Business Bay has seen tremendous growth in the last few years and is now considered one of the most important business hubs in Asia. With a strong focus on finance, technology, tourism, real estate, and hospitality – it’s no wonder that this special economic zone (SEZ) continues to attract investors from all over the world. In order to better understand what makes Business Bay such an attractive destination for businesses today, we’ll look at some of the recent market trends in this article.

Persistent Rise in Demand for Properties in Business Bay

The demand for offices and prime locations within Business Bay remains high with many large companies actively looking to secure rental space. Companies are attracted by the wealth of benefits offered such as reduced tax rates as well as access to trade licenses which have made Business Bay more appealing to international investors than ever before. Rental prices remain competitive compared with other SEZ areas due to rising competition among developers who are continually offering enticing deals on properties. 

Furthermore, there is a vibrant real estate market throughout Business Bay where property values continue their upward trend year after year. They provide excellent returns for those wishing to invest in capital assets rather than leasing out space.

Notable Transactions in 2022

Real estate transactions in Business Bay, Dubai have been on the rise over the past few years. This is due to a number of factors such as increased demand for luxury properties and an influx of foreign investment into the area. 

In 2022 alone, over AED 27.83 billion worth of transactions have taken place in Business Bay with no signs of slowing down anytime soon.

One notable transaction was a record-breaking sale that took place earlier this year when a luxury apartment complex sold for AED 73 Million ($19.8 million) in Burj Khalifa Zone 4, Downtown Dubai. This deal set a new benchmark for high-end residential properties in the area and demonstrated just how much potential lies within the local market.

Another noteworthy purchase was made by Mukesh Ambani who acquired a villa on Palm Jumeirah totaling 3000 sq ft and a private beach from Alshaya at AED 598 million ($163 million). The property, which is located on one of the world’s most exclusive islands, will be his son, Anant Ambani, home outside India. It comes as no surprise that he chose this particular location given its reputation as a playground for some of the wealthiest people in the world.

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