# Anyone know what's going on with Business Bay??



## beeniesmiles (Aug 8, 2011)

Hello comrades!

So i'm looking to buy an apartment in Dubai-- and while I am currently in Dubai Marina, which I absolutely love and adore, I was looking at making some investments in other parts of the city.

I've been reading up about *Business Bay* and the plans for the community there, and have actually driven through and saw all the construction and the buildings going up. 

Does anyone have any idea exactly whats going on with this planned community? I know they have an extensive canal dredging/widening/extending project going on, and i see several beautiful apartments for sale, but I would love some feedback from people who are already living there, what they like/dislike, and anyone else with information on where exactly Business Bay is heading. Is it really shaping up to meet all the hype surrounding the community upon its completion? Is it worth an investment while it's on the "ground floor" before the community's completed and prices become untouchable?

The location is great, and the buildings look fabulous, but i need to take everything into consideration before buying!

Thanks everyone for all your help! Much appreciated!

Z


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## TallyHo (Aug 21, 2011)

I don't know if it's worthwhile offering advice to someone daft enough to consider buying an apartment in Dubai.

But I'm sure you've carefully considered all the pros and cons and all the expenses associated with owning an apartment, including the annual maintenance fees on top of the annual mortgage payments, the comparison between market rent value and the maintenance fees + the interest on your mortgage and so forth. I'm sure you've also carefully considered what the options are for an apartment owner should he lose his job and need to leave Dubai and the stability of the year-to-year rents and maintenace fees. I'm sure you've thought of the ease or difficulty of selling an apartment in Dubai should you need to. 

I'm sure you've thought about this long and hard.

So - Business Bay is a construction zone. Eventually, probably 2-3-4 years down the road it'll eventually be cleaned up and the landscaping put in and the roads completed. Then again TECOM is a few years old now and it still doesn't have proper sidewalks or landscaping. So it's your gamble.




beeniesmiles said:


> Hello comrades!
> 
> So i'm looking to buy an apartment in Dubai-- and while I am currently in Dubai Marina, which I absolutely love and adore, I was looking at making some investments in other parts of the city.
> 
> ...


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## beeniesmiles (Aug 8, 2011)

TallyHo said:


> I don't know if it's worthwhile offering advice to someone daft enough to consider buying an apartment in Dubai.
> 
> But I'm sure you've carefully considered all the pros and cons and all the expenses associated with owning an apartment, including the annual maintenance fees on top of the annual mortgage payments, the comparison between market rent value and the maintenance fees + the interest on your mortgage and so forth. I'm sure you've also carefully considered what the options are for an apartment owner should he lose his job and need to leave Dubai and the stability of the year-to-year rents and maintenace fees. I'm sure you've thought of the ease or difficulty of selling an apartment in Dubai should you need to.
> 
> ...


Hi TallyHo,

I wish i could say i appreciated your post, that it had contributed any kind of valid information, that i had gained anything from having read it, or that i appreciated you calling me "daft" without having any knowledge or understanding of who i am, of my background, or my circumstance, but i cant, because i don't.

i don't know if its "worthwhile offering advice" to someone who clearly doesn't understand that the purpose of this forum is not to insult people, but to help each other out as much as we can. also, you clearly didn't read the title of my post-- it was called "Anyone know what's going on with Business Bay??" and not "Does anyone think i should buy property in Business Bay, and yes, feel free to be insulting with your response should you think in the negative." It was also not titled "Please leave useless mean responses."

Anyway, if there is anyone out there who has any kind of real information on whats going on with Business Bay I would be very curious to know- and not what is "probably going to happen 2-3-4 years down the road"-- i would deeply appreciate it!

Yes, i have considered all the pros and cons, and no, i am not a UAE property buying newbie, and yes, I am definitely buying. So if anyone knows anything it would be great to hear from you! Also, if anyone has any information on emerging projects that would be good investments, or just in general your opinions on the best places to buy in dubai (currently or upcoming), it would be great to hear from you!

Thanks in advance for your help!  Let's all stay positive and helpful, which is what keeps this forum a success and a resource for us all!

Beenie


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## TallyHo (Aug 21, 2011)

I've told you insomuch as anyone "knows" in Dubai. 

Business Bay is still a construction zone. Some of the towers are complete and people have started moving in. Other towers are still under construction. This affects the ability to "finish" up the place. Having watched the pace of construction and completion of projects in Dubai in the past few years, I can hazard an educated guess and say that Business Bay will still have a construction zone feel to it for at least the next two years, and quite possibly longer. Just take a nice look over at the Executive Towers and see how incomplete the surrounding vicinity is, including the roadways. Brilliant for Dubai, isn't it? 12 entire towers with a few thousand occupants occupied for well over a year now and there still isn't a proper ingress/egress route. 

