By Muby Asgher, features editor, Freehold Monthly www.gulfnews.com
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.
Claire Collier, a manager at IS Real Estate, says the January 4 opening of the Burj Khalifa has raised the profile of the Downtown Burj even futher. “This area will become one of the most exclusive neighbourhoods in the world, which will lead to even further increases in their rental rates and sales prices. There are still buildings such as The Lofts, which are due for handover later this month, and residents of those properties should be very pleased with the effect the opening of the Burj Khalifa will have on their investments.”
Mario Volpi, sales manager at PowerHouse Properties, says the opening of the Burj Khalifa will bring about a renewed interest in the area and Dubai in general.
“Although future increases in sales and rental rates will depend upon other units coming on to the market, at present the average price for a two-bedroom apartment in the Downtown Burj Khalifa area is still approximately Dh1.8million compared to Dh1.5 million for a similar unit in The Greens.”