Dubai: Burj Khalifa, the world’s tallest edifice in Dubai, achieved a record-breaking apartment deal of Dirham 1.6 billion (Rs 36,29,33,21,504) in the year 2023.
This is according to the analysis carried out by global property consultants to mark the 14th anniversary of the world’s tallest building.
In 2023, Dubai’s iconic structure experienced a 22 percent surge in deals, totalling 117 sales.
The Burj Khalifa accounted for 7 percent of all sales Downtown, which amounted to Dirhams 14.6 billion (Rs 3,31,18,09,34,490).
The Burj Khalifa’s available homes have decreased by 52 percent, indicating a shift towards long-term investments and genuine end-user occupancy.
The most expensive home sold in 2023 was 140 percent more than the rates in 2022, indicating continued demand for luxury living in the iconic skyscraper.
The 105th-floor unit in Burj Khalifa was the most expensive, sold for Dirhams 10 million (Rs 22,68,29,994).
The most luxurious unit, a four-bedroom apartment, was priced at Dirhams 15 million (Rs 34,02,40,702) and sold for Dirhams 3,339 (Rs 75,737) per square foot.
In 2023, 45 branded residential units were sold, with the most expensive unit priced at Dirhams 33 million (Rs 74,85,38,980), covering 8,822 square feet.
Burj Khalifa, which opened 14 years ago, has generated Dirhams 9.8 billion (Rs 2,22,30,35,33,788) in home sales, or 8 percent of all Downtown sales since 2010. It has recorded 1,756 sales over the past 14 years.
Faisal Durrani, Partner and Head of Middle East Research at Knight Frank MENA, said, “Dubai’s growing status as a second homes hub and the world’s busiest 10 million dollar homes market has attracted international buyers, focusing on expensive properties in desirable neighbourhoods.”
“This extraordinary level of demand has been the catalyst behind the 38 per cent increase in average city-wide prices since March 2021. The Burj Khalifa has outperformed the rest of the city, with prices growing by 55.4 per cent over the same period,” he added.
Owners are deciding to hold on to their homes for longer, with inventory levels falling sharply, signalling the longer-term residency mindset now bedding in.
