A 11,355-square feet apartment in Burj Khalifa sold for Dh60 million, or Dh5,284 per square feet, in February, according to data provided by Reidin.com to Emirates 24|7.
A two-bed apartment in Burj Khalifa, the world’s tallest tower, has come up for auction with the reserve price starting at Dh5.625 million. The total area of the apartment is 2,008 square feet and has been listed on the Emirates Auction website. The minimum bid increment is set at Dh50,000.
While waiting to go through passport control at Dubai airport, a sign informed me that as little as 20 years ago there was only one skyscraper amid the desert here. Since then this arid, inhospitable landscape has grown into a major business hub and has created a luxurious service industry to cater for the wealth it attracts.
Following the successful launch of Vida Residence, The Hills, Emaar Properties has launched the second serviced residence project under the upscale hotel concept Vida brand in Downtown Dubai, the company’s flagship mega-development.
Properties in Burj Khalifa are lording it over Dubai’s property market, both literally and figuratively. Apartment values at the world’s tallest high-rise have easily outstripped those at freehold units across the city, with asking rates at or around the Dh4,000 a square foot mark.
A senior executive at real estate firm DAMAC Properties has urged Dubai residents to stop complaining about rising rents, specifically those who live in luxury developments that are above their pay-grade, such as the Burj Khalifa.
Property brokers and investors are bracing themselves for simultaneous sales events in Dubai, Abu Dhabi, London and Jeddah as Emaar’s latest crop of serviced apartments go on sale.