With luxury urban living and elegant skyscrapers due to major developments over recent years, Business Bay is attracting a growing number of young people to the area, providing exciting property investment opportunities for international investors.
A thriving business and commercial centre
As a neighbouring district of Downtown Dubai, Business Bay is an emerging area stretching over 80 million square feet. It features a plethora of skyscrapers that are a major part of Dubai’s iconic skyline, and there are even more projects that are still under construction.
Once all of the planned developments are completed, Business Bay will end up having upwards of 240 buildings. Many of the high-rise towers also boast incredible views of the nearby Burj Khalifa, which is the world’s tallest building.
As a business hub, there are a number of office and commercial buildings playing host to a range of companies, such as Nokia and Hyundai. As of 2021, there were nearly 17,900 operating businesses in Business Bay alone, according to a report by the Business Registration and Licencing sector of Dubai economy.
Contemporary luxury near the centre of Dubai
With a cosmopolitan, fast-paced vibe, Business Bay has a wide choice of high-end restaurants serving food from around the world. There are a number of skyscrapers with terrace restaurants featuring skyline views, including the laidback alfresco lounge Treehouse.
Winding through the district, the Dubai Water Canal links Old Dubai to the Arabian Gulf. Its promenade is lined with trendy eateries and lounges and luxury hotels. BASTA!, a laid-back Italian restaurant, and Nurai, a Lebanese café, both offer wonderful views of the canal.
The Bay Avenue Mall has a variety of shops, convenience stores and dining options. There are fashion boutiques like Signature Studio and Made to Measure, in addition to popular supermarkets like Choithrams and Spinneys.
Also, as a hub for entertainment, Business Bay is home to the renowned production La Perle, which is a live show with thrilling aerial and aquatic stunts. The performing arts centre Dubai Opera is located nearby too. On top of that, Business Bay is conveniently located close to the Dubai Design District and Jumeirah, in addition to Safa Park and Sheikh Zayed Road.
Business Bay’s growing population of young professionals
With its prime location right next to downtown, Business Bay has become an appealing place to live, work and invest in. The vibrant district is attracting a huge population of young professionals in particular.
Through the Business Bay metro station and RTA bus routes, the district features easy access to many of the top areas across Dubai. Located in Zone 6 on the Red Line, there are direct trains to the Dubai International Airport, Burj Khalifa/Dubai Mall, Dubai Marina and Jumeirah Lake Towers.
With Business Bay becoming the heart of Dubai’s business and trade district, this makes it a great base for professionals. And many corporations from neighbouring areas have even started making the move to the local area, bringing even more people to the district.
The fundamentals of the Business Bay property market
Not only is the area known for its luxurious facilities and amenities, Business Bay also has a plethora of stunning residential properties. As the area is home to so many new developments, the majority of properties in the area are contemporary apartments with high-end offerings.
Business Bay has become one of the top neighbourhoods and most coveted addresses in all of Dubai, eliciting interest from buyers, investors and renters alike. This interest has caused house prices to increase over the past few years.
Apartment sales prices in Business Bay are currently AED 1,400 per square foot on average, according to data from Chestertons. Additionally, it’s a popular location for off-plan sales with the average price for these types of purchases coming to AED 1,789 per square foot.
With strong popularity and demand on the rise, the rental market in Business Bay has also seen substantial growth. Yearly rent for apartments comes to an average of AED 72 per square foot.
International property investment in Business Bay
Business Bay is extremely multicultural with a large population of expats. It attracts people from across the globe with its central location in Dubai, amenity density, and high-quality property developments. This makes it an ideal location for international property investors.
With rental demand high and only expected to increase further, Business Bay has earned its place as a top global property investment hotspot. And as house prices and rental values have been on the rise and with further growth likely, it could prove to be a lucrative time to start investing in this exciting area.