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23 May 2024

Indians top as Burj Khalifa buyers

By Parag Deulgaonkar

Indians have topped the list of buyers in Burj Khalifa, the world’s tallest tower, for the first six months of 2012, Emirates 24|7 can reveal.

Iranians were the next biggest buyers in the iconic Dubai tower.

The Dubai Land Department data on Burj Khalifa, sent exclusively to this website, reveals that Indians spent over Dh814 million on purchasing properties in the 828 metre-high iconic tower, while Iranians bought properties worth Dh470 million.

Britons were third in the list of top five buyers - nationality wise - purchasing properties worth Dh301 million.

Emiratis came in fourth, acquiring properties worth Dh238 million, while Pakistanis took the fifth slot, spending Dh210 million.

Apartment prices in the tower are showing signs of a “resurgence” with asking rates increasing by nine to 12 per cent in the first quarter of 2012 compared to fourth quarter 2011.

“Prices have increased in the first quarter of this year, as compared to the fourth quarter last year,” said Parvees Gafur, Chief Executive Officer, PropSquare Real Estate, a Dubai-based real estate consultancy.

Depending on the views whether they are Lake and Fountain views or Sea and Sheikh Zayed Road, the asking prices are between Dh2,850 and Dh3,600 per square feet compared to between Dh2,600 and Dh3,200 per square feet last quarter.

Prominent buyers of apartments in Burj Khalifa include Raj Kundra, a London-based NRI businessman, who has presented an apartment to his wife Shilpa Shetty, local businessman BR Shetty and the most recent buyer is Singapore-based Spice Group Chairman BK Modi.

Although Emaar Properties has not hiked service charges for 2012, property experts believe the charges in the tower remain one of the highest in the world.

Apartment owners currently shell out Dh55.01 per square feet. In 2011 and 2010, the charges were Dh55 and Dh52.77 per sqft, respectively.

Charges for Armani Residences continue to remain the highest.

They are set at Dh83.12 square feet, which means a 2,500 square feet apartment will attract a service fees of Dh207,800 per year.

In 2011 and 2010, the charges were Dh83.71 per sqft and Dh78.63 per sqft, respectively.

In April, Emirates 24|7 reported that Indians topped the list of first-time property buyers in Dubai for 2011, having bought properties worth Dh2.1 billion, while the total real estate transactions for the year stood at Dh143 billion.

In addition, the top two largest residential real estate deals for 2011 were reported in Burj Khalifa - a 11,355-square foot apartment selling for Dh28.15 million and a Dh7,910-square foot unit selling for Dh28 million.

Overall, property sales for the first quarter 2012 touched Dh22.34 billion, according to Dubai Land Department. Cash sales accounted for 68 per cent, or Dh15.23 billion, while mere Dh6.09 billion or 27 per cent, of total property transactions were done through bank finance.

The 2,717-feet high tower has 900 apartments, while the Armani Residences has 144 fully furnished private apartments.


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