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27 February 2024

Today is your last chance to bid for a Burj Khalifa apartment

By Parag Deulgaonkar

A two-bed apartment in Burj Khalifa, the world’s tallest tower, has come up for auction with the reserve price starting at Dh5.625 million.

The total area of the apartment is 2,008 square feet and has been listed on the Emirates Auction website. The minimum bid increment is set at Dh50,000.

The auction closes at 6 pm UAE time on February 3. At the time of filing this report (07.25 am), there were no bids for the property.

Emirates Auction sells these properties on the “auction order” of Dubai Court, the company website states.

Current online listings for two beds range between Dh7 million and Dh8.9 million. Prices in the tower vary as per the view and floor.

Market sources say this is likely to be the first time that a foreclosed property in Burj Khalifa has come up for auction.

“A cash buyer can easily make a good money. At the reserve price, it’s 25 to 50 per cent cheaper than the market rate,” said a real estate agent.

Cluttons said last month that average residential apartment prices in Burj Khalifa were Dh3,750 per square feet, which is a 50 per cent increase on the February 2009 figure. Values have risen by 87.5 per cent since units were first launched in July 2006 with prices rising by 25 per cent last year.

In 2008, Mohamed Ali Alabbar, Chairman, Emaar Properties, had said that apartments were selling for over Dh10,000 per square feet (psf). But price fell to a low of Dh2,400 psf in 2009-10 following the global economic crisis.

Burj Khalifa (2,717-feet) has 900 studio, one-, two-, three- and four-bedroom apartments, while there are 144 private Armani Residences. Cluttons stated that their calculations exclude Armani apartments.

The tower 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.