The Burj Khalifa—currently the tallest building in the world and a landmark on the Dubai skyline—was lauded for its luxury apartments and deluxe amenities when it opened in 2010. Investors called the building "distressed" back in February, bringing to mind other super-ambitious real estate projects that have failed in the emirate in recent years.
The spectacular opening ceremony that marked the Burj Khalifa's appointment with history is now receding into memory, but the sense of anticipation has only started to build up for the home and office owners in the skyscraper.
The rates for the world’s tallest tower Burj Khalifa in Dubai is testimony enough to the correction the Middle East market has witnessed. According to sources, what sold at more than $3,000 per sq ft during the peak period is today at around $900-1,000 per sq ft.
Dubai property owners are caught in the twin-grip of declining rentals and unsustainably high service fees being charged by developers, pushing their return on real estate investment further down. Maintenance fees at some locations, including for Downtown Dubai and the Burj Khalifa tower in particular, are as high as 45 per cent of the annual rentals, further adding to the woes of investors who have seen valuations of some of their properties decline by almost 50 per cent over the past couple of years.
Jesse Downs, director of research and advisory services at Landmark Advisory says, "Lower-limit rents for high-end units in Downtown Burj have increased by 13 per cent." Meanwhile Landmark's latest report found that prices for one- and two-bedroom units in the Downtown Burj area increased by about 5 per cent (lower limit) between July and December.
A new contemporary art space, The Pavilion Downtown Dubai, is set to open on Thursday February 24. The non-commercial space aims to provide a place to view, discuss and participate in work by local and international artists. The building hosts two gallery spaces. It was formerly a sales office and is situated in Downtown Dubai, opposite the Burj Khalifa.
After opening a prestigious new office at Emaar Square in Dubai, AES International intends to roll out the company's no-nonsense brand of tax-efficient financial advice rolled up with market leading technological innovation, robust compliance and outstanding customer service.
Visitors to the world's tallest tower can now take home their own pressed penny souvenir. Penny Press Factory a UK manufacturer of the world's most modern and dynamic looking penny press souvenir machines has installed a penny press on the 124th floor of the Burj Khalifa. Visitors to At The Top can make their own souvenir in the penny press machine after taking in the glorious views of Dubai.