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### Analytical report on J ONE (1BR, Business Bay) based on DLD data
#### 1. Area definition and data structure
– **Actual location**: According to DLD, J ONE is fully located in Business Bay; the master project is also Business Bay.
– **Matches in DLD**: Sales for the building appear under ‘J ONE – 1’, ‘J ONE – 2’ and the project ‘J ONE’. The analysis is based on the J ONE.
– **Data volume for 1BR sales**: 308 transactions.
– **Data volume for 1BR rentals**: no rental contracts are recorded for J ONE, nor for Business Bay under the filter “1bed room”/”1 bed room” over the last 12 months.
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#### 2. Transaction dynamics and liquidity
**Frequency and volume of 1BR transactions in J ONE by quarter:**
– Before 2023: transactions were extremely rare; the majority are dated 2023 and 2024 (main market launch/handovers).
– Peak transaction volumes — Q2 2023 (78 deals), Q4 2023 (43), Q1 2024 (87).
– Both J ONE buildings are represented on the market; sales are large-scale — liquidity is high.
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#### 3. Average price per m² dynamics (J ONE 1BR vs area)
**J ONE (1BR), average price per m² by DLD (AED/m²):**
– Q1 2020: 21,976
– Q1 2023: 22,786 (secondary market peak)
– Q2 2023: 16,889
– Q4 2023: 10,518
– Q1 2024: 7,442 (!)
– Q2 2024: 17,033
– Q4 2024: 14,166
– 12 months (average): **14,267**
**Business Bay (1BR), average price per m² by DLD (AED/m²):**
– Q1 2020: 15,852
– Q1 2023: 20,758
– Q2 2023: 18,551
– Q4 2023: 21,437
– Q1 2024: 22,387
– Q2 2024: 23,372
– 12 months (average): **24,008**
**Conclusions:**
– At the peak (2023) J ONE was trading above or in line with the market; however, in 2024 the average price per m² in J ONE dropped sharply (possibly a clearance sale/peak of key handover registrations).
– Currently J ONE is significantly below the area level (14,267 vs 24,008 AED/m², around -40%).
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#### 4. Rental and yield
**Rentals in J ONE (1BR):**
– There are no DLD rental contracts for 1BR units in J ONE over the last 12 months, including at the master-project level.
– For Business Bay as a whole, across all residential properties, the average gross rental rate per m² is:
– Last 12 months: **1,294 AED/m²/year**
– Dynamics: Growth from ~700–800 in 2020–2022 to 1,250–1,370 in 2024/25.
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#### 5. ROI and investment benchmarks (area level only!)
**Important limitation:**
– Due to the absence of DLD rental contracts in J ONE, yield calculations can only be made at the Business Bay area level.
**For Business Bay (average gross yield for 1BR):**
– Average purchase price over 12 months: **24,008 AED/m²**
– Average annual rent: **1,294 AED/m²**
– **ROI_brutto_area** = 1,294 / 24,008 ≈ **5.4%**
– Taking into account entry costs (~8%): **ROI_net_area ≈ 5.0%**
– For a 7–8% yield, the fair market price per m² in Business Bay would be:
– **Fair price = 1,294 / 0.08 ≈ 16,175 AED/m² (for 8% yield)**
– **Fair price = 1,294 / 0.07 ≈ 18,491 AED/m² (for 7%)**
– The current market price is significantly above the investment-justified level (24,008 AED/m² >> fair_price_7_8).
**For J ONE:**
– A direct assessment of ROI and fair price is impossible due to the lack of DLD rental contracts.
– However, the recent price per m² in J ONE is significantly below the area average and already roughly matches the “investment corridor” of 14,166–17,033 AED/m² (last 2 quarters).
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#### 6. Overall conclusion
– **Liquidity:** high — sales are active, with almost no downtime.
– **Price dynamics:** at the peak, prices were above the market; since 2024 there has been a marked decline — J ONE is now trading at a deep discount to the area (up to -40%).
– **Rentals:** the absence of contracts for the building does not allow us to judge actual yield; at the area level, gross yield is 5.4–5.5% (DLD).
– **Investment benchmarks:** at the area level, the current market is significantly overheated relative to the “investment fair price”. Against this backdrop, J ONE is attractive for investors precisely due to the large discount (price close to fair_price_7_8), but ROI cannot be confirmed without valid rental contracts for the building.
– **Recommendation:** the liquidity and discount of J ONE make it attractive for long-term oriented investors. However, an investor should be prepared for the fact that actual rental performance may initially be slightly below the area average until the building builds up its reputation and rental track record.
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