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Studio · 433 sqftMAG 318 Tower, Business Bay · 15th floor · completed 2020

1509, MAG 318 Tower

Sold prices and rental history: sold twice, last in March 2024, and rented since 2021. Every registered sale and contract is below; today's estimate is free after a one-time verification.

Unit 1509 · DLD and Ejari recordsUpdated 25 March 2024
Last soldAED 970K25 March 2024
Current rentAED 60K /yr15 July 2023
Estimated yieldfree after one verification
Today's valuefree after one verification

Property timeline for 1509, MAG 318 Tower

What is 1509 worth today?

Last sold for AED 970,000 in 2024

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25 Mar 2024SoldReady
AED 970,000AED 2,242 per sqft
15 Jul 2023RentedRenewal
AED 60,000/yr18 months · AED 139 per sqft
15 Jul 2022RentedNew contract
AED 55,000/yr12 months · AED 128 per sqft
7 Jul 2021RentedNew contract
AED 45,000/yr12 months · AED 105 per sqft
7 Sep 2020Sold by developerOff-plan
AED 824,749AED 1,906 per sqft

Source: YallaValue analysis of Dubai Land Department records. Updated 25 March 2024.

Key facts

Type
Studio apartment
Size
433 sqft
Floor
15th of 22
Parking
P1-42
Developer
MAG
Completed
2020
Service charge
AED 10,000 /yr
Last sold
AED 970K · March 2024
Building
MAG 318 Tower

About 1509, MAG 318 Tower

1509 is a studio of 433 sqft on the 15th floor of MAG 318 Tower, a 22-storey tower in Business Bay completed in 2020 by MAG. It last sold on 25 March 2024 for AED 970,000, or AED 2,242 per sqft, in line with the AED 2,240 studios in the building were fetching at the time.

It has been rented since 2021 on 3 Ejari contracts. The current contract, renewed on 15 July 2023, is AED 60,000 a year: a gross yield of 6.2% on the 2024 price, before the service charge of about AED 10,000 a year.

Sales and rents for 1509 over time

Sales
Unit 1509, each saleTypical studio in MAG 318 Tower
800K1M2017202020232026Typical sale price by year: 2017 AED 776,165; 2018 AED 786,952; 2019 AED 791,701; 2020 AED 877,070; 2021 AED 745,000; 2022 AED 850,000; 2023 AED 947,500; 2024 AED 1,025,000; 2025 AED 1,100,000; 2026 AED 1,050,000Sold by developer, September 2020: AED 824,749 (AED 1,906 per sqft)Sold, March 2024: AED 970,000 (AED 2,242 per sqft)

1509 has sold twice; the dashed line is the studio median of each year in the building.

Rents
Unit 1509, each contractTypical studio in MAG 318 Tower
40K60K80K2021202320252027Typical rent by year: 2021 AED 52,000; 2022 AED 65,000; 2023 AED 70,000; 2024 AED 75,000; 2025 AED 75,908; 2026 AED 80,000New contract, July 2021: AED 45,000 a yearNew contract, July 2022: AED 55,000 a yearRenewal, July 2023: AED 60,000 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 1509 sits

All 299 studios →

1509 last sold in March 2024 at AED 2,242 per sqft, in line with what studios in MAG 318 Tower were fetching at the time (AED 2,240). Over the last 12 months studios sold for AED 1,000,000 to 1,160,000, around AED 2,475 per sqft, and rent for AED 58,000 to 120,000 a year. 1509's AED 60,000 is in the lower half of that range.

Recent studio salesUnit no.Price (AED)Summary
3 Feb 20261,050,000
29 Jan 20261,000,000
27 Jan 20261,160,000
23 Dec 20251,100,000
8 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. 10 sold in the last 12 months.

Typical price per sqft
AED 2,457 Up 1.3%
Typical sale
AED 1.09M
Typical rent
AED 85K /yr
Typical yield
6.7%
MAG 318 Tower, Business Bay: prices, sales and rents →

Other units on the 15th floor

All 439 units in MAG 318 Tower
Value
15011-bedAED 1.5M · Nov 2019
15022-bedAED 1.88M · Aug 2024
1503StudioAED 760K · May 2019
1504AED 1.08M · Nov 2025
1505StudioAED 1M · Apr 2024
1506StudioAED 890K · Mar 2023
1507StudioAED 823K · Feb 2019
1–7 of 23

1509, MAG 318 Tower in numbers

  • Sold twice: first on 7 September 2020 for AED 824,749, last on 25 March 2024 for AED 970,000 (AED 2,242 per sqft).
  • Rented since July 2021 on 3 Ejari contracts, from AED 45,000 to AED 60,000 a year.
  • At AED 60,000 a year the gross yield on the 2024 price is 6.2%, before a service charge of about AED 10,000 a year (AED 23.06 per sqft).
  • Studios in MAG 318 Tower sold for AED 1,000,000–1,160,000 in the 12 months to November 2026; the building's median across all types is AED 2,457 per sqft.

Source: YallaValue analysis of Dubai Land Department records. Updated 25 March 2024.

Questions about 1509, MAG 318 Tower

What did unit 1509 last sell for?

AED 970,000 on 25 March 2024: AED 2,242 per sqft for 433 sqft. The unit has 2 registered sales; the first was AED 824,749 in September 2020.

What is the rent for unit 1509?

AED 60,000 a year on the contract renewed on 15 July 2023. The previous contract, from July 2022, was AED 55,000; the unit has been rented since July 2021.

How big is unit 1509?

433 sqft (40.2 sqm): a studio on the 15th floor of a 22-storey tower completed in 2020.

What is unit 1509 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 1,000,000 to 1,160,000 in the last 12 months, around AED 2,475 per sqft.

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Mortgage on 1509, MAG 318 Tower

Starts from the last sale price (AED 970K, 25 March 2024). Switch to today's estimate once you have unlocked it.
Price
AED 970,000
Deposit, UAE resident (20%)
AED 194,000
Deposit, non-resident (40%)
AED 388,000
Monthly over 25 years at 3.7%
AED 3,969

Plus AED 45,750 of fees: the 4% Dubai Land Department transfer fee, registration and the trustee. Full mortgage calculator →