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Downtown Dubai is the tourist, cultural, business and entertainment center of the Emirate, located between old and new Dubai. Although the district has an area of only 26,909,776 sq. ft, it is home to the main sights of the city
Downtown Dubai is a mixed-use development, with Emaar Properties acting as the master developer. The district has existed for over 20 years and combines both traditional oriental architecture and ultra-modern buildings with futuristic designs, such as The Dubai Opera and the adjacent residential complex IL Primo.
The construction of the district started in 1998 and continues to this day. The area of the district includes cultural and entertainment centers, social infrastructure facilities, residential towers, luxury hotels, offices of world-famous companies, retail shops, restaurants, mosques, shopping centers and walking paths. Downtown Dubai is home to more than 140 nationalities and over 100 residential buildings, with more to come in the future. The district remains lively throughout the whole year, as the constant flow of tourists here does not stop. It boasts a well-developed transport, social and entertainment infrastructure, as well as a luxurious lifestyle for residents and world-class amenities. All real estate in Downtown Dubai belongs to the premium sector of the real estate market.
A more low-budget option is to rent an apartment in the Burj Views Podium, which is part of the residential complex by Emaar Properties, and consists of three towers connected by a podium. The complex is located a 20 minute walk from the Burj Khalifa. Burj Views Podium offers studios and 1 and 2-bedroom apartments for rent. Amenities include central air conditioning, a 24-hour concierge and security services, a swimming pool, covered parking, a barbecue area and a gym. One-bedroom apartments in Burj Views Podium can be rented for AED 65,000 (USD 18,000) per year.
Downtown Dubai has entertainment for all tastes and ages, from art galleries to shopping and ice skating. The main cultural and entertainment sites in Downtown Dubai include: The Burj Khalifa, the tallest tower in the world. The Dubai Fountain, the world’s largest singing fountains in a man-made lake. Dubai Opera. The Dubai Mall, the largest shopping and entertainment complex in the world, with an area of 10,763,910 sq. ft. Dubai Aquarium & Underwater Zoo. Dubai Ice Rink. Burj Park.
The convenient location of the district is set along the Sheikh Zayed Road and provides easy access to all residential and commercial areas of the city. Downtown Dubai is bordered by other popular districts, including Business Bay, Za’abeel, Al Wasl and DIFC, which are all in Dubai’s free economic zone.
The nearest airport to Downtown Dubai is Dubai International Airport (DXB), and can be reached in just 15-20 minutes, while Al Maktoum International Airport is located a 40 minute drive away. It takes 20-25 minutes to reach Dubai Marina, which is an all encompassing entertainment hub with its own marina and all kinds of water sport activities.
As the district is limited in size, multi-storey buildings predominate here. The most common property type in Downtown Dubai are 1-5-bedroom apartments (including serviced apartments) and penthouses. The cost of studios starts from AED 428,000 (USD 117,000), and one-room apartments cost from AED 695,000 (USD 190,000). You can also buy or rent villas and townhouses in Downtown Dubai.
There is a limited series of houses located on the runway levels of high-rise buildings. Prices for villas in Downtown Dubai start from AED 1,914,000 (USD 521,000) and for townhouses – from AED 5,100,000 (USD 1 388 000). Another exclusive option is the purchase of a whole floor of a residential tower, which can be either a finished property or a floor in a building under construction. If it is an off-plan property, an investor can arrange the space at their own discretion.
For instance, the owner could have one spacious residence or split the premises into several apartments and offices. You could live in one of these apartments yourself, and lease the rest of the premises, if buying an entire floor.
The minimum price for a full floor in an apartment block in Downtown Dubai is AED 18,500 000 (USD 5,040,000).
BURJ KHALIFA
The Burj Khalifa is a 160-storey skyscraper of 2,755 ft in height, with two observation decks, offering stunning views of the entire Emirate, and is one of the most iconic symbols of Dubai. The building houses the Armani Hotel Dubai, many restaurants and offices, as well as premium private real estate (some of the apartments and the penthouse are for sale). The cost of visiting the iconic tower and taking part in a building tour starts from AED 149 (USD 40). One of the most popular events in the Burj Khalifa, which attracts tourists from all over the world, is the spectacular New Year’s light and laser show with grand fireworks.
Budget real estate is virtually impossible to find here. Along with property in the Burj Khalifa, where a studio can be rented for at least AED 70,000 (USD 19,100) per year, or a one-bedroom apartment for AED 100,000 (USD 27,500), tenants often choose other, less expensive buildings by Emaar Properties. For example, Boulevard Heights, which is located a 20-minute walk from theBurj Khalifa and The Dubai Fountain, offers 1-4-bedroom apartments for sale. The residential complex comprises two towers – Boulevard Heights Tower 1 and Boulevard Heights Tower 2. Each unit has a balcony and a wide range of amenities within the building, including central air conditioning, a swimming pool, covered parking, fitted wardrobes and a fully-equipped kitchen. The minimum rental cost for a 1-bedroom apartment in Boulevard Heights is AED 4 150,000, USD 40,850.
The area with the self-explanatory name, Business Bay is the business and commercial center of Dubai.
Its concept was created as an equivalent of Manhattan in New York and Ginza in Tokyo.
Business Bay hosts a number of mixed-use, high-rise developments from office buildings, banks and retail areas, residential real estate, luxury hotels, restaurants and entertainment venues.
