By Alma Kadragic www.realestatechannel.com
You might think that renting an apartment in the world’s tallest building, the Burj Khalifa in Dubai, would be too expensive for most people.
But while the construction workers who built Burj Khalifa and the other iconic projects in the city certainly couldn’t manage the monthly rent, some of the expatriate professionals who work in the UAE could as well many Emiratis and people living elsewhere in the Middle East who come to Dubai for relaxation.
A survey of rental prices conducted this week by the Gulf News daily paper found studio apartments advertised by real estate companies beginning at $3180 per month. One bedroom apartments start at $4100 and two bedrooms at $6800. So far, only 60 apartments are ready for rental on the lower floors, but Emaar will make more available as they are finished.
The prices are for apartments on lower floors with a view of the fountain and decorative pond. Sea views from higher floors will cost more. Anyone who wants to look at apartments has to make an appointment. Due to security concerns, no one can just walk into the building and see an apartment.
Given the still recovering economy in Dubai, people buying now are getting better deals than many who bought earlier. Units are advertised for $886 per square foot; however, most owners do not want to sell for less than $1090 per square foot. They have to cover service charges of $14 per square foot which seems high to people in this market although low compared to rates in major European and American cities.