Apartments for sale in Business Bay

DISCOVER THE APARTMENTS AND FLATS FOR SALE IN Business Bay

With its fast-growing cosmopolitan population, Dubai is home to the most stunning skyscrapers and apartment towers, immense shopping malls and exquisite boutiques, man-made islands, and world-class amenities for all tastes and demands. These are some of the reasons why the city attracts millions of visitors annually and is home to residents of over 200 nationalities. Another reason Dubai is a popular location to invest in is due to the high return on investment (ROI), and it is one of the safest cities around the world.

To meet the demand of the growing population, the UAE real estate market offers a great variety of apartments for sale in Business Bay, the affordable segment, and the Dubai luxury homes, all available for locals and foreigners.

The first step when you want to buy a flat in Business Bay is to search for your desired property. Use our user-friendly property search box on Driven Properties, your best place for buying apartments in the most popular and convenient locations in Dubai. 

We collect the latest apartment deals from top verified developers and real estate agents. On our platform, you can find off-plan apartments in new development projects as well as resale options in popular localities, including Dubai Marina, Downtown Dubai, Palm Jumeirah, Jumeirah Beach Residence, and Jumeirah Village Circle.

TYPES OF APARTMENTS AVAILABLE FOR SALE IN Business Bay

Whether your search includes finding luxurious apartments and flats that meet all the needs of modern life with a hint of opulence and indulgence or finding a comfortable, warm apartment of an affordable price in an upscale neighborhood that provides the necessary facilities, there are many different options to consider. You can find an apartment for sale in Business Bay communities that can be compatible with what you need, whether you're a tenant or an investor.

You will find plenty of ready flats for sale in Business Bay to fit your needs, but if you are willing to wait for the handover and own, in return, a top-notch apartment with a good deal in terms of price, investors can choose to look at off-plan apartments in Dubai. Off-plan units are generally sold directly from the developer before they are even built, typically on a payment plan. Popular areas with off-plan properties include Downtown Dubai, Akoya Oxygen , Meydan City , and Mohammed Bin Rashid City.

Dubai's apartments benefit from access to top municipal facilities, and many have access to markets and roadways nearby. The apartments in Dubai for sale range from studio to 5-bedroom units with prices ranging from AED 160000 to AED 58M. 

While the studio flats for sale in Business Bay are preferred by singles and couples, those with a bit more budget can buy the 2 bedroom apartment for sale in Dubai. You can even get some great 3-bedroom apartments for sale in Dubai in skyscrapers across the city. Since lack of space hasn't been a big issue, you can expect to find some 4-bedroom apartments for sale in Dubai covering a decent area and not feeling cramped.

SALES TRENDS OF APARTMENTS AND FLATS IN Business Bay

In 2023, the sales trends of Business Bay apartments for sale are expected to remain strong. The Dubai city's population is projected to grow by 5.2% annually, and new construction is expected to be a major part of the city's growth. Demand for housing is likely to increase as the population grows and the number of jobs in the city increases. The demand for luxury apartments and flats is likely to be a major driver of sales growth, particularly in the prime areas of the city. The market is likely to be competitive, but prices are likely to remain relatively stable. The rental market is also expected to remain strong as the city continues to attract foreign investors and ex-pats. Overall, Dubai is expected to remain a strong market for apartments and flats in 2023.

POPULAR AREAS TO BUY APARTMENTS IN DUBAI

Deciding the location is one of the most important aspects when looking for a new apartment as it involves not only the environment around but also proximity to all the services and facilities that influence the quality of life one would have. Some of the most popular areas to buy apartments in Dubai consist of a mix of luxury and affordable neighborhoods. 

Luxury apartments for sale in Dubai are found in areas such as Palm Jumeirah, Downtown Dubai, Dubai Marina, The World Islands , Jumeirah Bay Island , and Jumeirah Beach Residence (JBR). Affordable communities with apartments for sale include Al Mamzar , Dubailand , International City, Liwan, and Town Square.

ROI FOR APARTMENTS FOR SALE IN DUBAI

Dubai is known to offer healthy rental yields for those who choose to invest in the emirate. The highest ROI is offered in areas such as International City, Dubai Silicon Oasis (DSO), and Jumeirah Lake Towers (JLT). The ROI in International City is 9%, DSO offers a rental yield of 8.2%, and JLT has an ROI of 7.9%. The Dubai apartments for sale in areas such as Downtown Dubai, Dubai Marina, and Palm Jumeirah all offer a good ROI of over 5.4%.

WHY BUY AN APARTMENT AND FLATS FROM DRIVEN PROPERTIES?

With Driven Properties, you can rest assured that you are getting the best value for your money when it comes to purchasing an apartment or flat. Here are some reasons why you should buy an apartment in Business Bay from Driven:

• Driven Properties offers a wide selection of apartments and flats for sale across the United Arab Emirates.
• We provide expert advice and support from our experienced property consultants and brokers to ensure that you find the perfect apartment or flat for your budget and requirements.

• Driven Properties offers competitive prices for apartments, as well as flexible payment plans to suit your financial needs.

• We also offer a range of additional services, such as free valuations, free legal advice, and free property management.
• Driven Properties provides access to a range of exclusive deals and discounts, helping to make your property purchase more affordable.

• We also offer an online portal where you can view all our available properties, as well as compare prices and features to make the best decision.

HOW TO BUY AN APARTMENT IN Business Bay?

Visit Driven Properties and browse through the area guides showing the different communities in Dubai. Then have a look at the transaction records to have an idea about what is popular or what the service charges are per community or per project, and other useful information that can help you make an informed decision on the apartment you want to buy. The filters on Driven Properties help to tailor the selection according to your requirements.

