1. Definition of the area and data structure
Actual location:
According to DLD, the SOBHA ONE project belongs to the Ras Al Khor Industrial First area. The database records over 3,100 transactions for this project, which indicates high activity in the sales market. For 0BR (studio) units in this building there are no recorded transactions or lease contracts in DLD. Sales and rental analysis therefore has to be carried out at the level of the entire building (SOBHA ONE) and the Ras Al Khor Industrial First area.
2. Sales market analysis
Transaction frequency and liquidity:
For SOBHA ONE, transaction activity started in 2024. In 2024 there were 2,605 transactions, and in the first part of 2025 — another 512 transactions. The nature and volume of transactions point to a mass-market offering, most likely a new/under-construction project at the off-plan sales stage.
Dynamics of the average price per square meter:
The average price per m² in SOBHA ONE over the last 12 months is about AED 24,725. For Ras Al Khor Industrial First, the comparable figure is around AED 24,833 per m². Thus, the building is trading close to the area average, without a pronounced premium or discount.
Quarterly dynamics within the project show stability and a slightly positive trend: the average level remained between AED 23,150–23,900 per m² in 2024, with a slight increase in 2025.
Across the area, the price range was much wider; until 2023, low-price deals (up to AED 5,000 per m²) dominated, with a marked jump to the SOBHA ONE level in 2024. This is due to the fact that previous sales in the area were mainly in other, cheaper projects, and only with the launch of SOBHA ONE-class stock did the average price level in the area rise sharply.
Range of unit sizes and transactions:
The data indicate a focus on a single large project — the lion’s share of transactions in the area falls on SOBHA ONE, so the indicators for the area and for the building are almost equivalent for current market analysis.
3. Rental market analysis
Studios (0BR) in SOBHA ONE and in the project overall are not represented in the DLD rental database for the period under review. There is not a single registered lease contract for the building/project.
At the Ras Al Khor Industrial First area level, 461 residential lease contracts have been recorded over 12 months, which allows us to build a benchmark for the area, but not for the building itself. The average rental rate in the area over the last 12 months is from AED 965 to 1,050 per square meter per year for most quarters of 2024.
Rental dynamics:
From 2020 to 2023, rates held in the range of AED 870–1,200/m²/year, with noticeable stabilization in 2023–2024. The average for recent quarters is about AED 980–1,050/m²/year.
4. ROI, investment potential, fair price range
Yield (ROI) calculation:
– Gross yield (ROI) at the area level, with an average purchase price of AED 24,800/m² and an average rent of AED 980/m²/year, is about 3.9%.
– After adjusting for transaction costs (roughly 7%), the covered (net) yield is 3.6–3.7%.
Fair price range:
An investor targeting a 7–8% annual yield would consider a “fair” purchase price in the range of AED 12,250–14,000/m² (calculation: current rent_psm / 0.08 and / 0.07). In the actual market, the price of SOBHA ONE and the area exceeds this range by almost 1.8–2 times: the premium is high.
Liquidity and outlook:
– The micro-location is being saturated with new supply; liquidity at the handover stage is high.
– Prices for the building and the area are at similar levels, indicating de facto monopolization of the market by a single project.
– The actual rental yield at current prices cannot be called attractive for an investor targeting the classic Dubai ROI of 7–8%. Achieving such a yield would require a substantial discount to current prices.
Summary:
SOBHA ONE today is the flagship project of the area, having captured almost the entire transaction volume of Ras Al Khor Industrial First within a year. Prices for both the building itself and the area have reached AED 24,700–24,800/m². The area’s rental rate is around AED 1,000/m²/year, with a gross yield of under 4% per annum. Transactions and rentals for studios in this building are not yet represented in DLD, so it is impossible to provide separate dynamics for this unit type. The project’s own liquidity prospects in the short term look favorable due to mass handover, but the much-discussed investment income is justified only in the case of a significant reduction in purchase prices or an expectation of future rental growth.
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