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Studio · 446 sqftMAG 318 Tower, Business Bay · 10th floor · completed 2020

1023, MAG 318 Tower

Sold prices and rental history: sold twice, last in November 2024, and rented since 2021. Every registered sale and contract is below; today's estimate is free after a one-time verification.

Unit 1023 · DLD and Ejari recordsUpdated 12 November 2024
Last soldAED 1.04M12 November 2024
Current rentAED 60K /yr25 October 2022
Estimated yieldfree after one verification
Today's valuefree after one verification
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Property timeline for 1023, MAG 318 Tower

What is 1023 worth today?

Last sold for AED 1,040,000 in 2024

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12 Nov 2024SoldReady
AED 1,040,000AED 2,329 per sqft
25 Oct 2022RentedRenewal
AED 60,000/yr12 months · AED 134 per sqft
25 Oct 2021RentedNew contract
AED 60,000/yr12 months · AED 134 per sqft
8 Oct 2018Sold by developerOff-plan
AED 810,000AED 1,814 per sqft

Source: Dubai Land Department. Updated 12 November 2024.

Key facts

Type
Studio apartment
Size
446 sqft
Floor
10th of 22
Parking
P2-39
Developer
MAG
Completed
2020
Service charge
AED 10,300 /yr
Last sold
AED 1.04M · November 2024
Building
MAG 318 Tower

About 1023, MAG 318 Tower

1023 is a studio of 446 sqft on the 10th floor of MAG 318 Tower, a 22-storey tower in Business Bay completed in 2020 by MAG. It last sold on 12 November 2024 for AED 1,040,000, or AED 2,329 per sqft, in line with the AED 2,316 studios in the building were fetching at the time.

It has been rented since 2021 on 2 Ejari contracts. The current contract, renewed on 25 October 2022, is AED 60,000 a year: a gross yield of 5.8% on the 2024 price, before the service charge of about AED 10,300 a year.

Sales and rents for 1023 over time

Sales
Unit 1023, each saleTypical studio in MAG 318 Tower
800K1M2017202020232026Typical sale price by year: 2017 AED 776,165; 2018 AED 787,488; 2019 AED 791,651; 2020 AED 870,514; 2021 AED 750,000; 2022 AED 850,000; 2023 AED 945,000; 2024 AED 1,030,000; 2025 AED 1,077,500; 2026 AED 995,000Sold by developer, October 2018: AED 810,000 (AED 1,814 per sqft)Sold, November 2024: AED 1,040,000 (AED 2,329 per sqft)

1023 has sold twice; the dashed line is the studio median of each year in the building.

Rents
Unit 1023, each contractTypical studio in MAG 318 Tower
60K2021202320252027Typical rent by year: 2021 AED 52,000; 2022 AED 64,465; 2023 AED 70,000; 2024 AED 75,000; 2025 AED 75,000; 2026 AED 60,000New contract, October 2021: AED 60,000 a yearRenewal, October 2022: AED 60,000 a year

Annual rent on each registered contract; the dashed line is the studio median of each year in the building.

Studios in MAG 318 Tower, and where 1023 sits

All 316 studios →

1023 last sold in November 2024 at AED 2,329 per sqft, in line with what studios in MAG 318 Tower were fetching at the time (AED 2,316). Over the last 12 months studios sold for AED 850,000 to 1,160,000, around AED 2,387 per sqft, and rent for AED 50,000 to 120,000 a year. 1023's AED 60,000 is in the lower half of that range.

Recent studio salesUnit no.Price (AED)Summary
22 Oct 2026850,000
27 Aug 2026920,000
7 Aug 2026850,000
21 Jul 2026850,000
21 studio sales in the last 12 months

MAG 318 Tower

Building

439 apartments, studios to 2-bed over 22 floors in Business Bay, completed in 2020 by MAG. 27 sold in the last 12 months.

Typical price per sqft
AED 2,286 Down 5.7%
Typical sale
AED 1.08M
Typical rent
AED 79K /yr
Typical yield
6.1%
MAG 318 Tower, Business Bay: prices, sales and rents →

Other units on the 10th floor

All 439 units in MAG 318 Tower
Value
10011-bedAED 1.53M · Jan 2021
10022-bedAED 1.85M · Jan 2021
1003StudioAED 760K · Feb 2019
1004StudioAED 760K · Jul 2021
1005StudioAED 775K · Apr 2019
1006StudioAED 760K · May 2019
1007StudioAED 1M · Jan 2026
1–7 of 23

1023, MAG 318 Tower in numbers

  • Sold twice: first on 8 October 2018 for AED 810,000, last on 12 November 2024 for AED 1,040,000 (AED 2,329 per sqft).
  • Rented since October 2021 on 2 Ejari contracts, at AED 60,000 a year.
  • At AED 60,000 a year the gross yield on the 2024 price is 5.8%, before a service charge of about AED 10,300 a year (AED 23.06 per sqft).
  • Studios in MAG 318 Tower sold for AED 850,000–1,160,000 in the 12 months to November 2026; the building's median across all types is AED 2,286 per sqft.

Source: Dubai Land Department. Updated 12 November 2024.

Questions about 1023, MAG 318 Tower

What did unit 1023 last sell for?

AED 1,040,000 on 12 November 2024: AED 2,329 per sqft for 446 sqft. The unit has 2 registered sales; the first was AED 810,000 in October 2018.

What is the rent for unit 1023?

AED 60,000 a year on the contract renewed on 25 October 2022. The previous contract, from October 2021, was AED 60,000.

How big is unit 1023?

446 sqft (41.4 sqm): a studio on the 10th floor of a 22-storey tower completed in 2020.

What is unit 1023 worth today?

The YallaValue estimate is updated daily and free after a one-time verification by WhatsApp, email or Google. Studios in MAG 318 Tower sold for AED 850,000 to 1,160,000 in the last 12 months, around AED 2,387 per sqft.

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Mortgage on 1023, MAG 318 Tower

Starts from the last sale price (AED 1.04M, 12 November 2024). Switch to today's estimate once you have unlocked it.
Price
AED 1,040,000
Deposit, UAE resident (20%)
AED 208,000
Deposit, non-resident (40%)
AED 416,000
Monthly over 25 years at 3.7%
AED 4,255

Plus the 4% Dubai Land Department transfer fee and about AED 5,000 of registration and trustee costs. Full mortgage calculator →