1. Definition of the area and data structure
Actual location: According to DLD, the SOL BAY building is located in Business Bay; the master project matches and is also called Business Bay. This is a large and one of the most liquid districts with developed infrastructure and high business activity.
2. Volume and structure of transactions for the building and the district
For 2-bedroom apartments (2BR) in SOL BAY, 23 sale transactions have been registered in DLD, which is a reasonable volume that allows us to analyse the price dynamics for the building. Across Business Bay as a whole, more than 2,100 transactions with similar 2-bedroom apartments were completed over the past 12 months, indicating high liquidity and strong demand for this type of product.
3. Price dynamics for SOL BAY apartments and the district benchmark
Average price per m² dynamics (2BR, SOL BAY), AED:
– 2021: from 9,955 to 11,602
– 2022: from 11,310 to 15,936
– 2023: isolated transactions — around 10,195
– 2024: substantial growth — from 19,947 to 21,476
On average over the last four quarters, the mean price in SOL BAY has been in the range of 20,000–21,500 AED/m². In individual quarters, deals could close above or below this range, reflecting both market volatility and differences between apartments in terms of location, size and condition.
Business Bay district dynamics (2BR), AED:
– In 2022: steady growth from 16,800 to 20,700 per m².
– In 2023: increased to 22,500, then stabilised at 21,200–23,000 during 2024.
The current average transaction price for 2-bedroom apartments in the district over the past 12 months is 23,900 AED/m².
4. Rental market and yields
The DLD database does not contain any rental contracts for 2-bedroom apartments or for the SOL BAY building as a whole. There are also no confirmed contracts for this format within the master project (Business Bay). Therefore, it is not possible to analyse rental rates or calculate yields for the building itself.
Across Business Bay as a whole, more than 14,000 residential rental contracts (all layouts) have been registered over the past 12 months. The current average annual rental rate based on actual DLD contracts is 1,336 AED/m². This is an aggregate figure for all layouts and buildings in Business Bay. The rental market has shown significant growth in rents over the past 2 years — from around 1,000 to more than 1,250 AED/m² by the end of 2024, which is reflected in the quarterly dynamics.
5. Comparison of yields and prices, ROI
– For SOL BAY, ROI calculation is not possible, as there are no confirmed rental transactions of any volume.
– For the district (Business Bay, all apartments): the current average market price per m² for a 2-bedroom apartment is 23,900 AED/m², and the average rent is 1,336 AED/m² per year.
– Gross yield for the district: approximately 5.6% per annum (1,336 / 23,900).
– Net yield, taking into account initial costs (7–8%): about 5.2–5.3% per annum.
To achieve an investment yield of 7–8% per annum at the current rental level, the “fair price per m²” for an investor should be in the range of 16,700–19,100 AED/m² (calculation: 1,336 / 0.08 and 1,336 / 0.07). The current district market is roughly 25–35% above these levels.
6. Liquidity and investment potential
– As a building, SOL BAY has a moderate transaction volume; demand for 2BR units is confirmed.
– Business Bay is consistently liquid both in terms of sales and the number of rental transactions; demand has been stable for several years in a row, and the price dynamics look healthy and upward-trending.
– The price per m² in SOL BAY over the past six months has been somewhat below the district benchmark, which may indicate both investment interest in the building and possible nuances related to quality, unit mix or the age of the property.
7. Overall conclusion
SOL BAY is a liquid building in the central Business Bay district. The pace of price growth in 2024 is significant, but there is no rental data for the apartments in DLD, so it is impossible to accurately calculate yields and rental cash flow for the building. At the district level, an investor targeting a 7–8% annual return now faces inflated asset prices: market values are above the “fair” income-based level, although demand for both purchase and rent remains high.
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