Business Bay, the darling of investors

Thursday, January 15, 2015

Business Bay, the darling of investors

 

Better Homes LLC’s Mujtaba Virani, Residential Consultant specializing in the Business Bay Area, shares his insight on why the Community has become so popular with both residential and commercial clients …more

Business Bay, the darling of investors

Data from the Land Department shows Business Bay registered the highest number of sales compared to any other community. Mujtaba Virani, Residential Consultant for Better Homes, specializing the Business Bay area, explains why.

Popularity with the residential community

We have primarily seen an upsurge in Business Bay residential transactions because of the area’s fast growing community feel, with the master developer driving new roads, better accessibility, more convenience shops like Spinneys and Choithrams, and the park with running track at Executive Towers.
Historically prices in Business Bay have always been 20%-30% lower than Downtown, even though the community-living support services in Business Bay are still not as extensive. Feedback from investors and residents is that with Business Bay’s lifestyle community growing quickly and more affordable property rates, the area has enough of what Downtown has to offer to make it a popular choice, particularly with Downtown hot spots, the Dubai Mall and Burj Khalifa, around the corner.

Accessibility and the commercial market

Other than just price, Business Bay is centrally located with easy pedestrian access to a dedicated Metro Station which Downtown doesn't offer; and to both Sheikh Zayed and Al Khail Road by car, making it convenient to connect to to other parts of Dubai - and with manageable commuter traffic. Proof of Business Bay’s growing popularity is the host of ready and commercial buildings in-progress already housing multinational corporate headquarters.

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