Business Bay, one of Dubai’s major commercial hubs, is finding favor with real estate investors and several mega projects are also being developed here including Damac Vera Residences and many others. Investors are making a beeline for Business Bay which is a sprawling commercial business district and the residential property market here is growing by leaps and bounds. Business Bay is vastly different from Downtown Dubai which is located in close proximity to it. Business Bay is envisaged on the lines of the iconic Canary Wharf business hub situated in the docklands in London.
Dubai’s real estate market has witnessed strong recovery and this has definitely impacted Business Bay positively. There is a steady shift in focus to residential cum leisure properties from predominantly commercial towers. This trend is quite like Downtown Dubai and Business Bay thus offers ample scope for future growth, both in terms of property prices and rentals. Business Bay is home to ample office spaces and ultra luxurious apartment complexes and other projects which are being completed rapidly now. There are several premium developments here including the Blue Bay Tower, the JW Marriott Marquis which is the tallest hotel in the world and the Swiss Cheese Tower. Business Bay also has a waterway and the Iris Bay scheme. There are several major office towers in tandem with the 22 storeyed Damac Bay Edge. The Dubai Mall is also easily accessible from Business Bay and this is a major attraction for investors.
Construction activity has picked up strongly in Business Bay according to experts and the residential and hospitality sectors are leading this new boom while the commercial sector is doing okay at best. There are several such redevelopment schemes where commercial zones are being converted into recreational and residential zones. The area will get a further boost with Arabtec getting the contract for developing mixed use towers here.
Business Bay, according to many, is steadily developing in order to be at par with business districts like Manhattan and the location is highly strategic with the Burj Khalifa, freehold zones and DIFC near it along with the biggest canal project for connectivity to the sea. This makes Business Bay one of the most attractive zones for investors and end users alike.