Business Bay, Dubai

Business Bay, Dubai: buyer questions

How much does property in Business Bay cost?

Realty Hunting lists 17 projects in Business Bay. Entry prices start at AED 627K, about Rs 1.61 Cr at Rs 25.75 to the dirham, and the most expensive project on the list starts at AED 5.5M. The developers are Danube Properties (Danube Group), Deyaar Development PJSC, AMBS Real Estate Development, Binghatti Developers, DAMAC Properties (hotel apartments managed by DAMAC Maison) and DAMAC Properties, under the Paramount Hotels and Resorts brand. Each project page prints the developer's payment plan, the handover date on record and whether the project is registered with the Dubai Land Department.

What does a buyer pay on top of the price in Business Bay?

The fees are Dubai's, the same in Business Bay as in any other community: a 4% Dubai Land Department transfer fee, a registration fee (the trustee office on a ready unit, Oqood on an off-plan one) and, on a resale, an agency fee that is usually 2%. On the entry price here of AED 627K, the DLD fee alone is AED 25K, about Rs 6 lakh. There is no annual property tax, no stamp duty and no capital-gains tax. Off-plan instalments go into a DLD-regulated escrow account (Law 8 of 2007), released to the developer against construction milestones. A buyer paying from India remits under the RBI's Liberalised Remittance Scheme, USD 250,000 per person per financial year.

Does buying in Business Bay qualify for the Golden Visa?

The 10-year Golden Visa needs property worth AED 2 million or more, ready or off-plan, with or without a mortgage. 3 of the 17 priced Business Bay projects here start at or above AED 2 million; in the others it takes a larger unit or two properties whose combined value crosses the line. The visa covers the buyer, spouse and children, and does not need a sponsor.

The Business Bay area guide covers rents, yields and who is buying. The Dubai buying guide walks through the purchase step by step, and every Dubai community is one page up.