Tuesday, December 31, 2013

Burj Khalifa residential values reflect sustainable growth on building’s fourth anniversary

 Residential values have risen by 13.6% since the building’s completion in January 2010
  •     Values have risen by 87.5% since units first launched in July 2006
  •     Apartment prices rise by 25% during 2013
  •     2013 values indicate sustainable growth
  •     Values are up 50% since the market low in 2009
Dubai: 30 December 2013: As the fourth anniversary of the completion of the world’s tallest building, the Burj Khalifa, approaches on January 4th 2014, values of residential apartments are reflecting the more sustainable growth seen across the Dubai residential market.
Across the city, growing numbers of buy-to-let investors, both domestic and international, along with a growing number of owner occupiers, fuelled by affordable mortgage rates and enhanced property regulation, are helping to sustain this steady growth.
Following a review of prices over the past four years, international real estate consultancy, Cluttons has found that residential units at the Burj Khalifa have risen in price by a sustainable 13.6% since handing over units in January 2010. The value of apartments at the Burj Khalifa reached a high of AED 9,000 psf in August 2008 before dipping to a low of AED 2,500 psf in February 2009.
At present, apartment values stand at AED 3,750 psf in the Burj Khalifa which is a 50% increase on the February 2009 figure. Since off plan residential units were first sold for the development in July 2006, overall values have risen by 87.5%.  Across Dubai, average property prices currently stand at AED 1,359 PSF.
Steve Morgan, head of Cluttons Middle East said: “Looking back at market data prior to the economic downturn, there have been fluctuations in apartment values at the Burj Khalifa each quarter since its launch. They were up a staggering 44% in the second quarter of 2008. In 2013, prices for apartments in the tower have risen by 25%, which has been supported in part by continued optimism surrounding Dubai's economic buoyancy and also by on-going growth in investor interest in our city's real estate market.
“Furthermore, residential value performance in the Burj Khalifa mirrors the performance of Dubai's broader residential landscape.”
*NB: These calculations exclude the Armani apartments in the Burj Khalifa


junaid said...

The Dubai Real Estate sector has started to boom. The residential values of Burj Khalifa are increasing and shows the sustainable growth Investors all over the world are focused to put investments in Dubai real estate. The prices of the property are increasing, this penalize the flippers but also affect the long term investors. Anyhow the long term investors still ready to invest because they know the handsome return on investment in Dubai real estate.

Mohamad Mustafa said...

Properties like the Burj Khalifa don't reflect the overall sentiment of the real estate market as this is an exceptional property.

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