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1. Definition of the area and data structure
Actual location: The Paragon by IGO is located in Business Bay according to DLD (Dubai Land Department) data. The correct name of the property in the DLD database is “The Paragon by IGO”.
Sales transaction data for this building has been available since August 2022. As of the date of analysis, 457 transactions have been recorded. For two-bedroom apartments (2 b/r), the transaction sample has been available since 2022, covers several quarters and allows us to assess the dynamics.
2. Liquidity analysis (sales)
In The Paragon by IGO, two-bedroom apartments have been sold on a regular basis; in the current period there have been at least 5 transactions over the last 12 months, which confirms the presence of a resale market and liquidity in this segment.
Monthly/quarterly activity for two-bedroom apartments is as follows:
– Peak activity was observed at the end of 2022 (Q4: 13 transactions).
– In 2023 and 2024, transactions continue to be recorded, but at a lower volume (from 1 to 5 deals per quarter).
This is typical for new projects, where the bulk of sales falls on the developer’s primary sales phase, followed by a gradual transition to resales between owners.
3. Dynamics of average price per m² (sales)
– In The Paragon by IGO (2-bedroom apartments) the average price per m² has shown the following trend:
– Q3 2022: 12,670 AED/m²
– Q4 2022: 15,200 AED/m²
– During 2023: prices fluctuated around 15,600–15,800 AED/m².
– In Q1 2024: 14,970 AED/m².
– Over the last 12 months (current period): the average price is 16,680 AED/m² (calculated on ~5 transactions).
– For comparison, in Business Bay for two-bedroom apartments (2 b/r) the result is significantly higher:
– Average price per m² over the last 12 months in the area — 23,100 AED/m² (sample: 2,597 transactions).
– The overall trend in the area since 2022 is a steady increase, reaching around 22,000–23,000+ AED/m² in 2024.
– Thus, two-bedroom apartments in The Paragon by IGO are selling noticeably below the Business Bay average: the discount is around 28%.
4. Rental market
For The Paragon by IGO itself, as well as for the master project, there are currently no registered lease contracts in the DLD database (the sample by building name is empty). Therefore, a direct rental assessment for The Paragon by IGO is not possible — this is typical for new off-plan projects, where most units have not yet been listed for long-term rent or are not yet registered in the DLD system.
For Business Bay as a whole, the data is sufficient: over the last 12 months more than 17,000 apartment rental contracts have been registered. For all residential apartments, the average annual rental rate is about 1,310 AED/m².
The monthly/quarterly dynamics from 2022 to 2024 show a clear increase in rental rates (from ~900 to 1,250–1,300 AED/m²), which is in line with the market situation in Dubai’s central districts.
5. Comparison of price levels and rent/price, yield calculation
– Current average sale price per m²:
– The Paragon by IGO (building level, 2-bedroom, last 12 months): ~16,680 AED/m²
– Business Bay (area level, 2-bedroom, last 12 months): ~23,100 AED/m²
– Average annual rent per m²:
– Business Bay area (all apartments, last 12 months): ~1,310 AED/m²
– Gross yield indicator (ROI, brutto) for the area:
– Estimate for Business Bay: 1,310 / 23,100 ≈ 5.7% per annum (when buying at the area’s average price).
– If we benchmark against a purchase in The Paragon by IGO (~16,680 AED/m²), the potential yield may be higher (area-level ratio 1,310 / 16,680 ≈ 7.9%), but there is no data on actual rents in this building — this estimate is hypothetical and requires confirmation.
– Taking into account typical transactional costs (DLD fee ~4%, broker ~2%, other ~1–2%), net yield (ROI net) will be 7–8% lower, i.e. for the area around 5.3% (5.7% / 1.08), and for The Paragon by IGO — about 7.3% (if it can be rented out at the prevailing area rate).
– For an investor targeting a 7–8% annual yield, the fair price range per m² for Business Bay (based on rent of 1,310 AED/m²) is 16,400–18,700 AED/m².
– For The Paragon by IGO (actual sales): the price is close to the lower boundary of the fair range.
6. Conclusions and outlook
– The Paragon by IGO is a liquid building; in 2022–2024 sales were stable, but there are still relatively few pure resale transactions, with most sales coming from the developer.
– Sales of two-bedroom apartments are taking place at a significant discount to the area average, which is typical for a new cluster that is not yet fully supported by infrastructure and repeat demand.
– Rental rates in the area are rising, and Business Bay remains one of the most active rental hubs in Dubai.
– ROI for a purchase in Paragon by IGO (assuming the area’s high rental rates) may be in line with typical investor expectations (7–8%), however any claims about potential yield must be verified against actual lease contracts in this building.
– For a conservative assessment, it is advisable to wait for more rental contracts for this building to appear in the DLD database — this will allow a more objective fixation of the yield level.
– The investment outlook is average for the Business Bay investment segment: stable rental demand, but possible price volatility if a large volume of secondary units comes to market.
– Over the next 2–3 years, The Paragon by IGO has potential in terms of both capital appreciation and yield, but the level of liquidity will depend on the area’s maturation and the emergence of a rental track record in DLD.
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