1. Definition of the area and data structure
Actual location: according to open data from the Dubai Land Department (DLD), The Spirit building is located in the Al Hebiah Fourth area, within the Dubai Sports City master project.
For The Spirit, a total of 185 sale transactions have been recorded over the entire period. Two-bedroom apartments are not highlighted as a separate category (there are no separate DLD transactions for this type). Rental activity is also high: more than 1,900 registered contracts for the entire building, however there are no contracts specifically recorded under the “2 bed rooms” type; the analysis is therefore carried out for the entire residential stock of The Spirit.
2. Liquidity of the property and the area
The building demonstrates stable liquidity — transactions have been taking place almost every quarter from 2020 to date. On average, between 4 and 26 transactions per quarter are registered in the building, meaning that both supply and demand are consistently present. Rental contract statistics also confirm high activity — the building enjoys steady tenant demand.
3. Sale price dynamics (price per m²) over 3–5 years
The Spirit (average price per m², all apartments):
– Apartment prices in the building have fluctuated quite noticeably.
– In 2020, quarterly averages ranged from 12,200 to 22,500 AED/m².
– In 2021, there were sharp jumps: quarterly values ranged from 13,400 to 26,200 AED/m², with individual spikes.
– In 2022, against the backdrop of increased activity, the average price per m² stayed within 7,900–23,000 AED/m².
– In 2023, average quarterly values fell to a minimum (slightly above 7,500 AED/m²), then a new growth phase began, and by the end of the year the average price reached 14,800 AED/m².
– In the first half of 2024, there was another increase: in the last completed quarter the median was 17,200–19,100 AED/m².
– Over the last 12 months (July 2023 — June 2024), the average transaction price in the building was 14,279 AED/m².
Area (Al Hebiah Fourth, residential apartments only):
– In 2020–2022 the area grew moderately: quarterly averages were 6,000–7,900 AED/m².
– During 2023, growth accelerated noticeably: quarterly averages rose from 6,800 to 9,300 AED/m².
– In 2024, the area continues to appreciate: quarterly averages already exceed 11,500–12,200 AED/m².
– Over the last 12 months, the average transaction price in the area was 12,574 AED/m².
Summary: The Spirit almost always trades at a premium to the area average (currently around 10%–20%), but price volatility within the building is significantly higher than in the area overall. This indicates a strong impact of individual characteristics (floor, view, condition), as well as variability of demand within the building.
4. Rental rates per m² and dynamics
The Spirit (all apartments):
– The average rental rate over the last 12 months was 1,277 AED/m² per year.
– Historical rental activity is very high, confirming strong rentability of the asset.
Area (Al Hebiah Fourth):
– Over the last 12 months, the average rate in the area was 915 AED/m² per year.
– In the Dubai Sports City master project, the comparable figure is 845 AED/m² per year.
– Thus, The Spirit consistently outperforms both its immediate area (~40%) and the wider master project (~50%) in terms of rental yield per unit of area, which underlines its attractiveness for tenants.
5. Current yield level (ROI) and “fair price” for an investor
Calculated ROI_brutto for the last 12 months:
– For The Spirit: 1,277 / 14,279 ≈ 9.0% gross yield.
– For the area: 915 / 12,574 ≈ 7.3% gross.
Taking into account entry costs (DLD fees, broker, other ≈ 7%):
– For the building ROI_net ≈ 8.4%.
– For the area ROI_net ≈ 6.8%.
Fair purchase price range for a target ROI of 7–8% per annum:
– For The Spirit: “Fair price” = rental rate per m² / 0.08 → 1,277 / 0.08 = 15,962 AED/m²; and /0.07 → 1,277 / 0.07 = 18,243 AED/m².
– Actual current average transaction price: 14,279 AED/m² (below the 7–8% ROI range, meaning that at current prices the theoretical ROI is above the target; the market offers a yield premium).
– For the area, a similar range is 11,438–13,072 AED/m²; the average market price in the area is 12,574 AED/m² (exactly in the middle of the fair corridor for a 7–8% annual ROI).
6. Investment outlook and summary
The Spirit shows stable demand from both buyers and tenants. The building trades at a noticeable price premium to the area, but this premium is supported by higher rental rates: the property remains consistently attractive to tenants, providing investors with an additional yield cushion.
Price fluctuations within the building are higher than in the area overall, so for any specific purchase it makes sense to carefully analyse the characteristics of the particular apartment (view, floor, condition, size). The current yield level (based on confirmed DLD rental rates and transactions) exceeds 8% net, which is above the average investment target for this segment and location.
Overall, over a 3–5 year horizon, Al Hebiah Fourth and Dubai Sports City retain solid demand potential, especially among mid-budget tenants. Sales price growth in the area is already evident, but The Spirit remains one of the most attractive buildings in terms of the balance between rental yield and liquidity.
Summary: The Spirit is suitable for investment with a focus on premium yield relative to the area, but requires careful assessment of each individual apartment. The market price is within an investment-fair range for a 7–8% annual target ROI, and high liquidity is confirmed by the consistently strong volume of sales and rental transactions.
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