1. Definition of the area and data structure
Actual location: According to DLD, WINDSOR MANOR is located in the Burj Khalifa area, master project Business Bay. All further comparisons and benchmarks are made against this area. In the sample of 2-bedroom apartments in this building at the time of analysis, 78 transactions were found for the entire observation period, and more than 1,500 rental contracts in the building for all apartment types (although no new rental contracts were detected specifically for 2-bedroom units — the analysis below covers the entire pool of apartments in WINDSOR MANOR).
2. Volume and dynamics of sales
Over the analysed period from 2020, WINDSOR MANOR has seen regular transactions of 2-bedroom apartments, with a wave-like pattern: spikes of activity in Q4 2020 and Q3 2024 (30–31 deals per quarter), and only isolated sales in other periods. Over the last 12 months, the number of 2-bedroom transactions in the building has been small, but sufficient for averaging.
The average price per square metre in the building over the last 12 months (2-bedroom): 14,634 AED/m².
For comparison, in the Burj Khalifa area the average level over the same period is 25,540 AED/m². Thus, WINDSOR MANOR sells at roughly a 43% discount to other “slab” apartments in this area.
Five-year dynamics of the average price per m² in the building:
– 2020–2021: 7,300–10,000 AED/m²,
– 2022–2023: 10,000–13,600 AED/m²,
– 2024–2025: predominantly 11,950–14,630 AED/m² (there is quarterly volatility, but the upward trend is clear).
Overall, WINDSOR MANOR consistently sits in the budget segment of Burj Khalifa — almost twice below the area’s median level, while its price growth dynamics are synchronised with the broader market.
3. Rental market: analysis and comparison
According to DLD, over the last 12 months the average annual rental rate in WINDSOR MANOR across all apartments (including 2-bedroom units, for which no new contracts were recorded separately) amounted to 744 AED/m²/year. For the Burj Khalifa area, the average level over the same period is 1,592 AED/m²/year. Thus, rents in WINDSOR MANOR are almost twice as low as in the area overall.
In terms of dynamics since 2020, rental growth in the building has been significant: from 550 AED/m²/year in 2020 to more than 740 AED/m²/year in the current year. Growth in the Burj Khalifa area has been much stronger: for example, over the last 3 years the average rent has increased from ~1,000 to 1,600 AED/m²/year (a 60% increase).
4. Comparison of the building and the area. ROI and fair price range
ROI for WINDSOR MANOR (roughly, without accounting for the specific apartment type):
– Gross yield: 744 / 14,634 ≈ 5.1% per annum (over the last 12 months).
For the Burj Khalifa area, the comparable figure is 1,592 / 25,540 ≈ 6.2% per annum.
Taking into account standard transaction costs (7–8% entry), the indicative net yield for the building falls to 4.7–4.8% per annum.
For an investor targeting a 7–8% annual yield, the fair market value range in this building should be:
– at 7%: 744 / 0.07 ≈ 10,630 AED/m²,
– at 8%: 744 / 0.08 ≈ 9,300 AED/m².
Given the current average price of 14,634 AED/m², achieving such yields would require a discount to the current price in the order of 27–36%.
For the area, the comparable fair range is higher: 19,900–22,700 AED/m² depending on the target yield.
5. Liquidity and investment outlook
LIQUIDITY:
– The volume of transactions in the building and, in particular, the number of rental contracts (more than 1,500 over the entire period) indicate relatively high liquidity and a solid presence of WINDSOR MANOR in the budget segment of Business Bay.
– In a situation where prices in the building are 1.7–2 times lower than the area average, upside potential is constrained by demand in the budget segment rather than in the premium/luxury segment.
OUTLOOK:
– Investment yield based on actual contracts of 5.1% per year (gross) is below the area average, where around 6–6.5% is achievable.
– The current price level in the building suggests that buyers are overpaying for the increased discount versus the area, while receiving more budget-friendly rents and lower income.
– To improve investment appeal, a substantial price correction is needed. For a 7–8% gross yield target, entry makes sense at the lower end of the range (9,300–10,630 AED/m²).
– Capital appreciation prospects depend on the overall trend in the area, but achieving yields above 5.5% in this building will be challenging without rare “lucky” rental deals.
– The Burj Khalifa/Business Bay area remains liquid, with some of the highest sales and rental volumes in Dubai, ensuring steady demand and exit opportunities.
CONCLUSION: In the 2-bedroom segment, WINDSOR MANOR is an option for buyers and tenants with a limited budget, but not a top case for an investor focused on maximising returns (ROI here is noticeably below the area average). At current prices, it is more optimal to consider other assets in the area or wait for a price correction in this building.
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