Wednesday, October 30, 2013

Business Bay records robust sales growth of 62% in total value during Q3 2013 over Q3 2012.

Business Bay records robust sales growth of 62% in total value during Q3 2013 over Q3 2012.

Business Bay records over 24% growth in volume of sales transactions in Q3 2013 compared to the Q3 2012.

Dubai, UAE; October XX, 2013: Business Bay, the mega-development of Dubai Properties, recorded a growth in the volume of sales transactions by 24 per cent in Q3 2013 compared to the same period in 2012. With over 135 residential transactions reported in the third quarter of 2013, the total value of residential and mixed-use property sales in Business Bay was close to AED268 million, an increase of 62% compared to the same period last year, according to data by the Dubai Land Department*.

The third quarter (July to September) of 2013 recorded a 12 per cent growth in volume of sales transactions compared to the second quarter of 2013. Over 135 sales transactions were made during this period, valued over AED268 million, an increase of 12 per cent in value of sales transactions compared to the second quarter of 2013. The highest number of transactions were made in September with 63 apartments and mixed-use units sold at a total value of over AED115 million, according to data by the Dubai Land Department*.

Porush Jhunjhunwala, Director at Banke International, the premier property sales company with a strong roster of residential and commercial properties in Dubai, said: “Business Bay has emerged as one of the front-runners driving the last few months with rental rates and sales prices firming up during the third quarter of 2013 and now witnessing further increase in demand and take-up by both property buyers and tenants.”

He added, “Residential rental rates in Business Bay are appreciating at notable levels outperforming the market at large. Occupancy rates are increasing with new supply being added to the market. The rich array of lifestyle amenities in neighbouring destinations like Downtown Dubai, including The Dubai Mall, Souk Al Bahar and several world-class hotels and leisure attractions, has made the location highly sought-after by tenants, owner-occupiers and investors.”

Studios in Business Bay can be rented from AED 60,000 - AED 75,000 per annum, and are a preferred choice by executives while couples and small-sized families opt for 1 or 2 bedroom apartments at rents ranging from AED 75,000 - AED 90,000 per annum and AED 115,000 to AED 135,000 per annum, respectively. Large-sized families or those with larger budgets can find 3 bedroom apartments ranging from AED 155,000 to AED 185,000 per annum.

Residential sales prices range from AED 810 to AED 1,500 per square feet1 The price range is governed by the the stage of construction, the views offered, build quality and location apart from unit size and type.

Office sale prices are in the range of AED 700 to AED 1,200 per sq feet and are available for rent at AED 60 to AED 80 per sq ft2 per year on a shell and core basis

Among the residential property choices in Business Bay are homes in Executive Towers; as well as apartments in Churchill Executive, U-Bora residential tower, Windsor Manor, Ontario Tower, Mayfair Residency, among others.

Among the commercial office space at Business Bay are Churchill Executive, Oberoi Tower, One Business Bay, Citadel Tower, 51@Business Bay, Al Manara Tower amongst others offering a range of amenities including drop-off area for employees or clients, basement car parking, cafes and pedestrian walkways.

As the bustling hub located centrally in the city, Business Bay has multiple towers – some developed by Dubai Properties and others developed by individual developers – for residential, commercial, hospitality and mixed-use real estate. The community is in close proximity to the “Center of NOW” Downtown Dubai, and also has direct access from the Dubai Metro station.

Popular shopping destinations such as The Dubai Mall and Souk Al Bahar are about 10 minutes drive from Business Bay.

Residents in most of the residential buildings benefit from facilities including community pools. Many of the towers have ancillary retail at the ground floor offering pharmacies, restaurants and cafes, souvenir and gift shops.

Business Bay’s appeal will be further bolstered with the newly announced projects such as the Dubai Modern Art Museum and Opera House District, and the Sheikh Zayed Bin Mansour Al Nahyan Mosque, among others.
Due to strong demand, Banke International expects rental vacancies to be lower in the short-medium term, pushing rental rates as well as sales prices higher underlining the strong outlook for residential properties in Business Bay.

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