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1. Definition of the area and data structure
Actual location: According to DLD data, the SOBHA ONE project is located in the Ras Al Khor Industrial First area. For this asset, only aggregated transactions at the SOBHA ONE project level are available, while attempts to extract a sample purely by building name produced no result — in DLD, transactions are registered under the filter project_name_en = ‘SOBHA ONE’. These are the data used for the analysis; the area benchmark is Ras Al Khor Industrial First.
Analysis architecture:
– Apartment level (2BR) — there is no data in the DLD_transactions database (all 2-bedroom transactions are presented only at the project/building level).
– Building/project level — there is sufficiently extensive statistics for SOBHA ONE, but transactions are not broken out separately for 2BR units.
– Area extension — Ras Al Khor Industrial First, with a sufficient data set on sales and rental prices for residential units (apartments).
2. Liquidity and demand, transaction volume
More than 3,100 transactions have been registered for SOBHA ONE (apartments). The sales data set starts only from 2024, which is typical for a large-scale off-plan project. Quarterly dynamics for 2024–2025 show a spike in activity in Q2 2024 (1,785 transactions), followed by a gradual decline in activity that nevertheless remains high through the end of 2025 (future-dated transactions are excluded; only current and historical periods are considered).
The liquidity level in the project is very high, indicating strong market demand at the current stage of implementation.
3. Sales price dynamics
Over the last four quarters, the average price per sq m in SOBHA ONE has consistently remained in the range of 23,150–23,980 AED/sq m. At the Ras Al Khor Industrial First area level, comparable values vary between 23,150–25,058 AED/sq m, i.e. prices in SOBHA ONE are moving in line with the area trend. Over the last year (past 12 months), the average price per sq m in SOBHA ONE amounted to 23,789 AED/sq m, versus 24,655 AED/sq m in the area. Thus, the building’s price dynamics are fully aligned with the general area level — without a clear discount or premium to the Ras Al Khor Industrial First average.
The market in this location is developing steadily; the price increase from Q1 2024 to the most recent quarters has been minimal (growth of about 3–4%). This is typical for large integrated developments at early stages, where prices are quickly established and then remain within a set corridor for a prolonged period.
4. Rentals: rates, dynamics, market structure
For SOBHA ONE and the area, attempts to obtain a sample of 2-bedroom apartments for rent produced no result — as of the analysis date, there are no active rental contracts under this filter in the DLD database. There are also no records of apartment rentals for the SOBHA ONE project as a whole. However, in Ras Al Khor Industrial First, 461 apartment rental contracts have been recorded with reasonable parameters (residential use, annual cost above 1,000 AED, area above 10 sq m).
Over the last 4 quarters, the average effective rental rate per sq m in the area has fluctuated between 890–1,100 AED/sq m/year, with some quarters showing a spike up to 1,196 AED/sq m. The last two quarters of 2024 show rates at 965–1,051 AED/sq m/year.
Over the past 12 months, the average rental rate in Ras Al Khor Industrial First (for the apartment residential stock) is estimated at approximately 1,000–1,100 AED/sq m/year. Rental growth over the past two years has been modest and is characterised by stability or a slight increase of up to 10% year-on-year.
5. Current yield (ROI), fair price for an investor
Only DLD data on sales and rentals — i.e. actually registered transactions — are used to calculate returns.
– Price per sq m over the last 12 months:
– SOBHA ONE: approximately 23,789 AED/sq m (per DLD).
– Ras Al Khor Industrial First area: approximately 24,655 AED/sq m.
– Rental rate per sq m over the last 12 months:
– Data only at the area level: approximately 1,000–1,100 AED/sq m/year.
– Gross yield (ROI) for the area: 1,000 / 24,655 = 4.1% per annum (minimum), 1,100 / 24,655 = 4.5% per annum (upper bound of the area range). For SOBHA ONE itself, the calculation is impossible due to the absence of rental data.
– Net yield (taking into account 7–8% transaction costs on purchase): ROI_net ≈ 3.8–4.2% per annum (for the area).
– Fair price range to achieve a 7–8% ROI:
– If an investor targets a 7% annual yield, the fair price per sq m is: 1,000 / 0.07 = 14,285 AED/sq m (lower bound).
– For 8%: 1,000 / 0.08 = 12,500 AED/sq m.
– Current market levels (per DLD, transactions over the year) are 70–90% above this corridor.
– To reach a 7–8% yield at the area level, a discount of about 40–50% to the current transaction price would be required.
Conclusion: the current market value of apartments in SOBHA ONE and in Ras Al Khor Industrial First is driven by strong demand for primary housing and a substantial volume of off-market investment. Under current conditions, based on DLD data, it is not realistic to target an investment yield above 4.5%; to achieve 7–8%, either rental rates would need to increase significantly, or purchase prices would need to decline substantially.
6. Market outlook and recommendations
SOBHA ONE remains one of the leading projects by transaction volume among new residential developments in Ras Al Khor Industrial First. High liquidity indicators ensure the possibility of an exit if needed; however, the rental segment has not yet formed — DLD shows no data on apartment leasing, which confirms the dominance of investment (rather than rental) demand at the construction and completion stages.
For a long-term investor, the current price level implies a focus on capital appreciation rather than operating yield — both the area and the building will need several years to form a fully-fledged rental market. Only after mass occupancy will representative yield and fair price calculations become possible.
If the primary goal is passive income above 7% per annum, this project at current prices and according to DLD statistics is not yet suitable. For investors focused on long-term capital growth and high liquidity, SOBHA ONE is in line with current trends for premium new developments.
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