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4 Jan 2022
Buying a Home in the World’s Tallest Building Just Got More Expensive as Real Estate Prices Surge in Dubai
The Index Today
Following a market rebound last year in the wake of the pandemic, prices at the Burj Khalifa have soared significantly.
According to a Knight Frank LLP Property Consultant, owning a home in the world’s tallest tower has grown more expensive, specifically by a whopping 23% while real estate prices for the rest of Dubai rose by 8%.
Commerce in Dubai has relatively bounced back thanks to the Expo 2020, following pandemic-induced market slumps and bearish trends. According to Faisal Durrani, Knight Frank’s Head of Middle East Research, the year 2021 has been all about “the exponential rebounding of Dubai’s luxury residential market.” He contends that with a price rate of approximately AED 2,100 per square foot, “the Burj Khalifa falls squarely into this category.”
Knight Frank has revealed that despite the real estate surge, buyers have not been deterred from purchasing properties at some of Dubai’s plush, upmarket areas, spurred by the high levels of safety and the undeniably high quality of life in the city.