In 2023, there was a 22% rise in the total number of deals in Burj Khalifa, which pushed them up to 117, as they reached a valuation of AED 1 billion.
In terms of average price, the tallest tower in the world outperformed the rest of the city by more than 17% in the previous year.
Knight Frank, the real estate consultancy, released data on the 14th anniversary of Burj Khalifa, which showed that there was a 52% decline in the total number of homes available for sale in the world’s tallest tower.
This highlighted the growing number of genuine end-users and long-term investors. More than 7% of the total sales in Downtown came occurred in the tower.
The total valuation of these sales last year were AED 14.6 billion. The tower was inaugurated in 2010 on January 4th.
It coincides with the fourth anniversary of the Accession Day of Ruler of Dubai and Vice President of the UAE, His Highness Sheikh Mohammed Bin Rashid Al Maktoum.
There are a total of 160 habitable levels in the 200-storey plus tower, which is about 828 meters tall. These are the highest number of habitable levels in any building of the world.
The head of Middle East research and partner at Knight Frank, Faisal Durrani said that the 52% decline in the number of homes available for sale in Burj Khalifa signals a residency mindset in the longer-teem.
He said that it shows that owners are now interested in holding their homes for longer and there has been a sharp decline in inventory levels.
He added that this behavior has led to price growth in Burj Khalifa and the most expensive homes sold in the tower in 2023 are trading for 140% more than in 2022.
Since March 2021, average property prices in Dubai have experienced a 38% increase due to the extraordinary level of demand for property in the city.
During the same period, the prices in Burj Khalifa have witnessed a growth of a whopping 55.4%.
According to Knight Frank, the most expensive residential unit that was sold in Burj Khalifa was for AED 15 million.
A price of AED 3,339 per square foot was charged for a four-bedroom apartment. In 2023, the highest per square foot cost charged was AED 4,852.
This is 20% higher than the most expensive sale recorded in 2022, which stood at AED 4,044 per square foot.
The highest unit that was sold in Burj Khalifa was valued at AED 10 million and was on the 105th floor. Durrani said that there has been a surge in international buyers in Dubai.
This is because the emirate has emerged as the busiest market in the world for homes worth $10 million, or higher and has become a hub of a second home.
These buyers have been targeting the city’s most expensive homes that are located in some of the most desirable neighborhoods.
During 2023, a total of 45 branded residential units were sold, with AED 33 million charged for the most expensive one that covers an area of 8,822 square feet