Monday, July 25, 2011

Rentals in Burj Khalifa drop 25percent during H1 2011

Rents in the world's tallest tower, Burj Khalifa, fell by 25 percent during first half of this year, in comparison to that of last year, mainly because the owners of units prefer renting out the units at discounted rates, rather than selling them at lower rates.

Harbour Real Estate reports that a studio which was leased for Dh.120,000 in 2010, is now being rented out for Dh.90,000. However, according to Elysian Real Estate, the rents for studios at Burj Khalifa falls in the range Dh.75,000 to Dh.85,000.

Harbour Real Estate revealed that single bedrooms are being rented out at Dh.120,000 at present, in comparison to Dh.160,000 last year, while double bedrooms are rented for Dh.180,000 (Dh.240,000 in 2010), three bedrooms for Dh.240,000 (Dh.300,000 in 2010) and four bedrooms for Dh.320,000 (Dh.350,000 in 2010).

According to Elysian Leasing Consultant, George Malakos, the ‘Type F’ measuring 1778 square feet located across floors 43 to 72 are the most popular apartment types, as they are good size apartments, offering great panoramic windows with no pillars.

The Managing Director at Harbour, Mohanad Alwadiya, mentioned that most sought after units are those with fountain view in lower floors, and those with sea view along the higher floors.

Emaar Properties, the developer of the tower had increased service charges by 4 to 7 percent for residential, office and Armani units for 2011. The service charge for residential units was increased by more than 4percent for the year, and they now stand at Dh.55 per square feet, in comparison to Dh.52.77per square feet last year.


Dubai Real Estate said...

In the real estate industry, Dubai is seen as a prime target for investment purposes. In fact, real estates in Dubai have consistently grown at 20% annually. But world’s tallest building tale is total diffrent. This news is very frustrated for me, because Dubai economy is declining day by day. Particularly rental property very badly affected some pervious months.

Dreatori Alexis said...

Who have vied in the past to construct the world's tallest buildings. None of the other skyscrapers under construction, including New York's Freedom Tower on the World Trade Centre site, will exceed 2,296ft.
makati office space