Among the most exclusive addresses to call home in the world, Downtown Dubai –branded The Center of Now by Master Developer Emaar– is designed for those with an appreciation of la dolce vita.
Aside from being home to the world’s tallest building and Dubai’s crown jewel, the Burj Khalifa, Downtown Dubai offers an array of housing, entertainment, and shopping options that never fail to amaze visitors and continues to keep residents happy.
Business Bay is located at Dubai Creek just next to the down town Dubai and goes along from Ras Al Khor to Sheikh Zayed Road with its towers being house and host to international firms and finance companies of Dubai along with that some International Hotels are also on the Sheikh Zayed Road.
Dubai Mall is less than a 5-minutes’ drive and one stop away from the Business Bay metro station.
The area of Business Bay is approximately 64 million sq. ft. and it stretches from Sheikh Zayed Road upto Al Khail Road. The Business Bay master-plan has an allocation of up-to 250 building plots.
In 2005, the master developer, Dubai Properties Group started selling plots in Business Bay to private developers for development. Plots in Business Bay have different uses: residential, commercial, hospitality and mixed-use. Certain plots were held by Dubai Properties Group where they launched their own projects such as Executive Towers and Vision Tower.
The vision of Business Bay is to be the Central Business District of Dubai. The master-developer, Dubai Properties, which is a part of Dubai Holding – sold plots to private investors and developers who in turn have developed and continue to build various types of projects.
When the Global financial crisis hit Dubai in late 2008, hardly any project in Business Bay was yet to be delivered. Many projects were in advanced stages of construction, while others had already launched but were yet to get off-ground. Many ambitious developments were eventually shelved and construction on existing developments slowed down tremendously.
In late 2009 and 2010, we began seeing the first projects handing over in Business Bay, this included The One by Omniyat, Silver Tower and the Executive Towers. The delivery of Executive Towers in 2010 helped revitalize the area and through 2011 and 2012, we saw a number of delivered projects.
The real estate market in Dubai started reviving in a major way in 2012. By this time, many investors had entered the market to propel stalled projects. Many projects which were previously on-hold received capital injections and were re-launched with various types of prices and payment plans.
Many new developments contain hotel serviced apartments, which in 2013 and 2014 were a hot segment of the property market.
As of Q4 2015, there are 28 ready apartment buildings/complexes in Business Bay, 10 of which are part of the Executive Towers. The Executive Towers is by far the most well known and popular residential development in the community and makes up for the majority of transaction activity in both the sale and rental market. The rest of the apartment buildings are scattered across the community and predominantly are located on the other side of the Canal which cuts through Business Bay. Most of the residential buildings in the community are developed by Dubai Properties, Deyaar and Damac.
Most of the office buildings in Business Bay are Grade B quality. A major drawback of office supply in Business Bay and in the Dubai in general is the fact that they have STRATA ownership – which is a drawback for office buildings when viewed from global best practices. Most developers sell office space at the time of launching a project. Therefore, by the time a building is ready, there are hundreds of owners who have purchased various sizes of office space. These type of buildings are not attractive for big business, especially the International Corporations who look for larger spaces in quality buildings with well structured management in place.
The highest quality office buildings in Business Bay are considered to be the ones developed by Ominiyat (Bayswater, The One, Binary Tower). Other quality office buildings include The Oberoi, Bay Square, Vision Tower, The Bay Gate and Al Manara Tower.
As of Q4 2015, there are 39 ready buildings in Business Bay which have office space. There are another 12 office buildings which are under-construction.
The JW Marriott, The Oberoi and the Taj Hotel are the major hotels in Business Bay. There are also a handful of ready serviced hotel apartment projects that have recently been delivered, all by Damac Properties (Capital Bay, Vogue, Cour Jardin).
Since 2013, a number of hotel serviced apartment projects have been launched/re-launched in the community – there are at least 9 such projects currently under-construction (examples include the Atria by Deyaar, Park Lane, Damac Towers by Paramount, Lillian Towers, The Opus, Bay’s Edge, etc.