Apartments for sale in Business Bay with aresidence permit
Apartments for sale in Business Bay, UAE, are a sought-after real estate type among young professionals, entrepreneurs and investors. The business district is home to offices of numerous companies, banks, shopping malls, restaurants, bars and nightclubs. It is located along the Dubai Canal, so local studios, flats for sale in Business Bay and penthouses offer spectacular views from the windows.
The area of the district exceeds 4 km2. About 22% of its territory is allocated for residential projects (apartment complexes), 18% for commercial buildings, and 60% for mixed-use properties.
The community continues to be built, so you can find new apartment complexes with modern design and developed infrastructure here, including amenities such as swimming pools for adults and children, gyms, playgrounds, 24-hour security and concierge services.
Residence permit in UAE by buying an apartment in Business Bay
Foreigners can get a residence permit in the UAE by buying an apartment in Business Bay. The registration procedure takes 2–3 weeks. The lowest investment threshold to participate in the immigration programme depends on the validity period of the resident card:
- AED 750,000 ($205,000) — 2 years;
- AED 2 million ($545,000) — 10 years.
You can get a 2-year residence permit if you purchase a move-in ready apartment for sale in Business Bay. Applicants for a 10-year residency permit are allowed to invest in an off-plan property in the UAE. Programme participants can issue an interest-free instalment plan to buy a flat in Business Bay. In this case, the initial payment must be at least 50% of its price.
The main applicant can receive a residence permit in the UAE through a property investment for their family members, such as a spouse and unmarried children, including service personnel. They can extend the permit as long as they own their flats in Business Bay.
If foreigners are eager to obtain a 2-year residence permit for themselves and their family members, the lowest investment amount should be AED 1 million ($273,000). When applying for a 10-year residency permit, the number of applicants does not affect the amount of investment.
Investment apartment in Business Bay
Choosing apartments in Business Bay for investment can be one of the best solutions for the following reasons:
- Convenient location. The district is located in the heart of the city. It borders Downtown Dubai and is connected to other communities by major highways. The proximity to iconic landmarks, such as the world's tallest skyscraper, makes this place a popular tourist destination. Easy access to key business centres also makes it the perfect choice for employees of local and international companies.
- Well-developed infrastructure. The district has modern office space, shopping malls, schools, kindergartens, medical clinics, pharmacies, restaurants, bars and other social facilities that allow owners and tenants of local properties to live, work, relax and have fun without leaving its borders.
- Diverse population. The lively area attracts numerous foreigners from almost all continents. Bay Avenue Mall regularly hosts community events such as concerts and farmers markets. They provide the relocators with an excellent opportunity to communicate with others and adapt to a new city.
- High rental income. Foreigners can buy an apartment in Business Bay and get a residence permit with the opportunity to return their money in less than 10 years with the help of a rental business. The average profitability of local studios is 14.15% per annum, and apartments with 1, 2 and 3 bedrooms – 11.93%, 12.61% and 11.89%, respectively. The greatest benefit comes from daily rental of facilities located near the waterfront and popular leisure and recreation facilities.
- Rising apartment prices in Business Bay. The cost per square metre in the emirate’s housing market in Q2 2024 reached a record high of the last 10 years—AED 16,318 ($4,443). The price increase is expected to continue. This will allow investors in local properties to make significant profits from resale in the long term. The process of capital gains can be accelerated by investing in off-plan projects. When the construction is over, they become more expensive by an average of 20–30%.