Business Bay is one of the largest real estate projects in Dubai. It is ideally located between Sheikh Zayed and Al Khail Road and lies in close proximity to various renowned communities such as Downtown Dubai, Al Quoz, Zabeel and Al Wasl. Business Bay spans over an area of 64 million square feet. It is a mixed-use community expected to feature above 200 buildings on its completion. Upon its completion by the end of 2015, Business Bay is expected to emerge as a business hub of Dubai. The project would become home to ideal retail spaces and high profile corporate offices, just like Manhattan in New York.
Business Bay – The Past and Present!
Experts believe Business Bay is a worthy addition to Dubai properties sector since it would provide first class residential units and commercial spaces for people living and working in Dubai. In May 2011, it was reported that the new central commercial district of Dubai is facing decline in Business Bay rent because about 80% of completed office spaces of the project were empty. At that time, it was also reported that rent in business Bay is almost less than half as compared to similar office spaces in neighbouring community, Downtown Dubai.
Despite the fact that financial crises convinced many developers to either cancel their projects or halt them, Business Bay has a successful record of ongoing construction. Moreover, its properties were also handed over to investors on time. Owing to low property prices and tempting mortgage rates, the local and foreign investors are once again considering Dubai property sector for investment. The conditions have improved to a certain extent and almost all reports point towards growth of the sector. Business Bay is one of those projects in Dubai where sales prices and rents are getting costlier with every passing day.
Business Bay – A Worthwhile Project!
With future growth, spacious housing, quality office spaces, competitive rents and unparallel views, Business Bay is expected to be a worthwhile project to invest or live in Dubai. The developments of Business Bay provide an opportunity to enjoy living in close proximity to the top landmarks of Dubai including Burj Khalifa and Dubai Mall.
It takes not more than 10 minutes to reach important places and known restaurants, cinemas and malls from Business Bay. Since the project is still under construction, plenty of wide spaces also add to the experience of living there. Moreover, the serviced apartments in Business Bay make the ideal and ready-to-use business spots for small and medium size companies.
There are many swimming pools, shops, restaurants, saloons and grocery stores in Business Bay but the ongoing construction work indicates that several other facilities will also become a part of the community. Business Bay is served by two metro stations, one in Business Bay and the second one in Dubai Mall. The project’s map revealed that its residents would enjoy several attractions in the community in the form of grand hotels, restaurants, big shopping malls and the third biggest tower in Dubai Burj Al Alam. All of these factors combine to make Business Bay a worthwhile addition to Dubai property sector.