Then of course there's Jumeirah Lakes Towers - still a construction zone with poor roadways and few amenities after all these years. 

Good luck with the house hunting. I've watched a few people go through the process here in Dubai and it's a painful experience and all ended up with regrets. 

But if you must buy something with an eye of minimising your losses - focus on the established areas where the infrastructure is already complete (or 90+% complete), and I'd suggest Emaar properties. 




beeniesmiles said:


> Hi TallyHo,
> 
> I wish i could say i appreciated your post, that it had contributed any kind of valid information, that i had gained anything from having read it, or that i appreciated you calling me "daft" without having any knowledge or understanding of who i am, of my background, or my circumstance, but i cant, because i don't.
> 
> ...


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## Felixtoo2 (Jan 16, 2009)

The proposed extension of the Creek through Satwa to the Sea appears to have been shelved. The plan was that it would take 7 monthe to complete but I feel that would be a bit optomistic. I guess business bay prices must be comparably low for the square footage but there is a very ood reason for this. Old Town is more expensive but probably a better investment in the long term.


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## Maz25 (Jul 6, 2008)

If you're really looking to invest in Dubai, I would personally advise that you invest in an area that is more or less complete or where there seems to be a bit of progress being made.

There are so many unfinished developments in the UAE and it's anyone's guess as to whether they will eventually be completed. Plus, developers and agents have gotten so good at spinning a yarn, that it's impossible to know whether they're feeding you fact or fiction.

Business Bay has been in pretty much the same state since the recession hit. If after nearly 3 years there is hardly any progress, I very much doubt that with the obvious scarcity of funds, that developers even have the cash to get this development finished - same as with so many others around.

How long have you been in the UAE? If you've been here for less than a year, I would advise that you hold off and at least leave it a year before you consider investing in property. In a year's time, you'll know the market well enough to be able to make an informed decision and it will give you time to observe the property market and in particular the area that you are interested in. The recent downgrading of the US' credit rating will have an impact here and personally, I would not make any decision with a significant financial impact without seeing the full impact that the US situation has on this region.

Good luck with your decision though.


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## beeniesmiles (Aug 8, 2011)

Maz25 said:


> If you're really looking to invest in Dubai, I would personally advise that you invest in an area that is more or less complete or where there seems to be a bit of progress being made.
> 
> There are so many unfinished developments in the UAE and it's anyone's guess as to whether they will eventually be completed. Plus, developers and agents have gotten so good at spinning a yarn, that it's impossible to know whether they're feeding you fact or fiction.
> 
> ...



Thanks guys! 

I've been physically in Dubai and the Gulf/Middle East for the last 3 years. Needless to say I've seen the bust, and its immediate aftermath, and it has definitely been VERY painful to watch, but i've made some sound investments and so thankfully, i'm not shaking a cup on the street corner begging for some spare change (YET)!

It is very disheartening to watch the half-completed developments all over dubai, and it really is a black stain on what i otherwise feel is a skyline filled with some of the most magnificent feats of human engineering and ingenuity.

i totally agree with you all about buying in already developed areas-- and have been doing just that. i was curious about business bay as i accidentally ended up there when not paying attention while driving (and have never been EVER!). i know they were building a road through the bay and that apparently has been completed (or at least opened for use) but it really does just look like one massive construction site, and very little else seems to be done or getting done.

It is however, very valuable for me to know that Business Bay is basically in the same state it was in when the recession hit. While other projects seem to have restarted with a vigor, a project that continues to sit stale will most likely continue to do so in the near future as the government will restart those which they see as a priority for getting up and running due to higher ROI power.

i DO absolutely LOVE LOVE LOVE Old Town and have been eyeing the area for a while. I've always been a fish (need to be near the water) so properties that have always appealed to me have been on/near the water-- but Old Town is just too charming to not look into! And the fountain KIND OF counts, no?

Thanks again for all your help and suggestions! I really do appreciate it!

Beenie


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## ReggieDXB007 (Mar 10, 2011)

Hello Beeniesmiles,

I don't have much more to add to what everyone else have posted except to suggest that it all depends on your expections. BB will eventually, together with Burj/Downtown/DIFC become the de facto centre of Dubai. The issue currently appears to be the lack of infrastructure and the seeming lack of funds to get on with it. I work for a man who owns some land there and he's not touching it for at least 3/4 years until there's some more activity out there otherwise he runs the risk of developing a nice building that is surrounded by building sites and unpaved roads.

Clearly, the 64,000 $ question is when will the tipping point be and I for one have no idea.


