Burj Khalifa enjoys 16% increase in residential sales

Knight Frank says that 94 apartments were sold in the tower in 2022

As Dubai’s Burj Khalifa celebrated turning 13, its residential units were said to be enjoying a 16% increase in sales. Property specialist Knight Frank said 94 apartments were sold in the tower in 2022, valued at US $130mn, accounting for 3% of all home sales in Dubai’s Downtown district.

The most expensive sold for $1,089 per sqft, which is said to be well above Dubai’s average of $899 per sqft for prime properties in 2022.

Premium neighbourhoods like Downtown have seen the strongest price growth, Knight Frank said, with Downtown seeing a 16.7% increase, Palm Jumeirah 17.3% and Dubai Hills 19% in 2022.

In August 2022, Emaar bought out Dubai Holding’s stake in Dubai Creek Harbour for $2.04bn.

Faisal Durrani, Partner, Head of Middle East Research, Knight Frank, said Burj Khalifa had accounted for $2.15bn worth of home sales since its opening, which is 7% of all sales value in Downtown and 0.25% of sales in Dubai since 2010.

Downtown prices are said to have increased by 27.6% since the onset of the pandemic, with it becoming the second-best performing market in Dubai behind the Palm Jumeirah, where prices have increased by 36.6%.

Durani added that with yields standing at around 6%, Dubai has seen “the overwhelming majority” of buyers in this property cycle buying second or holiday homes, rather than making speculative purchases.

In late November 2022, Sobha Realty unveiled a new interconnected tower development in Dubai.

Prime residential values in Dubai including Palm Jumeirah, Emirates Hills and Jumeirah Bay Island, have seen record growth during 2022, albeit from a low base, Knight Frank says.

Knight Frank’s 2023 global prime residential markets forecast positions Dubai in first place at 13.5%, on the back of an estimated 50% rise in prime residential prices in 2022.

In early December 2022, DAMAC launched Cavalli Couture at Safa Park in Dubai.

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