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Evident from its name, Business Bay is the future business hub of Dubai. The project was an outcome of the extension of Dubai Creek; an economic game changer for United Arab Emirates. In the past, Dubai Creek served as the perfect trade center which attracted local and foreign businesses therefore bringing in billions of worth of investment into Dubai. Dubai Creek played a pivotal role in the evolution of Dubai form a fishing port to a world class business hub. The development of Business Bay was an essential outcome of this growing trade activity in the region. Building upon the already established businesses in Dubai Creek, Business Bay offers numerous skyscrapers, commercial and residential units to investors, workers and tenants. Unlike many real estate projects, the construction of Business Bay was demand-driven. With much of the construction work completed and solid projections of growing business prospects, apartment for rent in Business Bay are a hot deal in town.
Business Bay is developed by Dubai Properties, a renowned name in real estate development. Business Bay includes numerous residential-turn-commercial sub-projects. Many buildings have residential units at upper floors whereas the ground and lower floors are dedicated to parking and commercial activity. The prominent sub-projects include the Executive Towers, Bay Avenue, Burj Al Alam, Vision Tower, The Prism, Signature Towers, The Opus and The Pad. Out of these, Executive Towers and The Pad are predominantly residential towers. Apart from malls and residential units, the Business Bay also has a handful of must-visit hotels like Taj Dubai, DAMAC Maison Canal Views and Vida Downtown Dubai just to name a few.
Business Bay can be the perfect residential spot for you if your workplace is in one of the nearby commercial units. Even if your workplace is far away and you do not own a car, living in Business Bay is still a viable option because of an efficient metro station which can take you to any corner of Dubai within a few minutes.
The community includes lush-green parks, recreational spots and medical facilities at a walking distance. The Bay Avenue Park is famous park in the vicinity. It was developed with an aim to provide a break from the busy city life of Business Bay. The park offers perfect retreat to families with a widespread lawn, two jogging tracks and outdoor amenities like trampoline and Skate Park. Residents can be seen refreshing up themselves with a sunrise yoga, aerobics and Zumba. The presence of such simple and accessible retreat spots in the middle of the high rising commercial units is a main reason why Business Bay's residential properties have a high demand.
The residential options in Business Bay are limited to apartments. Villas and town houses haven't made its way to this area of Dubai because of the very nature of development. Most of the buildings have 10 to 30 floors, half of which are kept for residential purposes and the other half for commercial activity. The apartments for rent in Business Bay are deemed an affordable alternative to renting apartments in nearby expensive residential projects like Downtown Dubai. The quality of amenities are pretty much the same with a variety of apartment sizes to choose from. Business Bay offers single, double, triple and studio apartments to its tenants. Some projects also offer a separate maid room and up to 4 bedrooms to accommodate medium-size families. Among all the apartment for rent in Business Bay, it is the high rising residential units which offer a high value for money with an uninterrupted and mesmerizing view of the Dubai Skyline.
Talking in terms of market rates, the yearly rent for a single bedroom apartment in Business Bay ranges between 70,000 AED to 100,000 AED, whereas the yearly rent for double bedroom apartments in Business Bay ranges between 125,000 AED to 145,000 AED. A studio apartment for rent in Business Bay costs 58,000 AED to 85,000 AED. These rent estimates are based on publically available information as of November 2017. The market offers furnished and unfurnished apartments to suit the needs of different type of tenants. Furnished apartments obviously come with a higher price tag but are bound to keep you awe-struck with the aesthetics. Elevated roofs, indoor plantation, full-glass walls and subtle color themes are few of the eye catching features of the apartments in this locality. On the other hand, unfurnished apartments offer flexibility to the tenant to decorate the unit according to their own taste. In either case, single bedroom apartments are the most sought property in Business Bay. This indicates that a majority of the existing tenants in Business Bay are either small families or couples with a relatively smaller need of space.
The presence of commercial units in the vicinity has attracted the upper working class from across the globe to Business Bay. Majority of the tenants are foreigners. The trend is similar with landlords as well. Therefore, it is best for tenants to read and understand their tenancy rights and obligations for living in Dubai. The Real Estate Regulatory Authority (RERA) has laid out the guidelines for tenants and landlords regarding rent agreement, annual rent increase and dispute resolution. Moreover, despite the presence of efficient Dispute Resolution Committee, it is still better to keep good terms with your landlord. This helps in maintaining a decent reputation with the real estate agents and makes it easier for you to score a good property deal whenever you plan to shift.
Looking at the demand dynamics of apartment for rent in Business Bay, many real estate companies work with landlords in this area. The concentration has made it hard for the tenants and even landlords to settle a good deal. Choose Seven Skys as a trusted and experienced business partner for furthering your interests and finding the best apartment for rent in Business Bay. We deal in residential and commercial properties for sale and rent in Business Bay and many other prime locations of United Arab Emirates.