The world’s tallest building, the Burj Khalifa in Dubai, has completed 15 years since its construction. On this occasion, details regarding the property prices within the building have been released.
According to Khaleej Times, the average property prices in the Burj Khalifa are 78.5% higher than the prices of properties in other buildings across the city. The annual rent for a one-bedroom unit, depending on the furniture and flooring, ranges between 150,000 to 180,000 AED.
According to real estate consultancy firm Knight Frank, the average property prices in the Burj Khalifa by the end of 2024 are expected to be 3,000 AED per square foot (9,000 AED per square yard). This means a 100 square-yard apartment in the Burj Khalifa would cost 900,000 AED (approximately 67.5 million Pakistani rupees).
In comparison, the average property price across Dubai is recorded at 1,680 AED per square foot. A 100 square-yard apartment in other parts of Dubai would cost around 504,000 AED (approximately 37.8 million Pakistani rupees).
Faizal Durrani, Head of Research for the Middle East and North Africa at Knight Frank, mentioned that Burj Khalifa’s 15-year anniversary coincides with a period of record demand and growth in Dubai’s residential market. He stated that property prices across the city increased by 19.1% by the end of 2023, with Burj Khalifa seeing a 12.9% growth.
The consultancy also noted that since 2010, a total of 1.77 trillion AED worth of residential properties have been sold in Dubai, with 0.5% of this being contributed by the Burj Khalifa. This means that for every 200 AED spent on residential properties in Dubai over the past 15 years, one AED was spent on the Burj Khalifa’s properties.
The report also revealed that since its opening in 2010, Burj Khalifa has contributed 8.8 billion AED to Dubai’s residential property sales, the highest for any single building in the city.
On the other hand, in 2024, rents in the Burj Khalifa have once again reached levels close to those seen in 2015-2016. According to property brokerage firm Better Homes, in 2015-2016, the rent for a one-bedroom apartment exceeded 180,000 AED, while in 2024, the annual rent for a one-bedroom unit remains between 150,000 and 180,000 AED, depending on the furniture and flooring.
