The Business Bay area of Dubai is the Emirate’s central business district and one of its fastest-growing high-rise areas. This area has often been compared to New York’s Manhattan. With a picturesque waterway running through it, the area offers both excellent apartment views and high-quality infrastructure to its residents and business people alike.
With its booming construction and property market of the past decades, the Emirate has consolidated its position as a regional hub in the Middle East and the Gulf in particular through a growing business hub and subsequent investment in transport infrastructure and public facilities by the local government.
The district is considered the symbol of Dubai’s progress at the forefront of the decades-long economic development of the Emirate. Due to its close proximity to the offices of major companies, there is also solid demand for apartments for rent in Business Bay.
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Before embarking on your search through Business Bay, you have to consider the following. In contrast to how this is done in other major cities in the world, local landlords prefer a single cheque in advance for a long term rental rather than several transfers throughout the year. As everywhere, there is a mutually agreed and signed long-term apartment lease, which gives both the resident and the landlord security over the mutual relationship.
The Emirate is also very unusual on a global scale because there is a greater level of people renting their dwelling if one compares this figure to properties inhabited by their respective owners. As a booming and diverse business center, it attracts many global corporations and with them, expatriate residents, spurring investment in residential properties in proximity of office space and increasing the rented accommodation supply.
Over the past few years, property prices have been falling at a rate of around 5 percent annually, but experts generally agree that the price of flats for rent has now stabilized and is more-over likely to increase from now onwards. Especially as the Emirate is preparing to host the World Expo in 2020, a high level of attention by both potential investors and new residents will be drawn to the region.
Regarding the pricing mechanism, the apartments market is governed by the Dubai Rental Index, which determines the price increases a landlord can impose on his tenant. Very recently, the Dubai Land Department announced that it was working on a new Rental Index to increase the transparency in the cost of leases and separate the market for accommodation from the commercial one.