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Studio · 432 sqftMAG 318 Tower, Business Bay · 7th floor · completed 2020

707, MAG 318 Tower

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

Unit 707 · DLD and Ejari recordsUpdated 23 February 2024
Last soldAED 980K23 February 2024
Current rentAED 74K /yr2 August 2023
Estimated yieldfree after one verification
Today's valuefree after one verification

Property timeline for 707, MAG 318 Tower

What is 707 worth today?

Last sold for AED 980,000 in 2024

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23 Feb 2024SoldReady
AED 980,000AED 2,270 per sqft
2 Aug 2023RentedNew contract
AED 74,000/yr12 months · AED 171 per sqft
12 Dec 2021RentedNew contract
AED 63,000/yr12 months · AED 146 per sqft
20 May 2019Sold by developerOff-plan
AED 774,160AED 1,793 per sqft

Source: YallaValue analysis of Dubai Land Department records. Updated 23 February 2024.

Key facts

Type
Studio apartment
Size
432 sqft
Floor
7th of 22
Parking
P3-59
Developer
MAG
Completed
2020
Service charge
AED 10,000 /yr
Last sold
AED 980K · February 2024
Building
MAG 318 Tower

About 707, MAG 318 Tower

707 is a studio of 432 sqft on the 7th floor of MAG 318 Tower, a 22-storey tower in Business Bay completed in 2020 by MAG. It last sold on 23 February 2024 for AED 980,000, or AED 2,270 per sqft, 3% above the AED 2,199 studios in the building were fetching at the time.

It has been rented since 2021 on 2 Ejari contracts. The current contract, signed on 2 August 2023, is AED 74,000 a year: a gross yield of 7.5% on the 2024 price, before the service charge of about AED 10,000 a year.

Sales and rents for 707 over time

Sales
Unit 707, 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, May 2019: AED 774,160 (AED 1,793 per sqft)Sold, February 2024: AED 980,000 (AED 2,270 per sqft)

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

Rents
Unit 707, each contractTypical studio in MAG 318 Tower
60K80K2021202320252027Typical 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, December 2021: AED 63,000 a yearNew contract, August 2023: AED 74,000 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 707 sits

All 299 studios →

707 last sold in February 2024 at AED 2,270 per sqft, 3% above what studios in MAG 318 Tower were fetching at the time (AED 2,199). 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. 707's AED 74,000 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 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
708StudioAED 785K · Jun 2018
1–7 of 21

707, MAG 318 Tower in numbers

  • Sold twice: first on 20 May 2019 for AED 774,160, last on 23 February 2024 for AED 980,000 (AED 2,270 per sqft).
  • Rented since December 2021 on 2 Ejari contracts, from AED 63,000 to AED 74,000 a year.
  • At AED 74,000 a year the gross yield on the 2024 price is 7.5%, 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 23 February 2024.

Questions about 707, MAG 318 Tower

What did unit 707 last sell for?

AED 980,000 on 23 February 2024: AED 2,270 per sqft for 432 sqft. The unit has 2 registered sales; the first was AED 774,160 in May 2019.

What is the rent for unit 707?

AED 74,000 a year on the contract signed on 2 August 2023. The previous contract, from December 2021, was AED 63,000.

How big is unit 707?

432 sqft (40.1 sqm): a studio on the 7th floor of a 22-storey tower completed in 2020.

What is unit 707 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 707, MAG 318 Tower

Starts from the last sale price (AED 980K, 23 February 2024). Switch to today's estimate once you have unlocked it.
Price
AED 980,000
Deposit, UAE resident (20%)
AED 196,000
Deposit, non-resident (40%)
AED 392,000
Monthly over 25 years at 3.7%
AED 4,009

Plus AED 46,170 of fees: the 4% Dubai Land Department transfer fee, registration and the trustee. Full mortgage calculator →