Once you have selected an apartment to invest in and spoken to the seller, the next step is for the buyer and seller to agree on the terms of the sale through a Memorandum of Understanding (MOU), which is signed by both parties. When signing an MOU, the buyer has to pay a deposit for the property, which is generally calculated to be 5% to 25% of the property value. Then a No Objection Certificate (NOC) needs to be issued from the developer, after which the Dubai Land Department (DLD) will transfer the ownership. If an investor is considering getting a mortgage, then the respected banks will need to get involved.

WHAT TO CONSIDER WHEN BUYING AN APARTMENT IN Business Bay?

There are many things to think about when considering buying a new apartment. Especially if you're planning to buy an apartment in a new city that you're not so familiar with or even if it's your first home. The things revolve mainly around the location, size, services, facilities, price, and most importantly ready or off-plan properties.

Moreover, You can get help from our preferred partner, Relocate Me , which offers comprehensive relocation services for corporates and expatriates relocating to the UAE. Including orientations of the city to help people familiarise themselves with different residential areas and attractions. Also, home search so they can find a property in a great residential area that fits their requirements, and school searches as well because it's very important when people relocate with a family they get their children into the right schools.

COST OF APARTMENTS AND FLATS IN Business Bay

Apartments to buy in Dubai vary between studio units priced from AED 160000 to AED 2.1M, with the higher-priced units found in areas such as Palm Jumeirah and The World Islands. 1-bedroom flats for sale in Business Bay cost upwards of AED 239000 in neighborhoods like Dubailand and can go up to 6M in The World Islands.

 2 BHK flats in Business Bay can be bought for prices of over AED 440000 in communities such as Liwan and AED 720000 in Dubai Marina. The 3-bed Dubai apartments for sale are generally priced above AED 680000 in Dubai Silicon Oasis and can go all the way up to AED 58M in Palm Jumeirah. The highest price for a 4-bed flat for sale in Dubai is AED 37M in Business Bay. 5-bedroom apartments in Dubai range from AED 2.1M to AED 45M, with many of the properties found in Downtown Dubai.

APARTMENTS AND FLATS FOR SALE IN Business Bay FAQ:

Is it now the right time to buy flats in Business Bay?

Now is the right time to buy flats in Business Bay for a number of reasons. Firstly, property prices in Dubai have been steadily rising for the past few years, making it an ideal time to make an investment. Secondly, the rental market in Dubai is also booming due to the influx of new companies and businesses setting up shops in the city. 

This means that buyers have the potential to generate a steady return on their investment by renting out their property. Lastly, the government is offering a range of incentives and discounts to buyers, making it even more attractive to invest in Dubai real estate.

How much does an apartment in Business Bay cost per square foot on average?

On average, an apartment in Business Bay costs around AED 1,500 to AED 2,500 per square foot.

In Business Bay, who can buy an apartment?

In Business Bay, anyone of any nationality can purchase an apartment, provided they are over the age of 21, have the necessary funds to cover the purchase price, and have the necessary approvals from the relevant authorities.

What are the miscellaneous fees that come with buying a flat in Business Bay?

Here are the mandatory fees for the Dubai Land Department (DLD).

• Dubai Land Department fees - 4% of the property value
• Admin fees payable to DLD - AED 580 for apartments, AED 430 for land transactions, or AED 40 for off-plan properties.

You must also pay the Property Registration fee.

• If the property is valued at less than AED 500,000, the fee would be AED 2,000+5% VAT.
• If the property is valued at more than AED 500,000, the fee is AED 4,000+ 5% VAT.

Those financing their property through a mortgage or home loan must pay a Mortgage Registration Fee to DLD – 0.25% of the total mortgage value plus AED 290 admin fees.

Furthermore, you must pay the Bank Mortgage Arrangement Fee – 1% of the loan amount + 5% VAT and a Property Valuation Fee between AED 2,500 – AED 3,500 + 5% VAT.

Also, the cost of buying a house in Business Bay can increase if you go through a broker from any of the real estate agencies in Dubai to find your property. Brokers can charge an Agency Fee of 2% in addition to all the abovementioned fees. However, these agency fees are negotiable and can vary depending on the area and property type.

Some agencies can charge 5% VAT on these fees, which can marginally increase the cost of buying a Dubai property. If buyers purchase directly from the developer, this agency fee will not be applicable.

Plus, there is the Conveyance Fee, approximately AED 6,000 to AED 10,000.

Is it possible to buy Business Bay flats through a rent-to-own program?

Yes, it is possible to buy Business Bay flats through a rent-to-own program. Rent-to-own programs are becoming increasingly popular in the UAE, with many developers offering rent-to-own options on properties in Business Bay. This allows buyers to pay a fixed rent and an option fee, which can then be used as a deposit to purchase the property at a later date.

What is the value of buying an apartment in Business Bay?

The value of buying an apartment in Business Bay depends on several factors, including the location, size, quality, and amenities of the apartment. Generally, the value of an apartment in Business Bay is higher than in other cities due to the city's strong economy and high demand for real estate. Additionally, the tax-free environment and relatively low cost of living make it an attractive option for investors. Ultimately, the value of buying an apartment in Dubai is determined by the individual's budget, desired location, and desired amenities.

Can foreigners buy apartments in Business Bay?

Foreigners of all nationalities can buy apartments in freehold areas in Business Bay.

What is the most luxurious area in Dubai?

Luxury apartments are found in areas such as Palm Jumeirah, Downtown Dubai, Dubai Marina, The World Islands, Jumeirah Bay Island, and Jumeirah Beach Residence (JBR).

Is it good to invest in Dubai property?

The biggest benefits of investing in Dubai property include High Rental Yield, Great Return Over Investment, Steady Increase in Real Estate rates, Premium Amenities, Low Crime Rates, Transparent Regulations, Laws, etc.