In an impressive show of real estate strength, Burj Khalifa, the world’s tallest building, has witnessed a surge in property sales, surpassing Dh1 billion in 2023. The iconic tower in Dubai, celebrated for its architectural marvel and luxury living, has outperformed the rest of the city in average price by over 17 percent last year.
According to the latest data from real estate consultancy Knight Frank, marking the 14th anniversary of Burj Khalifa, the tower saw a 22 percent increase in the number of deals, totaling 117 in 2023. This surge in sales is a testament to the tower’s enduring appeal and the robust health of Dubai’s real estate market.
Interestingly, the total number of homes available for sale in Burj Khalifa plummeted by 52 percent last year. This significant drop reflects a growing trend among owners who are increasingly viewing their properties as long-term investments or homes. Faisal Durrani, partner and head of Middle East research for Mena at Knight Frank, notes this shift in mindset, highlighting that owners are holding onto their properties longer, contributing to sustained price growth in the tower.
Burj Khalifa, which stands at a staggering 828 meters with over 200 stories, has become a symbol of Dubai’s ambition and luxury lifestyle since its inauguration in 2010. The tower now accounts for 7 percent of all sales in Downtown Dubai, which amounted to Dh14.6 billion last year.
In a striking comparison, while average city-wide prices in Dubai have increased by 38 percent since March 2021, prices in Burj Khalifa have soared by 55.4 percent over the same period. The most expensive residential unit in the tower sold for Dh15 million, equivalent to Dh3,339 per square foot, with the highest per square foot cost reaching Dh4,852 in 2023.
Durrani points out that Dubai’s growing reputation as a hub for second homes and a magnet for international high-net-worth individuals has fueled a wave of buyers targeting the city’s most expensive homes. The highest unit sold in Burj Khalifa in 2023 was on the 105th floor, fetching Dh10 million.
The tower’s performance over the last 14 years has been remarkable, with Dh9.8 billion in home sales, accounting for 8 percent of the total sales value in Downtown Dubai since 2010. This includes 1,756 transactions over the period.
Will McKintosh, regional partner and head of residential for Mena at Knight Frank, remarks that Downtown Dubai remains the most sought-after location for residential real estate in Dubai, attracting international high-net-worth individuals. The area, encompassing Downtown, Business Bay, and the wider DIFC, is seeing a surge in development, particularly in branded residential projects, further cementing Dubai’s status as a premier destination for luxury living and investment.
