1. Area definition and data structure
Actual location: According to DLD, the BELGRAVIA III project (marketing name Belgravia) is located in Al Barsha South Fourth, within the Jumeirah Village Circle master development. The segment under analysis is studios (0-bedroom apartments/Studio).
2. Asset liquidity and demand
For BELGRAVIA III (studios), more than 90 rental contracts and around 30 sale transactions have been recorded over the past 3 years, indicating solid liquidity both in sales and leasing. The quarterly pace of transactions consistently remains at 1 to 7 studio sales per season, and the volume of rental contracts allows for a highly reliable assessment of market rental levels.
3. Sales dynamics and price per m²
Building dynamics (BELGRAVIA III, studios):
- In 2020–2021, the average sale price per m² for studios fluctuated between 7,000 and 12,000 AED/m² with occasional spikes.
- From 2022, a clear upward trend has been observed: in Q2–Q4 2023 the average price reached 16,000–17,000 AED/m².
- Over the last 12 months, the average price per m² for studios amounted to ~14,378 AED/m².
Comparison with the wider area:
- In Al Barsha South Fourth (studios only), growth rates were similar, but the price level is slightly higher: over the last 12 months studios were sold at an average of 17,440 AED/m².
- The gap between the building and the area persists; BELGRAVIA III is priced about 17% below comparable studios in the surrounding area.
4. Rental dynamics and rental rates
Studio rentals in BELGRAVIA III:
- In 2022, the average annual rental rate per m² was around ~1,000–1,200 AED/m².
- In 2023, rates grew steadily and reached 1,420 AED/m² in Q4.
- Over the last 12 months, the average studio rent amounted to 1,324 AED/m².
Across Al Barsha South Fourth:
- Until 2022, the rental rate for studios was lower — about 750–800 AED/m².
- In 2023–2024, the area caught up to 1,150–1,200 AED/m², but BELGRAVIA III has consistently outperformed the area in rental rates by roughly 4–10%.
5. ROI and fair price for an investor
Data for the last 12 months (studios):
- Average sale price per m²:
BELGRAVIA III — 14,378 AED/m²
Area — 17,440 AED/m²
- Average annual rent, studios, per m²:
BELGRAVIA III — 1,324 AED/m²
Area — 1,271 AED/m²
Brutto ROI (for the building):
1,324 / 14,378 ≈ 9.2%
Brutto ROI (for the area):
1,271 / 17,440 ≈ 7.3%
Net ROI (taking into account typical expenses of ~7%):
For the building: 9.2% / 1.07 ≈ 8.6%
For the area: 7.3% / 1.07 ≈ 6.8%
Fair price range for an investor targeting a 7–8% annual ROI (benchmark only for BELGRAVIA III, based on DLD):
- Price at which a studio delivers a net income of 7–8% per annum:
1,324 / 0.08 ≈ 16,550 AED/m² (for 8% ROI)
1,324 / 0.07 ≈ 18,910 AED/m² (for 7% ROI)
– The actual market price (14,378 AED/m²) is below the “fair” range for a 7–8% ROI, which means the current entry point into the project looks very attractive for an investor in terms of yield; even at current prices there is a “buffer” above the target return level.
6. Outlook and conclusions
For studios, BELGRAVIA III shows confident growth in both prices and rental rates, sitting slightly below the area average in purchase price while outperforming it in rental levels. Liquidity is high, and transaction and contract data are stable, providing a solid foundation for an investor.
On a 3–5 year horizon, the project looks promising: growth is evident in both sales and rentals, and compared with the wider area, the entry price remains attractive while yields exceed average market expectations.
Limitations: All assessments are based strictly on DLD data recorded for the building and the area; individual unit characteristics, fit-out, view, time on market, etc. are not taken into account.
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