Dubai’s iconic Burj Khalifa experienced a notable uptick in property transactions, with a 22% rise to 117 deals, surpassing Dh1 billion in 2023.
Tower’s Dominance and Market Trends
Outperforming the city’s average by 17%, the towering structure showcased a significant 52% reduction in available homes for sale, signaling a shift towards long-term investments and genuine end-user interest, according to Knight Frank’s data.
City-wide Price Dynamics
On the 14th anniversary, Faisal Durrani, Knight Frank’s Middle East research head, revealed a 38% surge in city-wide prices since March 2021. Meanwhile, Burj Khalifa’s prices surged by an impressive 55.4% over the same period.
Owners’ Strategic Moves
Durrani highlighted owners’ inclination to retain their properties, contributing to sustained price growth. The priciest home in 2023 fetched 140% more than in 2022.
Unit Details and High-end Sales
Details on the most expensive residential unit, sold for Dh15 million at Dh3,339 per sqft, were shared. The highest per square foot cost reached Dh4,852, a 20% increase from 2022. The allure of the 105th-floor unit, sold for Dh10 million, exemplified the tower’s desirability.
International Demand and Branded Residences
International demand, particularly for high-end Dubai properties, was underscored by 45 branded residential unit sales in 2023. The costliest unit, covering 8,822 sqft, commanded Dh33 million.
Burj Khalifa’s Contribution Over 14 Years
Since its inauguration 14 years ago, Burj Khalifa has accounted for Dh9.8 billion in home sales, representing 8% of Downtown’s total sales since 2010. A total of 1,756 transactions have been recorded.
Downtown Dubai’s Prime Status
Will McKintosh, Knight Frank’s Mena residential head, highlighted Downtown Dubai as the city’s prime residential location, attracting global high-net-worth individuals.
Evolving Real Estate Landscape
The evolving real estate landscape, encompassing Downtown, Business Bay, and DIFC, has seen developers capitalizing on the high demand for homes. Branded residential operators in Business Bay contribute to Dubai’s status as a hub for such offerings.
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