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1. Definition of the area and data structure
Actual location: according to the DLD database, the building 23 MARINA is formally located in the Marsa Dubai area, with Dubai Marina as the master development.
Scope of analysis: 2-bedroom apartments (2BR) in 23 MARINA, with a focus on actual sale and lease transactions over the past years.
2. Data volume and structure for the building
For this building there are around 300 transactions in total (across all apartments), with 2-bedroom sales data covering almost the entire period from 2020 to the present. For rentals across the whole building (23 MARINA), the database records more than 700 active contracts (val_id count for units of type Flat, all layouts). However, there are no recent direct rental contracts in DLD specifically for 2-bedroom units — therefore all rental aggregates will refer to the building level as a whole (without a separate breakdown for 2BR units).
3. Transaction and price dynamics over the last 3–5 years
In 23 MARINA, each quarter has seen 1–4 transactions involving 2-bedroom apartments. Over the past four years, the average price per square metre for 2BR units has increased from approximately 7,000–8,500 AED/m² in 2020–2021 to 10,600–13,400 AED/m² in individual quarters of 2023–2024. Over the last 12 months, the average purchase price for 2-bedroom transactions in the building itself amounted to 12,304 AED/m², which is noticeably below the Marsa Dubai area average (18,119 AED/m² for the same period).
In Marsa Dubai, the average price for 2-bedroom apartments has consistently been higher and has also shown confident growth: recently, quarterly averages have been in the 15,000–18,500 AED/m² range.
4. Rental rate dynamics and market rate structure
For 23 MARINA, over the last 12 months the average effective rental rate has been 957 AED/m² per year — this calculation refers specifically to residential apartments and is valid only at the whole-building level, without a 2BR filter (no separate rental data for 2BR units was found). The comparable aggregate for Marsa Dubai over the same period is 1,306 AED/m², meaning the building significantly lags the area in terms of average rental rate.
The growth dynamics of rental rates for the building look as follows: from around 550–650 AED/m² in 2020–2021 to approximately 810–960 AED/m² in each of the quarters of 2023–2024. In the area, average rents are also rising steadily: after the pandemic (2021) they were about 800–900 AED/m², and at present rates exceed 1,180–1,360 AED/m² in the latest quarters.
5. Comparison by key metrics (12 months), ROI and investment range
Current average purchase price level for 2BR in 23 MARINA over the last 12 months: 12,304 AED/m².
Current average rental level for the building over the last 12 months: 957 AED/m².
Estimated gross yield (ROI_brutto for the building): around 7.8% per annum.
After accounting for transaction costs (~7%, including DLD fee, brokerage, registration, vacancy, etc.), the indicative net yield (ROI_net) can be estimated at around 7.3% (we divide the previously calculated gross yield by 1.07).
For a fair investment price with a target yield of 7–8%:
- At the building level, the discount to the market price is close to the target yield (given current rental and price ranges).
- We calculate the range of “investment-fair” prices for a 7–8% yield: 957 / 0.08 = 11,963 AED/m² (8% yield) and 957 / 0.07 = 13,671 AED/m² (7% yield). The current average market price (12,304 AED/m²) falls exactly within this corridor, meaning property in 23 MARINA is fairly priced for a rental-focused investor.
- For Marsa Dubai, the comparable fair price range is significantly higher (16,330–18,660 AED/m²), while current market prices in the area are now above this level due to strong capital appreciation.
6. Investor conclusions
Sales and rentals in 23 MARINA demonstrate stable demand, with liquidity supported by a large number of contracts. The yield (both gross and net) for the building is in the upper part of the typical target range for Dubai Marina (7–8% per annum). Assets with such yields are currently trading at “fair value” in the market. The building itself is priced at a discount to the area average (price per m² in 23 MARINA is 32% below the area, rents are 27% lower), which makes it attractive for value investors looking to enter Dubai Marina with a lower entry ticket.
The outlook for both price and rental levels is positive: in comparable prime areas, the growth rates of prices and rents continue to outpace inflation, and liquidity is confirmed by regular transaction activity.
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