ROI analysis of apartment in BELVEDERE: DLD data and real deals

1. Definition of the area and data structure

Actual location: According to DLD, under the BELVEDERE filter there are two cadastral entities — one in Marsa Dubai (widely known as Dubai Marina), and another in Al Warsan First. For two-bedroom apartments linked to Dubai Marina, and given the unique match by area_name_en and the project THE BELVEDERE, the analysis below is built specifically for THE BELVEDERE in Marsa Dubai. This fully matches your filter and excludes any misidentification with the other Belvedere in Al Warsan.
The DLD_transactions database contains 41 transactions for two-bedroom apartments specifically in the building THE BELVEDERE/Dubai Marina. There is no rental data for the building itself, so the rental analysis is carried out at the Marsa Dubai district level.

2. Liquidity and transaction activity

Over the past four years, between 1 and 6 transactions per quarter have been recorded for two-bedroom apartments in THE BELVEDERE, which indicates stable but not high liquidity. This is typical for the secondary segment of Dubai Marina. The total number of transactions (41 over a multi‑year period) is sufficient for a basic trend analysis at the building level. Volumes across the entire district are much higher, which allows Marsa Dubai to be considered one of the most developed and liquid markets in Dubai.

3. Price dynamics and residential price comparison

The average sale price per square metre (price_psm) in the building (two-bedroom apartments) over the past 12 months is about 9,960 AED/m². Across Marsa Dubai (comparable units — residential apartments) the average is significantly higher, at around 26,800 AED/m².
Dynamics: Over the last four years THE BELVEDERE has shown moderate growth in the average price per m²: from 4,000–7,000 AED/m² (2020–2022) to 9,900–10,000 AED/m² in 2024. This is below the district level and indicates a noticeable discount compared to more modern or luxury properties in Dubai Marina. At the same time, the entire district has been growing at a faster pace — from 15,000 AED/m² in 2020 up to peak levels of 27,000–29,000 AED/m² in 2024.
The price spread in THE BELVEDERE is significantly narrower than across the district as a whole, however the current price for two-bedroom apartments in the building is only 37–40% of the district’s average market level.

4. Rentals: rates and dynamics

There are no rental contracts recorded for the building itself in DLD, either for two-bedroom apartments or for the building as a whole over the past three years. In Marsa Dubai, the number of valid rental contracts is very high: more than 56,000 over three years, which allows district‑level figures to be used as a benchmark.
The current average annual rental rate per 1 m² in Marsa Dubai across all apartments is about 1,220–1,280 AED/m² (recent quarterly figures for 2024). The rental rate dynamics show steady growth from 1,080–1,370 AED/m² at the beginning of 2023 to 1,220–1,280 AED/m² in recent quarters.
Quarterly breakdown for the district indicates stable demand: rental yields in Marsa Dubai continue to grow in line with the increase in average purchase prices.

5. Comparison of current levels, ROI and “fair price range”

District comparison:

Price per m² in THE BELVEDERE (two-bedroom apartments): about 9,960 AED/m² (last 12 months).
Price per m² in Marsa Dubai: about 26,800 AED/m² (last 12 months).
Average rent in the district: 1,220–1,280 AED/m² per year (for all apartments); no such data is available for the building.

ROI calculation (using district benchmark):

Headline gross ROI at district level: 1,250 / 26,800 ≈ 4.7% per annum (before costs, rounded).
If we apply the average market rent to the price in THE BELVEDERE: 1,250 / 9,960 ≈ 12.6% per annum (which illustrates the asset’s attractiveness relative to the market, but the actual rental level in the building itself is unknown).
After deducting standard entry costs (7–8%): net ROI falls to around 4.3–4.4% for the district, and to 11.7–11.8% for the building (hypothetically, if its rents match the district average).

The fair investment price range at district level — to target a yield of 7–8% per annum, the “fair” purchase price range is 15,500–17,800 AED/m². This is significantly below the current Dubai Marina market, so achieving a 7–8% yield requires a substantial discount to the district’s average market price.
For THE BELVEDERE: since the building’s price per m² is much lower, and if its actual rents are in line with district levels, the potential net yield may exceed the target range for a conservative investor. However, the absence of rental contract data for the building itself prevents this profitability from being reliably confirmed.

6. Conclusions on outlook and liquidity

THE BELVEDERE has long remained in the lower price range compared to the district, which is explained by the age and specific characteristics of the property in Dubai Marina. There is transaction activity in the building, but it is limited, whereas overall liquidity in the district is excellent.
From a yield perspective, investments in BELVEDERE may potentially look significantly more attractive relative to the average price per m² in the district; however, the lack of data on actual rental contracts within the building is a direct risk for profitability assessment.
The Marsa Dubai/Dubai Marina market continues to show strong growth in both key metrics (sale prices and rents), and the gap between the district and this particular building allows BELVEDERE to be considered as an alternative for an investor targeting medium‑term growth with high yield. At the same time, it is important to factor in potential caps on achievable rental rates and the advanced age of the complex.
To make an investment decision, it is strongly recommended to obtain additional information on current rental rates specifically for this property.