The total area of Business Bay is 79,975,854 sq. ft. After the full completion of construction works, there will be 240 skyscrapers that will house residential and commercial units. The main waterway of the Emirate, the artificial Dubai Water Canal, runs along the central part of the canal entire area. There are dozens of restaurants, as well as cultural and entertainment facilities along the waterfront, including the famous aqua theatre, La Perle.
The main attraction in the area is the 10,498-feet-long Dubai Canal which opened in 2017 and became an extension of the natural offshore branch of Dubai Creek. The 19,685-feet promenade has a running and cycling track. On the border of Business Bay, where the canal runs under the bridge of Sheikh Zayed Road, is a small waterfall, which is fantastically illuminated at night. The canal can be crossed on foot via special pedestrian bridges. The Dubai Canal is not only beautifully designed, but is also practical – it connects Business Bay with the old part of Dubai by a water transport system.
Another attraction in the district is JW Marriott Marquis Hotel – the second highest hotel in the world (1164 ft) and also one of the busiest hotels in Dubai. It used to rank 1st amongst the tallest hotels, however until February 2018, when the Gevora Hotel was built on Sheikh Zayed Road,it overtook it by three feet.
As for entertainment venues, La Perle by Dragone Theatre, which hosts incredible acrobatic water shows, operates in Al Habtoor City. The concept of the performance was developed by Franco Dragone, the world-renowned Italian theater director.
Another significant landmark in the district is the unique The Opus skyscraper by Omniyat, which was completed in 2020. Its peculiarity lies in its surreal design: it is a building with mirrored facades, in the center of which there is a large opening of a bizarre shape. In the dark, the futuristic look of The Opus is complemented by illumination. The architect of the project was the legendary Zaha Hadid, the first female architect in the world to be awarded the Pritzker Prize and the Order of the British Empire from Queen Elizabeth II herself. The Opus is a mixed-use building with restaurants, hotel rooms, private residences and offices available to rent.
Although there are not so many ‘tourist’ attractions in Business Bay itself, from here one can reach Dubai’s main attractions located in Downtown Dubai in just 7-10 minutes:
In 2017, the world-renowned travel guide publisher, Lonely Planet, ranked Business Bay as one of the most interesting destinations on the planet, alongside London, New York and Rio de Janeiro. The proximity to the attractions of Downtown Dubai, developed infrastructure and dynamic life constantly attract tourists from all over the world. Farmers’ markets are organized in the area of Bay Avenue as well as music festivals and celebrations that are held here on New Year’s, Earth Day, Mother’s Day and other dates throughout the year.
Being the business hub of Dubai, demand for both commercial space and residential real estate in Business Bay continues to be high, as expatriates make up a significant proportion of office and retail workers. As stated by experts, the local economy will grow by an average of 5-9% per year for the next several years. Hundreds of local and international companies open their offices in Dubai monthly, which means they will need office spaces to house their employees.
Business Bay belongs to the freehold territories – here one can buy residential and commercial real estate in full ownership. In 2020, the district became one of the most sought-after among investors looking for affordable apartments.
At the end of 2020, the average return on investment of real estate in Business Bay was 5.9%. In the residential real estate sector, studios had the highest ROI of 6.0%. One-bedroom apartments are in second place with an index of 5.6%
The project is an extension of Deira Creek, linking Business Bay to the Arabian Gulf. This environmentally friendly lifestyle development is comprised of three distinct zones: The Water Network, The Green Network, and The Public Realm.
The Water Network is made up of three bodies of water: the Dubai Canal, which runs 2.9 kilometres, connecting Business Bay to the Arabian Gulf; the Arabian Gulf coastline that provides captivating beach frontage, and the Crystal Lagoon in Safa Park, which brings the coastal experience inland with a beach and water access. The Green Network connects Safa Park to the new Jumeirah Beach Park, offering an unparalleled leisure experience. The Public Realm is the developable land located along the Dubai Canal. A network of food and beverage and retail outlets positioned along the five-kilometre boardwalk will enhance the existing fabric of Jumeirah, one of Dubai’s most established, and popular residential communities.
Facilities and Amenities:
The Safa mixed-use development Meydan Canal Views consists of two sites. Canal Views North, located on the northern bank, and Canal Views South, located on the southern bank of the canal. Both Meydan Canal Views North & South are connected to neighbouring developments: Safa Park, Jumeirah Beach zone and the beach via a boardwalk which extends along the Dubai Canal’s edge.
Both have unique amenities. Canal Views North has basement parking, ground level retail and three levels of residential units. Canal Views South contains two basement levels, ground level retail and five levels of residential units. Together they offer public plazas that connect the neighbourhood to the boardwalk with pedestrian bridges on both sites.
The Jumeirah mixed-use development comprises water villas, retail, F&B water pavilions and penthouses. The water villas each have their own private yacht dock, featuring a cantilevered second level over the canal providing uninterrupted canal, sea, and city views. The luxury penthouses each have their own infinity pool and sky garage, allowing residents to park inside their flats using a car elevator.
The Peninsula is a mixed-use development on reclaimed land consisting of residential and retail areas. It includes hospitality venues, a marina, and a public park. Encompassing a 1.1Km stretch of private beach, a marina of 60 berths, and 1700 luxury residential units.
The development offers 360-degree views of the Arabian Gulf nestled by Jumeirah Beach Park on one side and the Dubai Water Canal on the other.
Real estate is not just about properties; it's about people. It's about finding homes that become the backdrop of cherished memories. It’s tangible, it’s solid, it’s beautiful, it’s artistic from my standpoint, and I just love Real Estate. - “Rustam Kakharov”
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RUSTAM KAKHAROV
Vice President - Investment Advisory