By Manoj Nair, Associate Editor www.gulfnews.com
Dubai: 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.
According to Cluttons, current prices at Burj Khalifa is averaging Dh3,750 a square foot, while elsewhere in Dubai is at the Dh1,359 a square foot. “In 2013, prices for apartments in the tower have risen by 25 per cent,” said Steve Morgan, head of Cluttons M.E.
Even then, today’s asking rates are still way below the peaks they had touched — a staggering Dh9,000 a square foot in August 2008 and right before the market tanked. It had reached a bottom of Dh2,500 a square foot in February 2009. (These unit values exclude the super-premium Armani apartments in Burj Khalifa.)
“Looking back at market data prior to the downturn, there have been fluctuations in apartment values at the Burj Khalifa each quarter since its launch — they were up 44 per cent in the second quarter of 2008,” said Morgan. More info