July 2024 Business Bay Real Estate Market Insights: Price Trends, Sales Highlights, and Investment Opportunities
Business Bay Real Estate Market Overview: July 2024
Market Snapshot for June 2024
The Business Bay area, a central business district in Dubai, continues to attract global businesses and professionals with its modern architecture, strategic location, and vibrant lifestyle. In this report, we analyze the latest real estate trends in Business Bay, offering valuable insights for investors, property specialists, and residents alike.
June 2024 Market Snapshot
The Property Monitor Dynamic Price Index (DPI) provides an overview of the monthly changes in property prices in Business Bay. Here are the key statistics for June 2024:
- Index Value: 192.68
- Month-over-Month (MoM) Change: +1.46%
- Quarter-over-Quarter (QoQ) Change: +4.15%
- Year-over-Year (YoY) Change: +18.24%
- Average Property Price per Sq Ft: AED 1,380
These figures indicate a steady increase in property values, reflecting the growing demand and investment potential in Business Bay.
Recent Sales Highlights
The report includes a detailed list of recent sales transactions recorded by the Dubai Land Department. Notable sales in July 2024 include:
- Ahad Residences - 1-bed unit (679 sq ft) sold for AED 1,730,000 at AED 2,548 per sq ft.
- Park Central - 1-bed unit (690 sq ft) sold for AED 930,000 at AED 1,348 per sq ft.
- Sol Bay - 1-bed unit (1,054 sq ft) sold for AED 1,888,888 at AED 1,792 per sq ft.
- Terraces Marasi Drive - 2-bed unit (2,043 sq ft) sold for AED 4,500,000 at AED 2,203 per sq ft.
- Jumeirah Living Business Bay - 3-bed unit (3,019 sq ft) sold for AED 10,114,000 at AED 3,350 per sq ft.
Pending Sales
Pending sales capture market activity at the point when a Sale and Purchase Agreement is signed. Highlights from July 2024 include:
- The Sterling East House - 1-bed unit (1,184 sq ft) at AED 2,300,000 (AED 1,943 per sq ft).
- Damac Maison Cour Jardin - Studio (377 sq ft) at AED 720,000 (AED 1,910 per sq ft).
- Aykon City - 1-bed unit (682 sq ft) at AED 1,400,000 (AED 2,053 per sq ft).
- Binghatti Canal - 1-bed unit (704 sq ft) at AED 1,400,000 (AED 1,989 per sq ft).
Valuations
Valuations represent the professional opinion of achievable prices and are issued by RICS-accredited professionals. Key valuations for July 2024 include:
- The Sterling East House - 1-bed unit (1,184 sq ft) valued between AED 2,245,720 and AED 2,355,200 (AED 1,897 - AED 1,896 per sq ft).
- Damac Maison Cour Jardin - Studio (377 sq ft) valued between AED 688,660 and AED 711,410 (AED 1,827 - AED 1,826 per sq ft).
- Aykon City - 1-bed unit (682 sq ft) valued between AED 1,382,500 and AED 1,434,580 (AED 2,027 - AED 2,002 per sq ft).
Community Overview
Business Bay, nestled in the heart of Dubai, stands as a premier business district known for its modern architecture and strategic location next to Downtown Dubai. The area is a hub for global businesses and professionals, featuring high-rise office towers, upscale apartments, and premium hotels. With excellent connectivity via the Dubai Metro and well-maintained road networks, Business Bay offers a vibrant lifestyle with a variety of dining, retail, and entertainment options.
Conclusion
The Business Bay real estate market continues to show robust growth, making it a prime choice for investors and homebuyers. With increasing property values, a high number of transactions, and professional valuations, the area presents numerous opportunities for profitable investments.
Contact A1 Properties
For more detailed insights and personalized real estate services in Business Bay, contact A1 Properties. Our team of experts is dedicated to providing exceptional service and helping you make informed investment decisions.