Burj Khalifa apartment values up 50pc
Dubai, December 30, 2013
Apartment values in Dubai’s Burj Khalifa, the world’s tallest building, currently stand at Dh3,750 ($1,020) per sq ft, representing a 50 per cent increase over the market low figures of February 2009, said an industry expert.
“Looking back at market data prior to the economic downturn, there have been fluctuations in apartment values at the Burj Khalifa each quarter since its launch,” explained Steve Morgan, head of Cluttons Middle East, a top real estate services firm.
“They were up a staggering 44 per cent in the second quarter of 2008. In 2013, prices for apartments in the tower have risen by 25 per cent, which has been supported in part by continued optimism surrounding Dubai's economic buoyancy and also by on-going growth in investor interest in our city's real estate market.
“Furthermore, residential value performance in the Burj Khalifa mirrors the performance of Dubai's broader residential landscape,” he added.
As the fourth anniversary of the completion of the world’s tallest building, the Burj Khalifa, approaches on January 4 2014, values of residential apartments are reflecting the more sustainable growth seen across the Dubai residential market, Morgan pointed out.
Across the city, growing numbers of buy-to-let investors, both domestic and international, along with a growing number of owner occupiers, fuelled by affordable mortgage rates and enhanced property regulation, are helping to sustain this steady growth.
Following a review of prices over the past four years, international real estate consultancy, Cluttons has found that residential units at the Burj Khalifa have risen in price by a sustainable 13.6 per cent since handing over units in January 2010.
The value of apartments at the Burj Khalifa reached a high of Dh9,000 per sq ft in August 2008 before dipping to a low of Dh2,500 per sq ft in February 2009.
Since off plan residential units were first sold for the development in July 2006, overall values have risen by 87.5 per cent. Across Dubai, average property prices currently stand at Dh1,359 per sq ft.
These calculations exclude the Armani apartments in the Burj Khalifa, a statement said. – TradeArabia News Service