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Studio · 440 sqftMAG 318 Tower, Business Bay · 5th floor · completed 2020

517, MAG 318 Tower

Sold prices and rental history: sold once, by the developer in April 2019, and rented continuously since 2021. Every registered sale and contract is below; today's estimate is free after a one-time verification.

Unit 517 · DLD and Ejari recordsUpdated 10 September 2024
Last soldAED 769K15 April 2019
Current rentAED 69K /yr10 September 2024
Estimated yieldfree after one verification
Today's valuefree after one verification
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Property timeline for 517, MAG 318 Tower

What is 517 worth today?

Last sold for AED 768,750 in 2019

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10 Sep 2024RentedRenewal
AED 69,300/yr12 months · AED 157 per sqft
10 Sep 2023RentedRenewal
AED 63,000/yr12 months · AED 143 per sqft
10 Sep 2022RentedNew contract
AED 63,000/yr12 months · AED 143 per sqft
5 Aug 2022RentedNew contract
AED 50,000/yr12 months · AED 114 per sqft
20 Jul 2021RentedNew contract
AED 47,900/yr12 months · AED 109 per sqft
15 Apr 2019Sold by developerOff-plan
AED 768,750AED 1,747 per sqft

Source: Dubai Land Department. Updated 10 September 2024.

Key facts

Type
Studio apartment
Size
440 sqft
Floor
5th of 22
Parking
P3-25
Developer
MAG
Completed
2020
Service charge
AED 10,100 /yr
Last sold
AED 769K · April 2019
Building
MAG 318 Tower

About 517, MAG 318 Tower

517 is a studio of 440 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 15 April 2019 for AED 768,750, or AED 1,747 per sqft, in line with the AED 1,795 studios in the building were fetching at the time.

It has been rented continuously since 2021 on 5 Ejari contracts. The current contract, renewed on 10 September 2024, is AED 69,300 a year: a gross yield of 9.0% on the 2019 price, before the service charge of about AED 10,100 a year.

Sales and rents for 517 over time

Sales
Unit 517, 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, April 2019: AED 768,750 (AED 1,747 per sqft)

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

Rents
Unit 517, 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 47,900 a yearNew contract, August 2022: AED 50,000 a yearNew contract, September 2022: AED 63,000 a yearRenewal, September 2023: AED 63,000 a yearRenewal, September 2024: AED 69,300 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 517 sits

All 316 studios →

517 last sold in April 2019 at AED 1,747 per sqft, in line with what studios in MAG 318 Tower were fetching at the time (AED 1,795). 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. 517's AED 69,300 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

517, MAG 318 Tower in numbers

  • Sold once: by MAG on 15 April 2019 for AED 768,750, or AED 1,747 per sqft.
  • Rented since July 2021 on 5 Ejari contracts, from AED 47,900 to AED 69,300 a year.
  • At AED 69,300 a year the gross yield on the 2019 price is 9.0%, before a service charge of about AED 10,100 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 10 September 2024.

Questions about 517, MAG 318 Tower

What did unit 517 last sell for?

AED 768,750 on 15 April 2019, sold by the developer: AED 1,747 per sqft for 440 sqft. It is the only registered sale of the unit.

What is the rent for unit 517?

AED 69,300 a year on the contract renewed on 10 September 2024. The previous contract, from September 2023, was AED 63,000; the unit has been rented since July 2021.

How big is unit 517?

440 sqft (40.9 sqm): a studio on the 5th floor of a 22-storey tower completed in 2020.

What is unit 517 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 517, MAG 318 Tower

Starts from the last sale price (AED 769K, 15 April 2019). Switch to today's estimate once you have unlocked it.
Price
AED 768,750
Deposit, UAE resident (20%)
AED 153,750
Deposit, non-resident (40%)
AED 307,500
Monthly over 25 years at 3.7%
AED 3,145

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