Burj Khalifa records 94 unit sales worth $130m in 2022

WAM

Burj Khalifa, the world’s tallest building, reported 94 apartment sales in 2022, totalling over AED477 million ($129.87 million), according to global property consultant Knight Frank.

The 828-metre-tall tower accounted for three percent of all real estate sales in the Downtown area of Dubai, which amounted to AED15.6 billion.

“What’s impressive about the Burj Khalifa is that since opening 13 years ago, the tower has accounted for AED7.9 billion of home sales, or seven percent of the value of all sales in Downtown and 0.25 percent of all homes sold in Dubai since 2010,” said Faisal Durrani, partner – head of Middle East research, Knight Frank.

Knight Frank’s analysis showed that apartments in Downtown have seen prices increase by 27.6 percent since the onset of the pandemic, making it the second-best performing submarket in the city behind Palm Jumeirah (36.6 percent). 

High-end homes in completed communities remain highly sought after among both second-home buyers and buy-to-let investors.

The consultancy forecast earlier that another 100,000 units will enter the Dubai market by the end of 2025, with more than 50,000 homes due to be completed during the remainder of 2022.

Dubai’s real estate market recorded 437 sales transactions worth AED1.02 billion, in addition to 153 mortgage deals of AED402.94 million, and 43 gift deals amounting to AED109.91 million on Wednesday, according to data from the Dubai’s Land Department (DLD) showed.

Sales included 402 villas and apartments worth AED877.42 million, and 35 land plots worth AED143.68 million, while mortgages included 139 villas and apartments worth AED226.2 million and 14 land plots valued at AED176.74 million, bringing the total realty transactions of the day to over AED1.5 billion.