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2-bed · 1,042 sqftMAG 318 Tower, Business Bay · 7th floor · completed 2020

722, MAG 318 Tower

Sold prices and rental history: sold once, by the developer in December 2020, and rented since 2022. Every registered sale and contract is below; today's estimate is free after a one-time verification.

Unit 722 · DLD and Ejari recordsUpdated 26 October 2023
Last soldAED 2.25M15 December 2020
Current rentAED 165K /yr26 October 2023
Estimated yieldfree after one verification
Today's valuefree after one verification
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Property timeline for 722, MAG 318 Tower

What is 722 worth today?

Last sold for AED 2,250,000 in 2020

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26 Oct 2023RentedNew contract
AED 165,000/yr12 months · AED 158 per sqft
6 Jul 2023RentedRenewal
AED 100,000/yr12 months · AED 96 per sqft
6 Jul 2022RentedRenewal
AED 100,000/yr12 months · AED 96 per sqft
15 Dec 2020Sold by developerOff-plan
AED 2,250,000AED 2,160 per sqft

Source: Dubai Land Department. Updated 26 October 2023.

Key facts

Type
2-bed apartment
Size
1,042 sqft
Floor
7th of 22
Parking
P3-84
Developer
MAG
Completed
2020
Service charge
AED 24,000 /yr
Last sold
AED 2.25M · December 2020
Building
MAG 318 Tower

About 722, MAG 318 Tower

722 is a two-bedroom apartment of 1,042 sqft on the 7th 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 2,250,000, or AED 2,160 per sqft, in line with the AED 2,200 two-beds in the building were fetching at the time.

It has been rented since 2022 on 3 Ejari contracts. The current contract, signed on 26 October 2023, is AED 165,000 a year: a gross yield of 7.3% on the 2020 price, before the service charge of about AED 24,000 a year.

Sales and rents for 722 over time

Sales
Unit 722, 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 2,160 per sqft)

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

Rents
Unit 722, each contractTypical two-bed in MAG 318 Tower
100K150K2021202320252027Typical 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 136,764Renewal, July 2022: AED 100,000 a yearRenewal, July 2023: AED 100,000 a yearNew contract, October 2023: AED 165,000 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 722 sits

All 75 2-beds →

722 last sold in December 2020 at AED 2,160 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. 722's AED 165,000 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 7th floor

All 439 units in MAG 318 Tower
Value
7011-bedAED 1.46M · Jul 2018
7022-bedAED 2.25M · Dec 2020
703StudioAED 680K · Jun 2021
704StudioAED 1.1M · Dec 2024
705StudioAED 794K · Mar 2018
706StudioAED 1.01M · Jun 2021
707StudioAED 980K · Feb 2024
1–7 of 21

722, MAG 318 Tower in numbers

  • Sold once: by MAG on 15 December 2020 for AED 2,250,000, or AED 2,160 per sqft.
  • Rented since July 2022 on 3 Ejari contracts, from AED 100,000 to AED 165,000 a year.
  • At AED 165,000 a year the gross yield on the 2020 price is 7.3%, before a service charge of about AED 24,000 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 26 October 2023.

Questions about 722, MAG 318 Tower

What did unit 722 last sell for?

AED 2,250,000 on 15 December 2020, sold by the developer: AED 2,160 per sqft for 1,042 sqft. It is the only registered sale of the unit.

What is the rent for unit 722?

AED 165,000 a year on the contract signed on 26 October 2023. The previous contract, from July 2023, was AED 100,000; the unit has been rented since July 2022.

How big is unit 722?

1,042 sqft (96.8 sqm): a two-bedroom apartment on the 7th floor of a 22-storey tower completed in 2020.

What is unit 722 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 722, MAG 318 Tower

Starts from the last sale price (AED 2.25M, 15 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 →