1. Definition of the area and data structure
Actual location: According to DLD, the PEARL HOUSE I BY IMTIAZ building is located in Al Barsha South Fourth, within the master project Jumeirah Village Circle. A total of 280 transactions for this building are registered in the database.
2. Sales dynamics and liquidity
The transaction volume for the building peaked in Q3 2023 (163 deals), then dropped sharply, which is typical for new projects after the launch phase and active off-plan sales. New transactions for this building are extremely rare in 2024, meaning that the main inventory was sold earlier.
Breakdown by apartment type:
– 1-bedroom apartments (166 deals) range from 62 to 147 m², with prices from 354,000 to 1,350,000 AED.
– Studios are slightly fewer (98 deals, 35–49 m²), with some transactions recorded without specifying the unit type.
The weighted average price per m² for 1-bedroom apartments from Q3 2023 through 2024 was as follows:
– Q3 2023: ~12,536 AED/m²
– Q4 2023: ~12,608 AED/m²
– Q3 2024: ~14,967 AED/m²
– Q4 2024: ~13,284 AED/m²
3. Comparison with the area
Across Al Barsha South Fourth as a whole (residential apartments):
– From 2020 to 2022, the price per m² was in the range of 8,000–9,500 AED/m².
– In 2023 — 11,200–12,900 AED/m².
– Latest data (2024): prices reach 13,000–13,500 AED/m², confirming a steady market uptrend.
– Over the last 12 months, the average price in the area is 15,134 AED/m².
PEARL HOUSE I BY IMTIAZ is slightly below the area average over the last 12 months (~14,508 vs. ~15,134 AED/m²). The difference is minor, indicating that pricing in this building is broadly in line with the market.
4. Rental dynamics and rental levels
Rental statistics for the building (PEARL HOUSE I BY IMTIAZ) are available (around 113 contracts). Over the last 12 months, the average rental rate across all apartment types amounted to 1,439 AED/m² per year – one of the highest rates in the area.
For the area as a whole (Al Barsha South Fourth), the average rental rate over the last 12 months was 1,098 AED/m² – noticeably lower than in this particular building.
Quarterly trends for the area highlight a stable rental growth from 800–900 AED/m² in 2023 to 1,000–1,300 AED/m² in 2024 and above.
5. ROI and investment rationale
To calculate returns, we use average figures for the last 12 months.
For the building:
– Average sale price per m²: ~14,508 AED
– Average rent per m²: ~1,439 AED
– Estimated gross yield (ROI): ~9.9%
For the area:
– Average sale price per m²: ~15,134 AED
– Average rent per m²: ~1,098 AED
– Area ROI: ~7.3%
After adjusting for entry costs (7–8%), the effective net yield for the building will be around 9.1–9.2% (gross ROI / 1.07–1.08), and for the area about 6.8–6.9%.
A fair price range for an investor targeting a net yield of 7–8% per annum is:
– For PEARL HOUSE I BY IMTIAZ: 1,439 / 0.08 = 17,988 AED/m² (price at target ROI of 8%), 1,439 / 0.07 = 20,557 AED/m² (ROI 7%).
– The current market price for the building (14,508 AED/m²) is significantly below this range, meaning that the yield based on DLD rental data in this project is substantially above typical market benchmarks.
– For the area: similarly, the fair range is 1,098 / 0.08 = 13,725 AED/m² and 1,098 / 0.07 = 15,685 AED/m². Here, the actual area price is close to the “upper bound” of the fair range, so new floor releases and high-priced resales may deliver lower effective yields.
6. Conclusions and outlook
– Liquidity for the building is standard for a new project: a spike in transactions at launch, followed by a sharp slowdown in turnover.
– In Q2–Q4 2024 there are noticeably fewer new registrations, which indicates stability but also a limited potential for quick resales.
– Rental rates in the building are above the area median, which enhances its investment appeal, although in the future they may converge towards broader market levels.
– Price growth in the area is stable, with no signs of a bubble, but the pace has slowed since 2023.
The asset is recommended for investors focused on maximizing yield with high liquidity and a moderate risk of price correction over the next 3–5 years. In this building, ROI is almost 3 percentage points above the area average, making it one of the leaders in effective returns among modern complexes in Al Barsha South Fourth.
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