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1. Definition of the area and data structure
Actual location: according to DLD, the AYKON CITY building is classified as being in Business Bay, with no master project specified (left blank).
There is no DLD data on transactions for 2-bedroom apartments (2BR), nor on any other transactions in this building for the entire period of record. Therefore, analysis at the building level is not possible.
For an objective assessment, a benchmark at the Business Bay district level is used for apartments in the corresponding segment.
2. Number of transactions, frequency, and structure of the sales market
Over the past 5 years, the apartment market in Business Bay has been characterized by very high liquidity: more than 47,000 apartment transactions have been recorded.
The quarterly number of sales has been growing: from 521–589 apartments per quarter at the beginning of 2020 to peak levels of 2,500–3,000 and above in the most recent quarters.
This indicates sustained demand for apartments in the area, which is important for assessing investment liquidity.
3. Price dynamics and price levels in the sales market
The average price per square meter for apartments in Business Bay has been consistently increasing in recent years:
– At the beginning of 2020, the level was 13,500–15,500 AED/m².
– By the end of 2022, it had risen to 20,500–21,000 AED/m².
– During 2023–2024, the average price has fluctuated in the 23,000–25,000 AED/m² range, reaching 25,388 AED/m² over the last 12 months.
The area demonstrates stable capital value growth, reflecting strong investment interest and the broader trend in Dubai’s residential market.
4. Rental market: dynamics and rate levels
The rental market volume in Business Bay is also very high — more than 82,000 contracts over the observation period.
Rental rates per square meter have changed as follows:
– In 2020, the average level was 700–900 AED/m² per year.
– In 2022, rates increased to 805–940 AED/m².
– In 2023–2024, the average rate exceeded 1,000 AED/m², and over the last 12 months the average rate reached 1,309 AED/m².
The data show a substantial increase, especially after 2022.
Indicative dispersion metrics:
The minimum apartment size starts from 25 m² (likely studios), while the maximum exceeds 2,700 m² (most likely outliers — penthouses, combined units, and commercial premises). The range of rental rates is also very wide — from 18 AED/m² to over 1 million AED/m²; however, the average values used above for analysis reflect the actual market situation.
5. Price and yield comparison, fair range for an investor
The current reference level for the average purchase price of apartments in Business Bay is 25,388 AED/m² (over the last 12 months).
The average rental rate is 1,309 AED/m²/year.
The annual gross yield (ROI_brutto) for the area is about 5.2% per annum (1,309 / 25,388).
Taking into account typical acquisition transaction costs (around 7–8%), the expected net yield (ROI_net) is approximately 4.8–4.9% per annum.
Range of investment‑fair prices based on a target base yield of 7–8% per annum (a benchmark for a professional investor):
– At a rental rate of 1,309 AED/m², the fair price range is 16,400–18,700 AED/m².
– The actual current price is about 30–50% above this range.
6. Conclusions and outlook
The apartment market in Business Bay remains one of the most liquid and fast‑growing in Dubai in terms of both sales and rental volumes. The growth in prices and rental rates from 2020 to 2024 is confirmed by DLD data and indicates the high attractiveness of the location for asset holders. However, the current price level (25,388 AED/m²) delivers a yield below typical investment benchmarks, and to reach 7–8% per annum an investor would need either a significant discount on purchase or further growth in rental rates.
The sales and rental figures above are based on averaged DLD data for the entire Business Bay area, since for AYKON CITY there have been no registered transactions for 2BR units — or for the building in general — over the past 5 years.
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