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25 April 2024

Dubai property high: 2 Burj Khalifa deals top Dh45 million

By Parag Deulgaonkar

Seventy-one sales transactions were recorded in Burj Khalifa, the world’s tallest tower in 2012, with two transactions topping Dh45 million, according to information provided by Reidin.com to Emirates 24|7.

The two biggest transactions registered with the Dubai Land Department (DLD) were of Dh45.42 million and Dh45.07 million with price per square foot of Dh4,000 and Dh3,969, respectively.

Average selling price over the year ranged between Dh2,970 and Dh4,602 per square foot.

The DLD does not specify the transaction category— residential, office or service apartments — for the tower, but puts them in the multi-use category.

Therefore, it is difficult to state whether these transactions have been for commercial or residential units.

Real estate agents, however, say most of the transactions have been for residential units, while office sales have been limited.

Reidin.com, an exclusive and primary data source for real estate markets in the emerging countries, had told this website in 2011 that the largest residential real estate transaction in Dubai was in Burj Khalifa with the price topping Dh28 million.

In 2008, the prices in the tower had shot up to a high of over Dh10,000 per square feet, but apartments were sold for as low as Dh2,400 per square foot in 2009-10.

For 2012, residential unit owners pay Dh55 per square feet, Armani Residences pay Dh83.71 per square feet, while owners of corporate suites have to shell out Dh76.02 per square feet.

Earlier this month, Dubai Land Department said total value of real estate transactions rose by eight per cent to touch Dh154 billion in 2012 compared to Dh143 billion in 2011.

Dubai Marina and Burj Khalifa were the most traded areas with the two districts registering 10,554 transactions worth Dh17 billion.

Majority of the transactions in the luxury segment of the market have been in cash with companies literally acknowledging the fact.

Nakheel Chairman Ali Rashid Lootah, at a recent press conference, said only 10 per cent of their buyers use mortgage, while Enshaa, a UAE-based developer, confirmed to this website that majority of their buyers in the Palazzo Versace hotel and D1 Tower had bought in cash.