Monday, April 16, 2012

Prices of apartments in Burj Khalifa marks 9 to 12 percent growth


The prices of apartments in Burj Khalifa, one of the tallest towers in the world, have indicated 9 to 12 percent growth during first quarter of 2012, in comparison to fourth quarter of 2011.

As revealed by Parvees Gafur, the Chief Executive Officer of PropSquare Real Estate, a Dubai-based property consultancy, the selling prices have grown during first quarter of 2012, in comparison to fourth quarter of 2011.

The asking prices are now in the range of Dh.2,850 to Dh.3,600 per square feet, in comparison to the Dh.2,600 to Dh.3,200 price range during last quarter of last year. The prices, however vary, depending on the views whether Lake and Fountain views, or sea and Sheikh Zayed Road.

On the whole, there is a clear upward trend in prices. Rentals, however, have increased only nominally. The Vice-President – Business Development & Investments, Manish Khatri, of SPF Realty, explained that the figures indicate increased stability in prices for units with a view, and for units with no great view, prices have been sliding. But, overall there is stability in prices across the board on the Burj Khalifa.

Owing to low stocks, the overall prices of properties in Downtown area have gone up. According to the price listing at propertyfinder.ae, the prices are as high as Dh.3,500 per square feet, while the lowest price is Dh.2,500 per square feet.

Last year, Burj Khalifa recorded largest residential real estate transactions, with prices topping Dh.28mn, as reported by Reidin.com. Burj Khalifa, standing hight at 2,717 feet, has 900 studios, single, double, triple and four bedroom units, while the Armani Residences offer 144 fully furnished private apartments.

It also offers luxurious leisure and recreational amenities, including swimming pools, health and wellness amenities, and residents' lounge. 'At.mosphere', one of the highest fine dining restaurants in the world, is at level 122 and At the Top, world's highest observatory deck with an outdoor terrace is on level 124 at Burj Khalifa.

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