guarantee of a residential area at the business bay area that has no limitations on anyone. It's a freehold city with all properties easily open for foreign investors and ex-pats locals. A freehold city has its value for non-residents as it legally allows property ownership without any need for local sponsors or lease agreements. The property is entirely under the owner's possession, which grants Business Bay Area an influential position in the real estate market.

3. Sales value in the Real Estate Market

The Real Estate Market in 2021 made a brilliant comeback after facing the deteriorating consequences of the pandemic impact on the economy. In 2022, the market trend has continued and has already recorded a 116.3% boost in real estate transactions in January 2022. Business Bay is also currently thriving in the sales of ready homes by 8.4%. The sales revenue is also forecasted by experts to further increase in the latter half of 2022, including the property prices and rental amounts.

According to multiple real estate analysts, the time to buy property in Dubai is ripe right now! It's considered the perfect period for investment in Dubai due to the future trend in the markets. If you further wait, the prices will steadily increase, allowing property owners and renters to be more profitable.

4. Facilities

Business bay area Dubai is a hub for commercial entertainment, business, and exciting leisure activities such as delicious eateries, stylish lounges, 5-star luxury hotels, and award-winning aesthetic infrastructures like the Dame Zaha Hadid the Opus Building.

You can find everything in this business center, including a range of parks, kid's entertainment facility, water sports, parking spaces, yoga studios, beauty salons, supermarkets, spas, and mainly a beautiful Skyline view from the banks of the water canal.

5. Return Investment rate (RIO)

An important aspect of property purchase is knowing a place's return revenue. Business bay towers consist of 12 towers and are full of various bedroom apartments. According to data, their sale rate for one-bedroom, two-bedroom, and three-bedroom apartments is AED 1,119,000, AED 1,775,000, AED 2,579,000, respectively. The RIO of the executive towers is 5.13%.

Al Habtoor is another important place in the business filled with commercial and residential units for sale. However, their sale of bedroom apartments is again: AED 1,164,000 for 1 bedroom apartment, AED 1,805,000 for 2-bedroom apartment, and AED 2,760,000 for 3-bedroom apartment. Its RIO is again 5.47%.

Similarly, DAMAC Towers by Paramount Hotels and Resorts has an RIO of 5.47%. Their return rate is AED 734,000 for a studio apartment, AED 1,150,000 for one-bedroom apartment, AED 1,840,000 for two-bedroom apartment, and AED 2,641,000 for three. The Millennium Binghatti Residences has an RIO of 6.12% and AED 670,000 one-bedroom apartments, for two-bedroom apartments AED 1,007,000 and AED 1,710,000 for three.

To conclude

The business bay area in Dubai is the prime location in the city of Gold if you are thinking to own property either for investment purposes or either for your family. If you still have any doubts before investing your money you can consult the experts at Inspire Real Estate, which is one of the leading real estate service providers in Dubai. Inspire Real estate will definitely clear all your doubts and help you own the house of your dream in the prestigious business bay area.