Elite Downtown Residence

Thirty storeys where Downtown meets Business Bay, an eight-year build from December 2013 to January 2022. The building was handed over furnished by the developer, and almost all of its registry turnover is studios around 500 square feet.

What kind of building this is

Elite Downtown Residence was built by Triplanet Range Group, through its subsidiary Triplanet Range Developements. The architectural consultant was Barajeel Engineering Consultants, and piling work was carried out by TMF Euro Foundations. By the factsheet, it is a thirty-storey residential building with one basement level for parking.

The timeline explains the building better than any description. The first registry record is from May 2013, construction started in December 2013, the planned handover stood at November 2021, and construction actually finished in January 2022. Eight years from groundbreaking to keys is not simply a blown schedule — the market downturn of 2015–2016 fell right in the middle of it, a pause dozens of that generation's projects in Dubai went through.

The estimate the developer filed with the Land Department before work began was AED 337.4 million. That is a construction cost, not a sales figure, and it cannot be compared with the building's revenue. The factsheet does not give a unit count; in the description under his own video, Oleg cites 460.

There is a separate mix-up worth clearing up before a deal: a different building stands nearby — Elite Downtown Residence 2, twenty-seven storeys, completed in 2025. The Land Department records our building as ELITE DOWNTOWN RESIDENCE, propsearch as Elite 1 Downtown Residence. That is one address under three names, and "number two" is the neighbour.

What the registry shows

Around fifty sale records are published for the building. The last ten — from April to July 2026 — give a clear cross-section: studios of 497 to 533 square feet sold for AED 999,000–1,230,000, that is AED 1,901 to 2,340 per square foot.

Larger lots in the same feed are one-offs: a one-bedroom of 809 square feet sold on 30 April 2026 for AED 2,000,000 (AED 2,473 per foot), a two-bedroom of 1,760 square feet on 11 May for AED 3,347,904 (AED 1,902 per foot). The building lives on studios, and any calculation for it is more honest built on them.

Two records in the same feed are not sale prices, and that is worth keeping in mind when reading any summary of the building: AED 880,000 for a 497-square-foot studio is a mortgage registration, and AED 1,409,352 for a 683-square-foot lot is a gift transfer. Mixing them in with sales would shift the median for no real reason.

The spread among studios within a single quarter is around a quarter of the price, at almost identical floor areas. What decides it is the floor, the view and the condition the apartment came out of a tenancy in — not the size.

Why buyers come here specifically for a studio

Everything a tenant needs is within two hundred metres. Four outlets operate on the building's own ground floor: Armani Pharmacy and Aster Pharmacy, the Armani Clinics clinic, and the Mumz Mochi restaurant. A hundred metres away is South Ridge, with a Spinneys Market, cafes and salons; two hundred metres away is Bay Square, an office quarter with another Spinneys, cafes, clinics, and UFC Gym and Mayweather Boxing + Fitness. Over a hundred outlets in all are within walking distance.

The fountains at Dubai Mall are 1.1 km away — genuinely walkable for nine months of the year — or eight minutes by car. DXB airport is fifteen minutes away, Al Maktoum forty-three. The DoubleTree by Hilton Business Bay hotel stands two hundred metres away, and the proximity to a hospitality environment is part of why apartments here let easily on a short-term basis.

The video adds what the factsheet does not have: a podium deck with a Burj Khalifa view, a large gym, a sauna, and apartments handed over furnished by the developer. The management company running these studios on short-term rental showed the owner a net 8.2–8.4% — that is its own reporting as of June 2024, not our calculation or a promise.

The main argument for renting here is not about the building at all, but about the address: there is no summer lull in the centre. Waterfront apartments sit empty in July, while here the tenant is a Business Bay office worker who rents month to month all year round.

Who it suits

An investor buying a studio to let — first and foremost. The entry threshold is around a million dirhams, the tenant profile is well-defined and works in the neighbouring quarter, and developer-supplied furnishing removes the first line item of cost, if it has survived.

Someone who wants to live in the centre without paying the centre's price. A fifty-square-metre studio here is closer to a one-bedroom in newer buildings, and Dubai Mall is a twenty-minute walk away.

It does not suit someone looking for quiet and settled neighbours: the share of short-term rentals in the building is high, and the lobby and lifts run at a hotel's pace. Nor does it suit someone who needs capital appreciation over a one- to two-year horizon: the building is complete, its transaction history is flat, and it is bought for the income stream rather than for a revaluation.

The developer, architect, storey count, basement level, construction dates, the Land Department estimate, distances, the ground-floor tenant mix and surroundings come from the Elite 1 Downtown Residence factsheet on propsearch, checked 22 August 2026. Deals are Land Department open data, the last ten records from April–July 2026. The furnishing, the podium deck, the sauna, the short-term rental yield and the below-market lot's history come from the video "Apartments in central Dubai for rent" dated 4 June 2024; the unit count is from the description under the same video.