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29 February 2024

Burj Khalifa residences: no discount sales

Burj Khalifa studios rent for Dh80,000 per annum; one-beds from Dh120,000, and two-beds from Dh190,000. (AGENCY)

By Parag Deulgaonkar

Owners of full floors in Burj Khalifa are not willing to sell units at a discount, but are willing to rent them at reasonable rates instead.

One year since the world’s tallest free standing structure was launched, two owners of complete floors, who did not wish to reveal their names, told Emirates 24|7 that they will not be selling any units on their floors at discounted prices.

The Chief Executive Officer of a Dubai-based real estate company, which owns two residential floors (28 apartments) in the world’s tallest tower, said: “We already have taken possession of our floors. They are fully residential. We don’t plan to sell any of our unit at a loss. We rather lease them than sell since we can afford to hold on to our investment.”

A reputed businessman, who owns a single floor, said: “Since, I am based in Dubai and operate my business from here, I always wanted to own space in this iconic tower. I do own a floor now, but I don’t see myself selling any unit in it for a lower price than what I have paid. I will hold on to the property, even if I don’t rent them.”

Both of them refused to disclose the price they paid for the floors and the expected price at which they would be willing to sell.

Asked if distressed sales were happening in Burj Khalifa, Faisal Baig, Director, PropSquare Real Estate, said for this iconic tower buyers were holding on to their investments.

“There are no more distress sales happening in the tower, and that phase is behind us. Being one of the prestigious project in the world today, we believe the majority of its owners are financially sound clientele and there is a prestige niche attached to it. They are not going the flock the market with their properties for sale in the current low market conditions.

“If I look through the last year, most of the purchases were done by celebrities, and that has helped the project to reach the masses across the globe. One of the best promotional strategies was to allow access to Hollywood recently and that could boost equations on perception with time, allowing new clientele,” he added.

Industry sources said 93, 97, 98 (residential floors) and 147, 148, 149 (commercial floors) are currently up for sale.

In October, this website reported that renting an apartment in Burj Khalifa was more affordable with studios being leased for Dh80,000 a year.

Better Homes, the Dubai-based real estate consultancy, offered studios on rentals of Dh80,000 per annum; one-beds from Dh120,000, and two-beds from Dh190,000.

Burj Khalifa has 900 studios, one, two, three and four bedroom units, while the exclusive Armani Residences located in the world’s tallest tower has 144 fully furnished private apartments.

It offers luxurious recreational and leisure facilities including four swimming pools, an exclusive residents’ lounge; health and wellness facilities; At.mosphere, the world’s highest fine dining restaurant at Level 122 and At the Top, the world’s highest observatory deck with an outdoor terrace on Level 124.

The service charge for residential units was set at Dh52.77 per square foot for2010, while charges for Armani Residences were at Dh78.63 per square feet.