26 units worth Dh147m sold in Burj Khalifa

Number of landlords have been renting out their units on short-term basis. (Getty Images)

Over Dh147 million has been spent by investors to buy 26 apartments in Burj Khalifa, the world's tallest tower, during the first quarter of 2011, according to figures available with Reidin.com.

The biggest deal to be registered with the Dubai Land Department during the period was worth Dh28.17 million, spent on purchasing a 7,158 square-foot apartment. The smallest apartment sold during the period was a 549 square-foot unit for Dh1.48 million.

Sale prices per square feet ranged between Dh3,936 and Dh2,133, according to the data. The nationality of the investors has been withheld.

Emaar Properties, the developer of the tower, said in February that it had handed over 770 units in Burj Khalifa.

The 2,717-feet high tower has 900 studio, one, two, three and four bedroom, while the Armani Residences 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.

Investors, who own a number of apartments in Burj Khalifa, have told this website that they would rather lease their units than sell them at a discount.

Mohanad Alwadiya, Managing Director of Harbor Real Estate, had said: “Those investors who are instead seeking the benefits of long-term capital appreciation and are able to wait for 10 years, enduring lower return on investment per annum, will be handsomely rewarded for their patience. I personally believe the price of the Burj will continue to grow at a promising rate over the next 10 years making it an extremely worthwhile investment over other projects.”

In March, Real Estate Regulatory Agency CEO Marwan bin Ghalita said that market sentiments had improved this year and transaction volumes were on the rise. Dubai registered property transactions worth Dh120 billion in 2010, while Reidin.com said that the emirate has recorded 1,647 transactions till March 18.

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