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2-bed · 1,043 sqftMAG 318 Tower, Business Bay · 11th floor · completed 2020

1124, MAG 318 Tower

Sold prices and rental history: sold once, by the developer in December 2020, and rented continuously since 2021. Every registered sale and contract is below; today's estimate is free after a one-time verification.

Unit 1124 · DLD and Ejari recordsUpdated 6 June 2024
Last soldAED 2.3M15 December 2020
Current rentAED 105K /yr6 June 2024
Estimated yieldfree after one verification
Today's valuefree after one verification
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Property timeline for 1124, MAG 318 Tower

What is 1124 worth today?

Last sold for AED 2,300,000 in 2020

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6 Jun 2024RentedRenewal
AED 105,000/yr12 months · AED 101 per sqft
6 Jun 2023RentedRenewal
AED 100,000/yr12 months · AED 96 per sqft
6 Jun 2022RentedRenewal
AED 100,000/yr12 months · AED 96 per sqft
6 Jun 2021RentedNew contract
AED 100,000/yr12 months · AED 96 per sqft
15 Dec 2020Sold by developerOff-plan
AED 2,300,000AED 2,204 per sqft

Source: Dubai Land Department. Updated 6 June 2024.

Key facts

Type
2-bed apartment
Size
1,043 sqft
Floor
11th of 22
Parking
P2-61
Developer
MAG
Completed
2020
Service charge
AED 24,100 /yr
Last sold
AED 2.3M · December 2020
Building
MAG 318 Tower

About 1124, MAG 318 Tower

1124 is a two-bedroom apartment of 1,043 sqft on the 11th floor of MAG 318 Tower, a 22-storey tower in Business Bay completed in 2020 by MAG. The developer sold it on 15 December 2020 for AED 2,300,000, or AED 2,204 per sqft, in line with the AED 2,200 two-beds in the building were fetching at the time.

It has been rented continuously since 2021 on 4 Ejari contracts. The current contract, renewed on 6 June 2024, is AED 105,000 a year: a gross yield of 4.6% on the 2020 price, before the service charge of about AED 24,100 a year.

Sales and rents for 1124 over time

Sales
Unit 1124, each saleTypical two-bed in MAG 318 Tower
1.5M2M2018202120242027Typical sale price by year: 2018 AED 1,781,294; 2019 AED 1,782,000; 2020 AED 2,250,000; 2021 AED 1,855,087; 2022 AED 1,357,005; 2024 AED 2,120,000; 2025 AED 2,100,000; 2026 AED 2,000,000Sold by developer, December 2020: AED 2,300,000 (AED 2,204 per sqft)

1124 has sold once; the dashed line is the two-bed median of each year in the building.

Rents
Unit 1124, each contractTypical two-bed in MAG 318 Tower
100K125K150K2021202320252027Typical rent by year: 2021 AED 100,000; 2022 AED 120,000; 2023 AED 125,000; 2024 AED 143,000; 2025 AED 145,000; 2026 AED 136,764New contract, June 2021: AED 100,000 a yearRenewal, June 2022: AED 100,000 a yearRenewal, June 2023: AED 100,000 a yearRenewal, June 2024: AED 105,000 a year

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

2-beds in MAG 318 Tower, and where 1124 sits

All 75 2-beds →

1124 last sold in December 2020 at AED 2,204 per sqft, in line with what two-beds in MAG 318 Tower were fetching at the time (AED 2,200). Over the last 12 months two-beds sold for AED 2,000,000 to 2,800,000, around AED 2,068 per sqft, and rent for AED 85,000 to 166,000 a year. 1124's AED 105,000 is in the lower half of that range.

Recent 2-bed salesUnit no.Price (AED)Summary
16 Sep 20262,000,000
14 Sep 20262,800,000
12 Feb 20262,000,000
29 Aug 20252,250,000
3 2-bed 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 11th floor

All 439 units in MAG 318 Tower
Value
11011-bedAED 1.51M · Sep 2018
11022-bedAED 1.72M · Nov 2020
1103StudioAED 608K · May 2021
1104StudioAED 608K · May 2021
1105StudioAED 1.08M · Dec 2020
1106StudioAED 900K · Dec 2022
1107StudioAED 818K · Jun 2020
1–7 of 23

1124, MAG 318 Tower in numbers

  • Sold once: by MAG on 15 December 2020 for AED 2,300,000, or AED 2,204 per sqft.
  • Rented since June 2021 on 4 Ejari contracts, from AED 100,000 to AED 105,000 a year.
  • At AED 105,000 a year the gross yield on the 2020 price is 4.6%, before a service charge of about AED 24,100 a year (AED 23.06 per sqft).
  • Two-beds in MAG 318 Tower sold for AED 2,000,000–2,800,000 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 6 June 2024.

Questions about 1124, MAG 318 Tower

What did unit 1124 last sell for?

AED 2,300,000 on 15 December 2020, sold by the developer: AED 2,204 per sqft for 1,043 sqft. It is the only registered sale of the unit.

What is the rent for unit 1124?

AED 105,000 a year on the contract renewed on 6 June 2024. The previous contract, from June 2023, was AED 100,000; the unit has been rented since June 2021.

How big is unit 1124?

1,043 sqft (96.9 sqm): a two-bedroom apartment on the 11th floor of a 22-storey tower completed in 2020.

What is unit 1124 worth today?

The YallaValue estimate is updated daily and free after a one-time verification by WhatsApp, email or Google. Two-beds in MAG 318 Tower sold for AED 2,000,000 to 2,800,000 in the last 12 months, around AED 2,068 per sqft.

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Mortgage on 1124, MAG 318 Tower

Starts from the last sale price (AED 2.3M, 15 December 2020). Switch to today's estimate once you have unlocked it.
Price
AED 2,300,000
Deposit, UAE resident (20%)
AED 460,000
Deposit, non-resident (40%)
AED 920,000
Monthly over 25 years at 3.7%
AED 9,410

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