The prices in real estate in Business Bay, in the Dubai region have had a minor fall in the last couple of months. The real estate prices for second hand homes have fallen in this city
The price per sq.feet in Business Bay has fallen in the last 6 months. In September, the average price per sq.feet was AED 1,329. In the following month the price per sq.feet decreased to AED 1,147. In the following two months the price per sq.feet has barely changed, going from AED 1,238 to AED 1,227 per sq.feet. The price per sq.feet has increased 109 % 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 1,232.5 to AED 1,349 during January, and February.
Based upon to the price in Business Bay (cities), these have remained the same in the last 6 months. In our first sample month during September, the average price is AED 1,655,976. In October This price remains at AED 1,658,378. In the following two months the average price has remained the same with regard to the previous two months from AED 1,657,177 to AED 1,606,781. During the last two months, the average price has pretty much remained the same with regard to the previous average values going from an average value of AED 1,631,979 and AED 1,708,891.5 between January and February.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of AED 1,731,503 they are 23 % more affordable than the average price for Business Bay. The properties with the highest average price have 4 bedrooms, Their price is 318 % more costly than the average. After that we have properties with 3 bedrooms priced at AED 3,189,162.
With regard to the average price per sq.feet , those properties with 1 bedroom are the cheapest ones at a cost of AED 1,277 / sq.feet, with an average AED 1,353 / sq.feet price in Business Bay. The properties with the highest average prices have 2 bedrooms. They are 9 % more expensive than the average followed by properties with 3 bedrooms with a price at AED 1,474 / sq.feet.
The graph displaying the average prices displays the property type "Office" as the most affordable one. At an cost of AED 1,731,503 it is 30 % 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 3,310,714 it is 891 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Villa" at an average cost of AED 817 / sq.feet followed by "Office" priced at AED 954 / sq.feet. "Penthouse" is the most costly type of property with a AED 1,950 / sq.feet cost followed by "Apartment" with an average price of AED 1,422 / sq.feet.