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## chubunga (Feb 17, 2011)

We've just moved into an apartment in Executive Towers in Business Bay. Whilst we love our apartment and we're enjoying getting to know Dubai, we're less than impressed with the building site that surrounds our apartment complex. It's a nightmare walking over the sand to get to the metro, and not safe at all for that matter. It's great that the metro is right by us, and taxis are always lingering around so we can jump into one of those, but I still feel quite isolated as the pedestrian walkways are completely nonexistent and it doesn't look like much work to improve it is going on. I wouldn't be much help in advising about investing in property here, but I'd say if you want immediate rental, don't buy here - we're happy here because the company my husband and I work for are providing this apartment for us for free. We wouldn't be so happy if we had to pay rent for it out of our own hard earned cash. We'd want more for our money then, especially with unfinished roads and pavements, and lack of gyms which happen to be a selling point in the brochure. The location is good, being right by the Burj Khalifa, but from a tenant's point of view, we want more than just a big mall down the road.


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## ReggieDXB007 (Mar 10, 2011)

Hello Beeniesmiles,

I was over at Business Bay yesterday and I have to say that it has changed a fair bit in the last 3-4 months which was when I was last there. I understand that the instruction now is for projects that have started, they have to finish. Those that haven't, then the developer has to back fill and remove everything from the site, including fencing. This means that over the next few months the landscape should improve somewhat. Furthermore, it does depend where in BB you are; I was looking at the quadrant between old town/Dubai Mall and Financial Centre Road (where the Radisson Blue is) and they tell me that soon there will be an underpass into The Address and another route over the financial centre road which connects that quadrant with Old Town on one side and DIFC on the other.
The agent I was with tells me he's been getting a fair amount of interest for commercial renting and believes that demand will increase as soon as these roads are opened. 

The problem is that there's little residential in this area - most of it is down alongside Sheikh Zayed road and it will take a long time to sort out the infrastructure down there. 

It would appear however that if one has the stomach for it, it may be worth speculating on a property here, especially one that is closer to Dubai Mall area as it will doubtless be something one day.

I should warn you that I am not a real estate expert and perhaps one of those will be along soon to correct me.


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## beeniesmiles (Aug 8, 2011)

ReggieDXB007 said:


> Hello Beeniesmiles,
> 
> I was over at Business Bay yesterday and I have to say that it has changed a fair bit in the last 3-4 months which was when I was last there. I understand that the instruction now is for projects that have started, they have to finish. Those that haven't, then the developer has to back fill and remove everything from the site, including fencing. This means that over the next few months the landscape should improve somewhat. Furthermore, it does depend where in BB you are; I was looking at the quadrant between old town/Dubai Mall and Financial Centre Road (where the Radisson Blue is) and they tell me that soon there will be an underpass into The Address and another route over the financial centre road which connects that quadrant with Old Town on one side and DIFC on the other.
> The agent I was with tells me he's been getting a fair amount of interest for commercial renting and believes that demand will increase as soon as these roads are opened.
> ...



Thanks Reggie! 

this is the type of excellent information and feedback i was looking for. i guess i'm gonna have to physically go in and check things out also and do some investigative work. you're right, the infrastructure for the residential parts is definitely lacking and i'm not sure how long it will take to get that sorted out.

i think the business bay concept is superb, and that the location of course, is undeniably fantastic, and as you said, it will become a part of the major business hub with downtowan burj khalifa/ DIFC/ trade center. the question remains as to the future of the residential properties.

all we have with alot of dubai is speculation, and while i can easily acquire property in a "fully developed" area, i was wondering on the value of investing and holding onto something in the Business Bay area.

truthfully i was first very excited about the area, the location, the plan, and then when i actually went in to visit and saw the dismal state of things, i was rather dissuaded, but with construction picking up and things shaping up slowly, an investment in this area may warrant a second look. im not looking to make immediate ROI...i am more than happy to buy and hold for a few years, as property prices will undoubtedly go up further once the area is developed! (or thats the hope!)

thanks you all again for all your help!! 

Any feedback from current BB residents would also definitely be welcome!!!


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## Amame (Jan 11, 2011)

I don't know about the business bay stuffs but my boss own 3 apartments on the Palm and is dying to get rid of them cos all the related fee and problems are just too much to handle, but again to sell it right now, he would lost such a fortune.

How about look into the Abu Dhabi area? I think it could give you much more benefit in term of investment. It would definitely be more expensive tho, but the demand of renting it is much higher than in Dubai.


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## Mr Rossi (May 16, 2009)

beeniesmiles said:


> hold for a few years, as property prices will undoubtedly go up further once the area is developed!


Better than Business Bay, I have a tower in France for sale. Bit old nowadays but worth a good bit in scrap...


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## ReggieDXB007 (Mar 10, 2011)

Mr Rossi said:


> Better than Business Bay, I have a tower in France for sale. Bit old nowadays but worth a good bit in scrap...


