Business Bay has been rated among the top five residential hotspots in the world by the Knight Frank Wealth Report 2015.
The master development finds a place among the elite locations following work starting on the AED7.34 billion Dubai Water Canal, Emirates24/7 reported.
“Work has started on building a channel connecting the sea to the existing lake and this will allow access for superyachts and sailing boats to the bay," the UK-based consultancy said in the report.
It added that a 1,500 square feet apartment in the community could cost $680,000.
Work on the canal is progressing at a fast pace, which will stretch three kilometres in length and will have a width of 80 to 120 metres. It will add six kilometres to Dubai’s waterfront and will provide an area of over 80,000 square metres dedicated to public places, shopping and entertainment centres, over 450 restaurants along with a wide array of luxurious marinas for yachts and four world-class hotels.