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1. Definition of the area and data structure
Actual location: According to DLD data, ROVE HOME RESIDENCES by IRTH is located in the Burj Khalifa area, master project DownTown Dubai. All further comparisons with the area and master project are made based on this definition, using open transactional data.
2. Deals and liquidity, transaction frequency for the building
Over the entire period, 361 transactions for this building have been registered in the DLD database. In recent quarters there has been consistently strong activity in sales of 2-bedroom apartments (2BR) — especially in 2024: in 2024Q1 and 2024Q2, 21 deals with this layout type were concluded in the building. This reflects strong buyer interest and primary market liquidity in this segment.
3. Price dynamics per m², comparison with the area
The average price per m² for 2BR apartments in ROVE HOME RESIDENCES based on completed transactions over the last 12 months was about 32,100 AED/m².
By quarter (all apartments, 2BR): from 31,735 AED/m² at the end of 2023 to 34,273 AED/m² in Q2 2024. Current values exceed the average level for the Burj Khalifa area: over the last 12 months the average price in the area was about 26,800 AED/m², and by quarter the area has been steadily growing from 24,800 to approximately 25,200–26,000 AED/m². Thus, this asset’s premium to the area has been consistently in the 20–25% range. This is explained by the project’s recent launch, its positioning, and strong demand for this type of property in a prestigious district.
4. Rental market analysis
The DLD database contains no registered lease contracts for ROVE HOME RESIDENCES by IRTH or for the DownTown Dubai master project for 2-bedroom apartments. At the Burj Khalifa area level, by contrast, rental activity is very high (over 51,000 contracts for residential apartments over the entire period). For yield analysis we therefore have to rely only on the general rental indicators for the area.
The average annual rent per square metre over the last 12 months in the Burj Khalifa area was 1,580 AED/m², which reflects stable rental demand in the location and a consistent increase in rental rates in 2022–2024.
5. Investment yield (ROI) and fair price assessment
Gross yield (ROI) for investments in similar apartments:
– For the building itself, it is not possible to calculate ROI due to the absence of rental contracts for this specific building in the DLD database.
– For the area: ROI_gross = 1,580 / 26,800 ≈ 5.9% per annum (data for the last 12 months for both sales and rentals, aligned by period).
Taking into account standard entry costs (around 7–8% of the purchase price, including DLD fee, broker commission, registration and vacancy discounting), the adjusted (net) yield for the area is approximately 5.5–5.7% per annum.
The fair “investment” price range to achieve a 7–8% annual yield based on market rents in the area is 19,750–22,600 AED/m². The actual average price for the building (32,100 AED/m²), and even for the area as a whole, exceeds this range, which explains the lower yield at current market prices.
6. Key conclusions and outlook
– The building is located in a prestigious part of Dubai with very resilient demand for both purchase and rental, but at the time of analysis there are no registered rental deals for the asset in the DLD database.
– Primary market price dynamics for the building are outpacing the area average by 20–25%.
– In the long term, investor yield in the Burj Khalifa market is around 5.5–5.9% gross, but for this particular building it may be lower (given the premium to the area and the absence of identified rental contracts).
– At the current price level, to achieve a 7–8% annual yield an investor would need a substantial discount to the market (based on DLD data).
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