DAMAC Towers by Paramount Business Bay Dubai

DAMAC Towers by Paramount is a four-tower complex in Business Bay, about 270 metres tall, holding roughly 1,200 furnished residences. Three towers are residential; the fourth operates as the Paramount hotel. It was built by DAMAC Properties and completed in 2018 to 2019, and it holds studios, one-, two- and three-bedroom apartments from about 476 sq ft to 2,014 sq ft.

Studios currently ask from about AED 649,000, roughly Rs 1.67 crore, against a six-month building average near AED 955,017. One-bedrooms run from about AED 1,300,000 to AED 1,950,000. The source listing carries no price. See the rest of our Dubai section, our projects list, or two more completed Dubai addresses we cover — Bluewaters Residences and Marquis Signature.

At a glance

Price and unit pricing

A studio asking range of AED 649,000 to AED 1,750,000 is not one product priced three ways. It reflects different towers, different floors, different views over the canal or toward Downtown, and different furniture packages and conditions. The AED 955,017 average is the middle of that market; the AED 649,000 figure is its floor.

The interesting comparison is with the district. The cheapest studio works out near AED 1,363 per sq ft while the DLD put the Business Bay apartment average at AED 2,002 in 2024. Agency figures for the district vary widely — a band of AED 1,450 to 2,360 on one measure, a median near AED 2,673 on another — but the DLD number is the one with a named source and a date, so treat it as the anchor. Either way, entry stock here trades below the district. The next section explains why.

Payment plan and total cost

There is no developer payment plan. The towers completed in 2018 to 2019, so a purchase is a resale: full price on transfer, or a mortgage. Worked on a AED 649,000 studio:

That last line is the reason the entry rate sits below the district. This is a mixed-use complex where the residential towers share facilities with an operating hotel: valet, large reception areas, hotel-grade shared leisure. Those cost money to run, and the owners pay for them. Business Bay's band is AED 12 to 25 per sq ft a year, and a tower like this sits at the top of it rather than the bottom. Buyers discount the purchase price to compensate, which is exactly what a rational market does. The cheap rate is not a mistake anyone left lying around.

If you finance, add 0.25% of the loan as mortgage registration and a bank arrangement fee near 1%, and expect a bank to treat hotel-branded stock more cautiously than plain residential. Non-resident buyers are usually held to a lower loan-to-value.

On income, Business Bay gross yields are quoted between about 5.5% and 7%, with some analyses reaching 8%, and net about 1.5 to 2 points below once service charges, Ejari and re-letting come out. Here you do not have to use the district figure: hundreds of apartments inside this complex are listed to rent at any time, so read the achieved rents and subtract the real service charge.

Location and connectivity

Business Bay sits directly south of Downtown Dubai across the Dubai Water Canal, framed by Sheikh Zayed Road (E11) and Al Khail Road (E44). The Burj Khalifa and Dubai Mall are minutes away, DIFC is a short drive north, and Dubai International Airport is about 20 minutes by car.

Business Bay metro station on the Red Line is the nearest working station, which puts this complex in a small minority of Dubai residential addresses with real metro access. The canal promenade runs alongside the district.

The district is also the most heavily traded apartment market in central Dubai: the Dubai Land Department recorded over 18,500 apartment transactions in Business Bay during 2025. For an owner that means an exit is genuinely arrangeable, and it means there is a deep transaction record to price against before you buy.

Amenities and specifications

The residences are sold furnished, which is the point of the format — a Paramount-branded apartment in a complex that also runs a hotel, aimed at tenants and short-stay guests rather than at families buying empty shells.

Sizes run from about 476 sq ft to 2,014 sq ft across four towers of roughly 270 metres. Because the fourth tower operates as the hotel, the shared facilities are hotel-grade — and hotel-priced. No source we checked publishes the appliance schedule, the furniture package, the parking allocation by unit type or the approved service-charge budget. On a completed building you can check all of it: view the apartment, read the parking on the title deed, and take the sale agreement as final.

About the developer

DAMAC Properties was founded in 2002 by Hussain Sajwani and is the largest private developer in the UAE by volume. Its record is unusually easy to verify: 50,000 homes handed over since inception and more than 54,000 units under construction.

In 2026 alone the company announced 8,800 residential handovers across Dubai, spanning DAMAC Hills, DAMAC Hills 2, DAMAC Lagoons, Chic Tower and Elegance Tower, and it awarded more than AED 10 billion of construction contracts in the first half of that year.

For a buyer at this address the developer question is mostly historical — these towers were finished six or seven years ago. The scale matters for a different reason: DAMAC builds fast and in volume, and its branded products, of which this is one of the earliest, are sold as a format rather than as one-off buildings. Judge the specific tower and its service-charge budget, not the corporate record.

For Indian buyers

Business Bay is freehold, so an Indian citizen can own here outright, in their own name, with a Dubai Land Department title deed. There is no annual property tax in Dubai; the recurring cost is the service charge, roughly AED 5,700 to 11,900 a year on a 476 sq ft studio at the district band — and likely toward the upper end of it in this complex.

At about USD 177,000 the cheapest studio sits well inside one person's Liberalised Remittance Scheme allowance of USD 250,000 per financial year, with room for the DLD fee and commission. A one-bedroom at AED 1.6 M is roughly USD 436,000 and needs two remitters or two financial years. TCS applies on the remittance above the current threshold.

On residency, neither a studio nor a one-bedroom here reaches the AED 2 M Golden Visa threshold; only the largest layouts approach it, and the sources do not publish their prices. On tax at home, rent from Dubai is taxable in India for a resident at slab rates as income from house property with the standard 30% deduction, and the asset goes into Schedule FA of your return. The UAE takes nothing, so there is no foreign tax credit to set against it.