Mate, I'll see your mouldy old tower and raise you an island and ancient temple in Greece


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## ickleruth (Aug 7, 2009)

Hi I'm currently renting in Windsor Manor which is the white tower next to the Radison Blu. As the crow flies its very close to Dubai Mall, and the only thing that prevents it from being a very short drive to my work in Emaar Square is that the road connecting Financial Centre rd and the main business bay rd isn't finished. Once that is done, it will really connect Business Bay to Old Town and Dubai Mall etc, and make it more appealing. I think I saw a roller on the road today so maybe they're working on it.

My layperson's impression (no expertise in construction, just observations) is that Business Bay is being built but slowly, i.e. rather than have six towers going up at once, the developers are focussing on getting one finished before kicking on with the next one they'd already started. As for my flat its big for what I'm paying. I have a 4x4 so I don't mind some of my route being unfinished at the moment. Makes it more interesting  I think as an investment I know a lot of ppl are looking to live near Old Town, but not pay the premium for it, so Business Bay is definitely becoming more viable.

On another note I was in JLT for the first time in a few months today and some of the landscaping is now done around the lake and some of the towers. It makes a big difference. And I also saw a spinneys and a carrefour express, so I think the amenities are starting to going in.


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## binden365 (Jan 18, 2010)

ickleruth said:


> Hi I'm currently renting in Windsor Manor which is the white tower next to the Radison Blu. As the crow flies its very close to Dubai Mall, and the only thing that prevents it from being a very short drive to my work in Emaar Square is that the road connecting Financial Centre rd and the main business bay rd isn't finished. Once that is done, it will really connect Business Bay to Old Town and Dubai Mall etc, and make it more appealing. I think I saw a roller on the road today so maybe they're working on it.
> 
> My layperson's impression (no expertise in construction, just observations) is that Business Bay is being built but slowly, i.e. rather than have six towers going up at once, the developers are focussing on getting one finished before kicking on with the next one they'd already started. As for my flat its big for what I'm paying. I have a 4x4 so I don't mind some of my route being unfinished at the moment. Makes it more interesting  I think as an investment I know a lot of ppl are looking to live near Old Town, but not pay the premium for it, so Business Bay is definitely becoming more viable.
> 
> On another note I was in JLT for the first time in a few months today and some of the landscaping is now done around the lake and some of the towers. It makes a big difference. And I also saw a spinneys and a carrefour express, so I think the amenities are starting to going in.


If you don't mind me asking, what are you paying?


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## beeniesmiles (Aug 8, 2011)

thanks to everyone whose been super helpful here!! so basically, i went to explore the business bay situation myself, and although the apartments are quite nice and spacious and cheapER in relation to many comparable, the area is still going to need time to develop in terms of landscaping and rodway and infrastructure. i have seen some beautiful units tho and i just hope the area is brought up to speed ASAP.

as many of you know, i am currently residing in dubai marina (which i love and adore and hold dear to my heart, and would only be moved from kicking and screaming and under threat of death!) so i have decided to make my next investment here IN the marina. i was hoping for a property that i could buy, that woudl be a good investment, and that i could live in for a while before passing it on for rent....seeing that i work in media city (in the media one tower) im thinking about something on the east side of the marina, like the torch, marina heights tower, marina crown, pinnacle, sulafa tower...i want to be on/near the marina walk but also be able to walk to work. anyone with ideas on the best among these, or other similarly situated GOOD properties, please feel free to chime in!!! im looking for a 1-2 bedroom with 2 bathrooms (a balcony would be great) and my budget for this apt is AED 800K. 

any insight would be most helpful-- thanks again!!!

beenie


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## bhatiaic (Dec 20, 2011)

beeniesmiles said:


> Hi TallyHo,
> 
> I wish i could say i appreciated your post, that it had contributed any kind of valid information, that i had gained anything from having read it, or that i appreciated you calling me "daft" without having any knowledge or understanding of who i am, of my background, or my circumstance, but i cant, because i don't.
> 
> ...


what I have heard from different people who are someway related to investments/loans in property market is that areas which are construction zones business bay, JLT etc should be avoided for short term (2-3 years) and in case of any upturn these would be the last ones to rise. I myself have been evaluating about renting v/s owning and am yet to decide ( i came here 18 months back & now feel job is relatively secure but am concerned about high maintenance cost, long term commitment for loan). I have had some experience in property investments and i feel that if upside comes, whenever, in %ge terms areas like business bay may give decent returns but if one wants to cover the downside then buy in a developed area. do share what you finally decide and what factors affected your decision making. I understand you are staying in marina, which are the buildings one should consider in that area with a budget of approx. AED 1.2-1.5 million for 2 BHK


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