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Studio · 433 sqftMAG 318 Tower, Business Bay · 5th floor · completed 2020

508, MAG 318 Tower

Sold prices and rental history: sold once, by the developer in July 2018, and rented since 2021. Every registered sale and contract is below; today's estimate is free after a one-time verification.

Unit 508 · DLD and Ejari recordsUpdated 3 June 2023
Last soldAED 775K23 July 2018
Current rentAED 75K /yr3 June 2023
Estimated yieldfree after one verification
Today's valuefree after one verification
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Property timeline for 508, MAG 318 Tower

What is 508 worth today?

Last sold for AED 775,000 in 2018

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3 Jun 2023RentedNew contract
AED 75,000/yr12 months · AED 174 per sqft
22 Oct 2021RentedNew contract
AED 60,000/yr12 months · AED 139 per sqft
23 Jul 2018Sold by developerOff-plan
AED 775,000AED 1,790 per sqft

Source: Dubai Land Department. Updated 3 June 2023.

Key facts

Type
Studio apartment
Size
433 sqft
Floor
5th of 22
Parking
P3-16
Developer
MAG
Completed
2020
Service charge
AED 10,000 /yr
Last sold
AED 775K · July 2018
Building
MAG 318 Tower

About 508, MAG 318 Tower

508 is a studio of 433 sqft on the 5th floor of MAG 318 Tower, a 22-storey tower in Business Bay completed in 2020 by MAG. The developer sold it on 23 July 2018 for AED 775,000, or AED 1,790 per sqft, in line with the AED 1,800 studios in the building were fetching at the time.

It has been rented since 2021 on 2 Ejari contracts. The current contract, signed on 3 June 2023, is AED 75,000 a year: a gross yield of 9.7% on the 2018 price, before the service charge of about AED 10,000 a year.

Sales and rents for 508 over time

Sales
Unit 508, 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, July 2018: AED 775,000 (AED 1,790 per sqft)

508 has sold once; the dashed line is the studio median of each year in the building.

Rents
Unit 508, 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 yearNew contract, June 2023: AED 75,000 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 508 sits

All 316 studios →

508 last sold in July 2018 at AED 1,790 per sqft, in line with what studios in MAG 318 Tower were fetching at the time (AED 1,800). 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. 508's AED 75,000 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 5th floor

All 439 units in MAG 318 Tower
Value
5011-bedAED 1.58M · Aug 2024
5022-bedAED 1.59M · Apr 2021
503StudioAED 745K · Nov 2021
504StudioAED 690K · Jun 2021
505StudioAED 787K · Jan 2018
506StudioAED 780K · Mar 2019
507StudioAED 787K · Jan 2019
1–7 of 21

508, MAG 318 Tower in numbers

  • Sold once: by MAG on 23 July 2018 for AED 775,000, or AED 1,790 per sqft.
  • Rented since October 2021 on 2 Ejari contracts, from AED 60,000 to AED 75,000 a year.
  • At AED 75,000 a year the gross yield on the 2018 price is 9.7%, 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 3 June 2023.

Questions about 508, MAG 318 Tower

What did unit 508 last sell for?

AED 775,000 on 23 July 2018, sold by the developer: AED 1,790 per sqft for 433 sqft. It is the only registered sale of the unit.

What is the rent for unit 508?

AED 75,000 a year on the contract signed on 3 June 2023. The previous contract, from October 2021, was AED 60,000.

How big is unit 508?

433 sqft (40.2 sqm): a studio on the 5th floor of a 22-storey tower completed in 2020.

What is unit 508 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 508, MAG 318 Tower

Starts from the last sale price (AED 775K, 23 July 2018). Switch to today's estimate once you have unlocked it.
Price
AED 775,000
Deposit, UAE resident (20%)
AED 155,000
Deposit, non-resident (40%)
AED 310,000
Monthly over 25 years at 3.7%
AED 3,171

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