Pros

• Complete and occupied since 2018 to 2019, with six or seven years of price and rental history to check
• The cheapest studios ask near AED 1,363 per sq ft against a DLD Business Bay average near AED 2,002
• Sold furnished, so a unit can be let immediately with no fit-out spend
• Business Bay is the most transacted apartment district in central Dubai, with over 18,500 sales in 2025
• Business Bay metro station and the Dubai Water Canal are both close, and Downtown is minutes away
• Hundreds of rental listings inside the complex mean achieved rents are easy to verify
• DAMAC has handed over 50,000 homes and announced 8,800 more across Dubai in 2026

Cons

• Studio asking prices range from AED 649,000 to AED 1,750,000 — nearly three times, for the same unit type
• Service charges are not published, and a hotel-branded tower sits at the top of the AED 12 to 25 per sq ft band
• The low entry rate reflects the running cost, not a market mistake
• Hotel-branded stock is financed on tighter terms and resells to a narrower buyer pool
• Sources disagree on the completion date, October 2018 against Q3 2019
• Neither a studio nor a one-bedroom reaches the AED 2 M Golden Visa threshold
• You are buying into a complex where a hotel shares the facilities you pay to run

Who this is for

• Investors who want a furnished, immediately lettable unit in central Dubai at a low entry price
• Buyers who will read the tower's service-charge budget and price the running cost properly
• Short-let operators who can use the hotel-grade facilities and the Downtown location
• Buyers who want six or seven years of achieved rents to check before committing

Who should look elsewhere

• Anyone buying on the headline rate per sq ft without the service-charge budget in hand
• Golden Visa buyers — a studio or one-bedroom here does not reach AED 2 M
• Buyers who need a broad end-user resale market rather than an investor one

Our verdict

This is a building where the cheap number and the honest number are different, and the gap between them is the whole story. Studios ask from about AED 649,000, near AED 1,363 per sq ft, against a DLD Business Bay average of AED 2,002 in 2024. That looks like a discount and mostly is not one. Four roughly 270-metre towers share facilities with an operating Paramount hotel, and the service charge that comes with valet, hotel-grade reception and shared leisure sits at the top of the district's AED 12 to 25 per sq ft band. Buyers price that in.

None of which makes it a bad buy. It is complete, furnished, central, lettable the week you take the keys, and Business Bay recorded over 18,500 apartment transactions in 2025, so an exit is genuinely arrangeable. The spread in studio asks — AED 649,000 to AED 1,750,000, averaging AED 955,017 — also means there is real room to buy well if you know which tower, which floor and which view you are paying for. Two documents decide it: the approved service-charge budget for the specific tower, and the DLD transaction list for the building. Get both before you make an offer.

FAQs

What does an apartment at DAMAC Towers by Paramount cost?

Studios currently ask from about AED 649,000, roughly Rs 1.67 crore, up to about AED 1,750,000, with a six-month average near AED 955,017. One-bedrooms ask from about AED 1,300,000 to AED 1,950,000, averaging about AED 1,604,673. Sizes run from 476 sq ft to 2,014 sq ft and the apartments are sold furnished.

Why do studio prices vary so much?

Because a range from AED 649,000 to AED 1,750,000 is not one product. It reflects different towers, different floors, different views over the canal or Downtown, and different furniture packages and conditions. Treat the AED 955,017 average as the middle of the market and ask the agent for the DLD transaction list so you can see what has actually registered rather than what is being asked.

Is the building finished?

Yes. Completion is dated October 2018 by one source and Q3 2019 by another, which most likely reflects the difference between the first and last of the four towers. The complex has been occupied and trading for six or seven years, with hundreds of apartments listed to rent inside it at any time.

Why is the rate per sq ft below the Business Bay average?

The cheapest studio works out near AED 1,363 per sq ft while the DLD put the Business Bay apartment average at AED 2,002 per sq ft in 2024. That gap is not a bargain waiting to be collected — it mostly reflects the running cost. This is a hotel-branded, mixed-use complex with valet, large reception areas and shared leisure, so the service charge sits at the top of the district band, and buyers discount the purchase price to compensate.

What are the service charges?

Not published for this building by the sources we checked. Business Bay runs about AED 12 to 25 per sq ft a year, and a tower sharing facilities with a hotel sits high in that band — roughly AED 5,700 to 11,900 a year on a 476 sq ft studio. Get the approved budget for the specific tower before you buy; it is the number that decides your return here.

What yield can I expect?

Business Bay gross yields are quoted between about 5.5% and 7%, with some analyses reaching 8%, and net about 1.5 to 2 points below once service charges, Ejari and re-letting costs come out. Because this complex has hundreds of live rental listings you can check achieved rents directly rather than relying on a district average — do that, and subtract the real service charge, not the district one.

Does it qualify for a Golden Visa, and can an Indian citizen buy?

Business Bay is freehold, so any nationality can own outright with a Dubai Land Department title deed. On the visa, neither a studio nor a one-bedroom here reaches the AED 2 M threshold — only the largest layouts approach it, and the sources do not publish their prices. At about USD 177,000 the cheapest studio sits well inside one person's USD 250,000 LRS allowance for the financial year.

What has DAMAC delivered?

DAMAC Properties was founded in 2002 and has handed over 50,000 homes, with more than 54,000 units under construction. It announced 8,800 residential handovers across Dubai in 2026 alone, spanning DAMAC Hills, DAMAC Hills 2, DAMAC Lagoons, Chic Tower and Elegance Tower, and awarded over AED 10 billion of construction contracts in the first half of that year.

For live availability at DAMAC Towers by Paramount, the DLD transaction list for the building and the approved service-charge budget for a specific tower, talk to Realty Hunting and we will get them for you.