Do you need to be a billionaire to live in your own apartment in Dubai?

 

 

 

 

 

Dubai has a reputation of an extremely expensive city. Spacious apartments, luxurious villas, sparkling glass buildings, and a variety of brand boutiques give the impression of pure chic. Indeed, the atmosphere of richness in the city definitely lives up to its international prestige. However, Dubai takes only the 31st  place in Mercer’s 2022 Cost of Living City Ranking. Some European cities appear to be much more expensive, as well as some of the USA. For example, buying an apartments in Business Bay, Dubai is less costly than becoming an owner of a property in London, Los Angeles, or Geneva. So, what are the main expenses and are they really as high as they seem? Let`s find it out in terms of living in Business Bay, a new large business centre in Dubai.

Business Bay as the combination of career and social opportunities

As one of the most popular and fashionable localities in Dubai, Business Bay is also one of the main financial centers of the Middle East. The area is located on the banks of the Dubai Canal, between Downtown and Jumeirah. Most of the development in the area is devoted to office and commercial premises. That`s why this place is highly appreciated by huge international companies having a desire to launch and conduct prolific business in the UAE. However, there are many residential developments in the Business Bay.

Creative entrepreneurs and dedicated workaholics choose Business Bay

The above-mentioned categories are on the top of the list of people who move to the locality for obtaining permanent place of residence. All of them are attracted by the vivid benefits provided.

•  - Almost 18.000 companies are registered in the locality that gives a great chance to find a job with good prospects. Specialists from the IT-sphere from all over the world come there to plunge into the working process of famous corporations.
•  - Convenient location with its own metro station and a range of public transport allows getting anywhere you need in a short time. The DIFC Free Economic Zone and the Dubai Internet City Technology Park are accessible from Business Bay in just a few minutes.
•  - Entertainment and shopping facilities are situated inside the district as well as within a 10-minute drive. Besides, you can choose any type of entertainment you can think of, this sphere is flourishing throughout the city.  
•  - A comprehensive number of property options for buying and renting impresses every future house owner with its diversity and contrast in price.

Cost of apartments in Business Bay  

The price for apartments varies from time to time and depends on many factors. However, let`s study the average figures.

 

	Business Bay, Dubai
Apartments	Studio	From AED 418,000 to AED 1,480,000
	1-bedroom apartment	From 550,000 to AED 2.8 million
	2-bedroom apartment	From AED 850,000
	3-bedroom apartment	From AED 1.3 million to AED 19.8 million
	4-bedroom apartment	From AED 2.3 million to AED 32.4 million
	5-bedroom apartment	From AED 4.4m to AED 40m
	6-bedroom apartment	From AED 27.8 million
Penthouses	2-bedroom penthouse	Depends on the square footage, may reach AED 16.6 million
	3-bedroom penthouse	From 2.8 million to AED 17.1 million
	4-bedroom penthouse	Up to AED 70 million

 

Basic expenses on living in Business Bay

Buying a property in the locality eliminates monthly overpayment for rent. The saved money can be spent in a more rational way and cover at least some basic expenses.

•  * Cleaning. A full-time domestic worker costs an average of AED 2.700.
•  * Transport. A liter of gasoline in Dubai costs an average of AED 2 so you can either buy or rent a car. The cost of a subway ride depends on the distance, on average AED 2-6. One bus ticket will cost about AED 5. Taxi fares are calculated at an average rate of AED 2.4 for each kilometer.
•  * Health insurance. The minimum Essential Benefits Plan (EBP) for people costs AED 550-650 a year. It is possible to address public or private clinics. As 85% of the population of UAE is foreigners, most doctors from both types of clinics are fluent in English.  
•  * Food and clothes. A single expat living alone spends an average of AED 400-500 on groceries per month. Food delivery and fashionable restaurants can increase the sum of monthly expenses. Clothes are relatively cheap, about AED 400 per unit.
•  * Entertainment. The cost of entertainment depends on its type, starting from AED 40 up to AED 500 and more.

In conclusion

Quality of life in Business Bay Dubai equals or even betters the lives in European cities. Lower prices and powerful developmental potential, loads of career and business opportunities, possibility to find and see almost everything makes the locality a wise choice of thousands of investors. Looking for the best property options, visit Axcapital to get a consultation of professionals with vast experience.