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1. Definition of the area and data structure
Actual location: According to DLD, ELANO BY ORO24 is located in Al Barshaa South Third and lies within the Arjan master project.
The database records 346 transactions for this building, of which 244 are studios (0BR). This allows for robust statistical analysis of the studio segment.
DLD has no information on rental contracts specifically for ELANO BY ORO24 — to assess rental rates and yields, we use aggregated statistics for studios across the entire Arjan master project.
2. Sales dynamics for the building and the area
For studios in ELANO BY ORO24, the main volume of transactions occurred in 2023 (over 190 deals in Q2). In 2024, volumes dropped sharply, which is typical for new buildings where most units are sold at the launch stage.
Dynamics of the average price per square meter for studios in ELANO BY ORO24:
– Q2 2023: about 15,616 AED/m²
– Q3 2023: about 15,592 AED/m²
– Q4 2023: about 15,916 AED/m²
– Q1 2024: about 17,759 AED/m² (peak value)
– Q2 2024: about 15,219 AED/m²
– Recent quarters — in the range of 15,200–16,200 AED/m²
Thus, there was year-on-year growth at the beginning of 2024, but by the end of the period the average price returned to the 15,200–16,500 AED/m² range.
Comparison with the Arjan master project (studios):
– In 2023–2024 Arjan shows strong growth in the average price from ~11,600 AED/m² (Q1 2023) to 15,000–15,500 AED/m² in the most recent quarters.
– ELANO BY ORO24 and the average level for studios in Arjan are comparable: the latest average price in the building is only 0.5% below the overall figure for the area over the last 12 months (15,589 vs. 15,673 AED/m²).
3. Rental rate dynamics in Arjan
There is no rental data directly for the building; the analysis is carried out at the master-project level (Arjan, studios only):
– Over the last 4 years, the average annual rental rate for studios in Arjan has almost doubled: from 600–700 AED/m² in 2020–2021 to ~1,130 AED/m² in the last 12 months.
– Quarterly dynamics: a steady increase from ~837 AED/m² (Q1 2023) to 1,134 AED/m² (last 12 months).
Last 12 months (studios, Arjan):
– Average sale price of a studio: 15,673 AED/m²
– Average rent: 1,134 AED/m²/year
4. Yield assessment and fair price range
Gross ROI (ROI_brutto) for studios in Arjan (last 12 months):
– ROI_brutto = 1,134 / 15,673 = 7.2% per annum
Adjustment for transaction costs (adding 7% to the purchase price, i.e. ROI_net ≈ ROI_brutto / 1.07):
– ROI_net = 7.2% / 1.07 ≈ 6.7% per annum
Fair price range for a target yield of 7–8% per annum:
– With a 7% target yield: fair price = 1,134 / 0.07 = 16,200 AED/m²
– With an 8% target yield: fair price = 1,134 / 0.08 = 14,180 AED/m²
Actual current average price: 15,589–15,673 AED/m² for the building and the area.
This means transactions are taking place very close to the “investment fair price” for a target yield of 7–7.5% per annum. To achieve 8%, a small discount (2–3%) is required.
5. Distribution and liquidity
– The volume of studio sales in the building was very high at launch (2023); on the secondary market the volume is still low (typical for new projects).
– In terms of rentals, activity for studios in Arjan is high (over 15,000 contracts in the last 4 years); the area’s liquidity is confirmed by actual DLD data.
– Prices and yields for ELANO BY ORO24 are fully in line with the average level across the Arjan master project.
6. Investor takeaways
– For studios, ELANO BY ORO24 is in the upper price range for Arjan; current buyer yield is 6.7–7.2% per annum according to DLD data (after standard transaction costs).
– Deals are closing close to the investment fair price for investors targeting 7% per annum; to reach an 8% yield, an additional discount of 2–3% is required.
– Arjan demonstrates steady growth in both prices and rental rates; studio liquidity is high and demand is stable.
– Super-market yields from current levels are unlikely, but the asset is suitable for a long-term investor targeting 7%+ per annum with additional upside from capital appreciation driven by the area’s popularity.
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