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2-bed · 966 sqftMAG 318 Tower, Business Bay · 16th floor · completed 2020

1612, 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 1612 · DLD and Ejari recordsUpdated 28 March 2023
Last soldAED 2.25M22 December 2020
Current rentAED 150K /yr28 March 2023
Estimated yieldfree after one verification
Today's valuefree after one verification
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Property timeline for 1612, MAG 318 Tower

What is 1612 worth today?

Last sold for AED 2,250,000 in 2020

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28 Mar 2023RentedRenewal
AED 150,000/yr6 months · AED 155 per sqft
28 Mar 2022RentedNew contract
AED 140,000/yr12 months · AED 145 per sqft
15 Aug 2021RentedNew contract
AED 118,000/yr12 months · AED 122 per sqft
15 Aug 2021RentedNew contract
AED 100,000/yr12 months · AED 104 per sqft
22 Dec 2020Sold by developerOff-plan
AED 2,250,000AED 2,329 per sqft

Source: Dubai Land Department. Updated 28 March 2023.

Key facts

Type
2-bed apartment
Size
966 sqft
Floor
16th of 22
Parking
P1-86
Developer
MAG
Completed
2020
Service charge
AED 22,300 /yr
Last sold
AED 2.25M · December 2020
Building
MAG 318 Tower

About 1612, MAG 318 Tower

1612 is a two-bedroom apartment of 966 sqft on the 16th floor of MAG 318 Tower, a 22-storey tower in Business Bay completed in 2020 by MAG. The developer sold it on 22 December 2020 for AED 2,250,000, or AED 2,329 per sqft, 6% above the AED 2,202 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 28 March 2023, is AED 150,000 a year: a gross yield of 6.7% on the 2020 price, before the service charge of about AED 22,300 a year.

Sales and rents for 1612 over time

Sales
Unit 1612, 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 2,250,000 (AED 2,329 per sqft)

1612 has sold once; the dashed line is the two-bed median of each year in the building.

Rents
Unit 1612, 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, August 2021: AED 118,000 a yearNew contract, August 2021: AED 100,000 a yearNew contract, March 2022: AED 140,000 a yearRenewal, March 2023: AED 150,000 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 1612 sits

All 75 2-beds →

1612 last sold in December 2020 at AED 2,329 per sqft, 6% above what two-beds in MAG 318 Tower were fetching at the time (AED 2,202). 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. 1612's AED 150,000 is in the upper 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 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

1612, MAG 318 Tower in numbers

  • Sold once: by MAG on 22 December 2020 for AED 2,250,000, or AED 2,329 per sqft.
  • Rented since August 2021 on 4 Ejari contracts, from AED 100,000 to AED 150,000 a year.
  • At AED 150,000 a year the gross yield on the 2020 price is 6.7%, before a service charge of about AED 22,300 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 28 March 2023.

Questions about 1612, MAG 318 Tower

What did unit 1612 last sell for?

AED 2,250,000 on 22 December 2020, sold by the developer: AED 2,329 per sqft for 966 sqft. It is the only registered sale of the unit.

What is the rent for unit 1612?

AED 150,000 a year on the contract renewed on 28 March 2023. The previous contract, from March 2022, was AED 140,000; the unit has been rented since August 2021.

How big is unit 1612?

966 sqft (89.7 sqm): a two-bedroom apartment on the 16th floor of a 22-storey tower completed in 2020.

What is unit 1612 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 1612, MAG 318 Tower

Starts from the last sale price (AED 2.25M, 22 December 2020). Switch to today's estimate once you have unlocked it.
Price
AED 2,250,000
Deposit, UAE resident (20%)
AED 450,000
Deposit, non-resident (40%)
AED 900,000
Monthly over 25 years at 3.7%
AED 9,205

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