By Parag Deulgaonkar

Renting an apartment in Burj Khalifa, the tallest tower in the world, is now more affordable as studios are being leased for Dh80,000 a year compared to Dh110,000 in August.

“As property prices have declined in the UAE, Burj Khalifa is no exception. However, units owners are hanging on to their investment and preferring to lease than sell at lower prices,” Adam Farani, Burj Khalifa specialist, Better Homes, told Emirates 24|7.

The Dubai-based real estate consultancy is offering studios on rentals of Dh80,000 per annum; one-beds from Dh120,000, and two-beds from Dh190,000.

Better Homes is currently handling over 40 apartments in Burj Khalifa for residential sales and leasing.

“We have two to five people viewing apartments everyday. We do qualify the customers before taking them to view the units. Mostly the ones to rent are senior officials of companies. Owners too are quite flexible and are ready to take even 12 cheques.”

Asked by when can prospective tenants move into the apartments, Farani said: “Due to the high security at the tower, it take a little longer than usual to move into the tower. One needs a photo ID to enter the building.”
Better Homes has not increased the commission charge for leasing Burj Khalifa units.

“The commission (five per cent) and deposit (Dh5,000) is standard across all apartments in Dubai.”

Seventy-five units are already occupied in Burj Khalifa. There are 28 studios, 260 one beds, 460 two beds, 110 three beds and 18 four-beds.

This website had reported in June the service charge residential units in Burj Khalifa was set at Dh52.77 per square foot for 2010, while charges for Armani Residences were at Dh78.63 per square feet.