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Studio · 433 sqftMAG 318 Tower, Business Bay · 16th floor · completed 2020

1609, MAG 318 Tower

Sold prices and rental history: sold twice, last in July 2022, and rented since 2021. Every registered sale and contract is below; today's estimate is free after a one-time verification.

Unit 1609 · DLD and Ejari recordsUpdated 25 July 2022
Last soldAED 930K4 July 2022
Current rentAED 53K /yr25 July 2022
Estimated yieldfree after one verification
Today's valuefree after one verification
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Property timeline for 1609, MAG 318 Tower

What is 1609 worth today?

Last sold for AED 930,000 in 2022

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25 Jul 2022RentedNew contract
AED 52,500/yr12 months · AED 121 per sqft
4 Jul 2022SoldReady
AED 930,000AED 2,149 per sqft
25 Jul 2021RentedNew contract
AED 48,000/yr12 months · AED 111 per sqft
7 May 2018Sold by developerOff-plan
AED 764,651AED 1,767 per sqft

Source: Dubai Land Department. Updated 25 July 2022.

Key facts

Type
Studio apartment
Size
433 sqft
Floor
16th of 22
Parking
P1-74
Developer
MAG
Completed
2020
Service charge
AED 10,000 /yr
Last sold
AED 930K · July 2022
Building
MAG 318 Tower

About 1609, MAG 318 Tower

1609 is a studio of 433 sqft on the 16th floor of MAG 318 Tower, a 22-storey tower in Business Bay completed in 2020 by MAG. It last sold on 4 July 2022 for AED 930,000, or AED 2,149 per sqft, 25% above the AED 1,716 studios in the building were fetching at the time.

It has been rented since 2021 on 2 Ejari contracts. The current contract, signed on 25 July 2022, is AED 52,500 a year: a gross yield of 5.7% on the 2022 price, before the service charge of about AED 10,000 a year.

Sales and rents for 1609 over time

Sales
Unit 1609, 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, May 2018: AED 764,651 (AED 1,767 per sqft)Sold, July 2022: AED 930,000 (AED 2,149 per sqft)

1609 has sold twice; the dashed line is the studio median of each year in the building.

Rents
Unit 1609, 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, July 2021: AED 48,000 a yearNew contract, July 2022: AED 52,500 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 1609 sits

All 316 studios →

1609 last sold in July 2022 at AED 2,149 per sqft, 25% above what studios in MAG 318 Tower were fetching at the time (AED 1,716). 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. 1609's AED 52,500 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 16th floor

All 439 units in MAG 318 Tower
Value
16011-bedAED 1.46M · Sep 2021
16022-bedAED 2.25M · Dec 2020
1603StudioAED 905K · Dec 2022
1604StudioAED 990K · Jul 2026
1605StudioAED 950K · Mar 2023
1606StudioAED 793K · Jan 2019
1607StudioAED 760K · Feb 2022
1–7 of 23

1609, MAG 318 Tower in numbers

  • Sold twice: first on 7 May 2018 for AED 764,651, last on 4 July 2022 for AED 930,000 (AED 2,149 per sqft).
  • Rented since July 2021 on 2 Ejari contracts, from AED 48,000 to AED 52,500 a year.
  • At AED 52,500 a year the gross yield on the 2022 price is 5.7%, before a service charge of about AED 10,000 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 25 July 2022.

Questions about 1609, MAG 318 Tower

What did unit 1609 last sell for?

AED 930,000 on 4 July 2022: AED 2,149 per sqft for 433 sqft. The unit has 2 registered sales; the first was AED 764,651 in May 2018.

What is the rent for unit 1609?

AED 52,500 a year on the contract signed on 25 July 2022. The previous contract, from July 2021, was AED 48,000.

How big is unit 1609?

433 sqft (40.2 sqm): a studio on the 16th floor of a 22-storey tower completed in 2020.

What is unit 1609 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 1609, MAG 318 Tower

Starts from the last sale price (AED 930K, 4 July 2022). Switch to today's estimate once you have unlocked it.
Price
AED 930,000
Deposit, UAE resident (20%)
AED 186,000
Deposit, non-resident (40%)
AED 372,000
Monthly over 25 years at 3.7%
AED 3,805

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