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05 December 2023

One-bedroom apartment in Burj Khalifa goes under hammer

By Parag Deulgaonkar

Another apartment in Burj Khalifa, the world’s tallest tower, has come up for auction.

This time, it’s an one-bed apartment. The 1,102-square feet unit has been listed on Emirates Auction website at a reserve price of Dh4.2 million.

The minimum bid increment is set at Dh5,000, with the auction closing on February 19.

Emirates 24|7 had reported earlier that a two-bed apartment in Burj Khalifa was up for auction with the reserve price at Dh5.625 million.

The 2,008 square feet apartment was sold for Dh5.925 million, 5.3 per cent over the reserve price.

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

Current online listings for one beds range between Dh3.9 million and Dh5.5 million. Prices in the tower vary as per the view and floor.

Cluttons, a real estate consultancy, said in January that average residential apartment prices in Burj Khalifa were Dh3,750 per square feet (psf), 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 psf. But price fell to a low of Dh2,400 psf in 2009-10 following the global economic crisis.

Jones Lang LaSalle, a global consultancy, said on Monday that prices will continue to rise in Dubai’s residential market but will be lower than the 22 per cent increase witnessed last year. The consultancy ruled out see any correction in the market for 2014.

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.