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 January, the average price per sq.feet was . In the following month the price per sq.feet increased considerably to AED 1,244. The price for the following two months in (March, April) had a considerable increment of 203 %. The price per sq.feet has increased 113 % 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 943 to AED 1,067.5 during May, and June.
Based upon to the price in Business Bay (cities), this has gone up considerably in the last 6 months. The average price during our first sample month during January, is . During February the price went through a considerable rise reaching AED 1,289,696. During the following two months (March, April) the average price had a considerable increase of 229 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has risen strongly 125 % 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 1,288,228 they are 17 % more affordable than the average price for Business Bay. The properties with the highest average price have 4 bedrooms, Their price is 338 % more costly than the average. After that we have properties with 3 bedrooms priced at AED 2,811,426.
With regard to the average price per sq.feet , those properties with 4 bedrooms are the cheapest ones at a cost of AED 1,090 / sq.feet, with an average AED 1,148 / sq.feet price in Business Bay. The properties with the highest average prices have 2 bedrooms. They are 19 % more expensive than the average followed by properties with 3 bedrooms with a price at AED 1,355 / sq.feet.
The graph displaying the average prices displays the property type "Studio" as the most affordable one. At an cost of AED 1,288,228 it is 45 % cheaper than the average price in Business Bay. "Apartment" is seen as the second most affordable property type. The dearest property type is "Penthouse" followed by "Office". At a price of AED 1,611,716 it is 1173 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Commercial" at an average cost of AED 369 / sq.feet followed by "Office" priced at AED 1,007 / sq.feet. "Penthouse" is the most costly type of property with a AED 2,337 / sq.feet cost followed by "Studio" with an average price of AED 1,470 / sq.feet.