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1. Definition of the area and data structure
Actual location: According to DLD, the Binghatti Mirage building is located in Al Barsha South Fourth, within the Jumeirah Village Circle master project. All transactions with 2BR (two‑bedroom) apartments are recorded under these parameters.
There is sufficient sales data for 2BR units in Binghatti Mirage: a total of 109 transactions with this type of apartment have been registered. For leasing, both at the building level and even at the Al Barsha South Fourth area level, there are zero current 2BR contracts recorded. However, within the Jumeirah Village Circle master project, rental volumes are high enough to allow for a representative analysis.
2. Sales dynamics and price per m² (Binghatti Mirage, 2BR)
Sales in Binghatti Mirage started in Q2 2021. The bulk of transactions falls in the second half of 2021 and in 2022, but a small level of activity has continued up to the present.
Average price per m² for 2BR transactions in Binghatti Mirage by quarter:
– 2021: starting from ~6,400–8,000 AED/m², with a local peak around ~8,000 AED/m².
– 2022: holding at 7,300–7,900 AED/m².
– 2023: growth to 8,800–9,300 AED/m² with noticeable volatility (a pullback to ~6,800 and a sharp spike to ~10,900 AED/m² in H2 2024).
– 2024: individual transactions are observed in the range from 8,400 to 10,900 AED/m².
Over the last 12 months, the average selling price for 2BR units in Binghatti Mirage amounted to 10,060 AED/m² according to DLD (11 transactions).
3. Comparison with Jumeirah Village Circle (2BR)
At the district level, average prices per m² for 2BR units have been growing dynamically in recent years:
– 2021: 7,200–8,000 AED/m²,
– 2022: 8,500–9,200 AED/m²,
– 2023: growth to 10,400–11,600 AED/m²,
– 2024: the indicator has been steadily holding in the 11,300–12,700 AED/m² range,
– recent quarters: values up to 13,100 AED/m² are being recorded.
The average value over the last 12 months in Jumeirah Village Circle for 2BR units is 12,764 AED/m² (2,555 transactions).
Conclusion: Binghatti Mirage is trading at a clear discount to the district’s average market level (building’s 12‑month price — 10,060 AED/m² versus 12,764 AED/m² for the district, a difference of about 22% in favor of the buyer).
4. Rental market analysis
For actual 2BR apartments in Binghatti Mirage and in Al Barsha South Fourth, there have been no current rental transactions recorded in DLD for several years. Nevertheless, within the Jumeirah Village Circle master project, more than 27,000 rental contracts for various apartment types (without a separate breakdown for 2BR) have been concluded over the last 12 months, which allows us to calculate a market rental rate:
– Average annual rent across Jumeirah Village Circle as a whole (all apartments, Residential sector) — 1,015 AED/m² over the last 12 months.
Rental rate dynamics:
– 2021: 520–610 AED/m²,
– 2022: 620–680 AED/m²,
– 2023: accelerated growth to 810 AED/m² by year‑end,
– recent quarters of 2024: the level has reached 1,000+ AED/m² and continues to rise.
5. Current yield and fair price range for an investor
Calculated indicators based on DLD data for the last 12 months (Jumeirah Village Circle):
– Average market purchase price for 2BR — 12,764 AED/m².
– Average annual rent (all apartments) — 1,015 AED/m².
– Gross yield (ROI, “brutto”): 1,015 / 12,764 ≈ 8.0% per annum.
– Taking into account entry costs (7%): net yield will be ~7.5% (1,015 / (12,764 × 1.07)).
“Fair for an investor” price range for a target yield of 7–8% per annum:
– Lower bound (at 8%): 1,015 / 0.08 ≈ 12,690 AED/m².
– Upper bound (at 7%): 1,015 / 0.07 ≈ 14,500 AED/m².
The current average market price for 2BR in JVC is slightly below this range (12,764), while for Binghatti Mirage it is significantly lower (10,060).
Conclusion: At the building level, Binghatti Mirage transactions are significantly more attractive than the broader JVC market, making it an appealing target for an investor aiming for a 7–8% annual yield at current rental rates — even if the achieved rent is below the district average, a “margin buffer” remains. However, the lack of transparent DLD data specifically on 2BR rentals in this particular building/area is a major limitation for a detailed individual calculation.
6. Liquidity and outlook
Since launch, Binghatti Mirage has demonstrated a high sales pace for 2BR units, and some market activity is still observed, which is in line with the overall dynamics of Jumeirah Village Circle — one of the most liquid and sought‑after districts for buy‑to‑let investors in Dubai. The area shows steady growth and a high volume of new sales and leases.
Over the next 3–5 years, the outlook remains positive: growth in prices and rents will help protect yields effectively even in the event of market saturation or a downturn. Binghatti Mirage is trading at a discount to JVC, which potentially limits downside price risk.
Drawback: the complete absence of DLD rental contracts for the building itself and for Al Barsha South Fourth, meaning investors can only rely on the general JVC market rental rate as a benchmark.
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