By Parag Deulgaonkar www.emirates247.com
Demand for apartments in Burj Khalifa, the world’s tallest tower in Dubai, is fast rising, reflecting the rise of positive sentiment for the sector at the very top end of the market.
In the third quarter, prices jumped to between Dh2,900 and Dh3,600 per square foot from Dh2,600 to Dh3,200 per square foot in the fourth quarter 2011.
“The current asking prices are between Dh2,900 and Dh3,200 per square foot for sea and Sheikh Zayed Road views, and Dh3,500 to Dh3,600 per square foot for fountain views,” said Parvees Gafur, Chief Executive Officer, PropSquare Real Estate.
One transaction registered with Dubai Land Department pegged the rate at Dh4,600 per square foot.
In 2008, the prices had topped Dh10,000 per square feet, but in 2009-10 apartments were sold for as low as Dh2,400 per square foot. More info