Dubai: Burj Khalifa apartments sell for more than Dh1 billion in 2023

The total number of deals in Burj Khalifa rose by 22 per cent to 117 during 2023, totalling more than Dh1 billion. The world’s tallest tower outperformed the rest of the city in average price by over 17 per cent last year.

According to data released by real estate consultancy Knight Frank on the 14th anniversary of the world’s tallest building, Burj Khalifa saw the total number of homes available for sale decline by 52 per cent last year, reflecting the growing number of long-term investors and genuine end users.

The tower accounted for 7 per cent of all sales in Downtown, which amounted to Dh14.6 billion last year.

Burj Khalifa was inaugurated on January 4, 2010, coinciding with the fourth anniversary of the Accession Day of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President of the UAE and Ruler of Dubai. At 828 metres (2,716.5 ft), the 200-plus-storey Burj Khalifa has 160 habitable levels - the most of any building in the world.

Faisal Durrani, partner and head of Middle East research for Mena at Knight Frank, said a 52 per cent fall in the number of homes available for sale in the tower underscores that the owners are clearly deciding to hold on to their homes for longer, with inventory levels falling sharply, signalling a longer-term residency mindset.

“Unsurprisingly, this behaviour has helped to sustain price growth in the tower, with the most expensive home sold this year trading for 140 per cent more than 2022,” he said.

As a result of the extraordinary level of demand for property in Dubai, there has been a 38 per cent increase in average city-wide prices since March 2021. In contrast, prices in the Burj Khalifa have grown by 55.4 per cent over the same period.

Most expensive

Knight Frank revealed that the most expensive residential unit was sold for Dh15 million. The four-bedroom apartment was sold for Dh3,339 per sqft. The highest per square foot cost was Dh4,852 in 2023, 20 per cent more than 2022’s priciest sale of Dh4,044 per square foot.

The highest unit snapped up in Burj Khalifa was on the 105th floor, and was sold for Dh10 million.

“Dubai’s emergence as the hub of a second home and crowning as the world’s busiest $10 million-plus homes market has fuelled a relentless wave of international buyers, many of whom have been targeting the emirate’s most expensive homes in the city’s most desirable neighbourhoods,” said Durrani.

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