The prices in real estate in Business Bay, in the Dubai region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per sq.feet in Business Bay has increased strongly during the last 6 months. In May, the average price per sq.feet was AED 987. In the following month the price per sq.feet increased considerably to AED 1,148. The price for the following two months in (July, August) had a considerable increment of 116 %. The price per sq.feet has increased 107 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of AED 1,154.75 to AED 1,238 during September, and October.
Based upon to the price in Business Bay (cities), this has gone up in the last 6 months. In our first sample month during May, the average price is AED 1,355,785. In June This price remains at AED 1,288,228. In the following two months the average price has remained the same with regard to the previous two months from AED 1,322,006.5 to AED 1,360,736. Based on an analysis of the first four prices and the last two months the average price has risen strongly 124 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of AED 1,658,378 they are 18 % more affordable than the average price for Business Bay. The properties with the highest average price have 4 bedrooms, Their price is 294 % more costly than the average. After that we have properties with 3 bedrooms priced at AED 3,433,472.
With regard to the average price per sq.feet , those properties with 1 bedroom are the cheapest ones at a cost of AED 1,075 / sq.feet, with an average AED 1,147 / sq.feet price in Business Bay. The properties with the highest average prices have 3 bedrooms. They are 33 % more expensive than the average followed by properties with 2 bedrooms with a price at AED 1,437 / sq.feet.
The graph displaying the average prices displays the property type "Office" as the most affordable one. At an cost of AED 1,658,378 it is 27 % cheaper than the average price in Business Bay. "Flat" is seen as the second most affordable property type. The dearest property type is "Penthouse" followed by "Villa". At a price of AED 3,487,893 it is 1375 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Office" at an average cost of AED 896 / sq.feet followed by "Villa" priced at AED 950 / sq.feet. "Penthouse" is the most costly type of property with a AED 2,737 / sq.feet cost followed by "Apartment" with an average price of AED 1,277 / sq.feet.