Over the past 15 years, Dubai’s Burj Khalifa has established itself as a beacon of real estate triumph, recording a staggering AED 8.8 billion ($2.4 billion) in home sales from 1,862 transactions.
In 2024 alone, the Burj Khalifa achieved AED 467.1 million ($127.2 million) in home sales, according to Knight Frank’s market analysis. Despite a 27% reduction in available inventory, the tower’s sales were only 5.7% lower than in 2023, reflecting its unwavering appeal.
Residential prices within the Burj Khalifa averaged AED 3,000 ($817) per square foot in 2024, exceeding Dubai’s city-wide average of AED 1,680 ($457) per square foot by 78.5%. This remarkable performance underscores the tower’s status as a prime choice among high-net-worth individuals.
Faisal Durrani, Head of Research for MENA at Knight Frank, emphasized: “The Burj Khalifa symbolizes Dubai’s ambition and its transformative journey in creating a global city. Its 15-year reign as the world’s tallest building coincides with a period of unprecedented growth in Dubai’s residential market.”
The Burj Khalifa has consistently driven Dubai’s luxury real estate market, contributing 0.5% of the AED 1.77 trillion ($482 billion) in total residential sales recorded since 2010. This translates to one in every 200 dirhams spent on Dubai’s residential properties being invested in the tower.
Record-Breaking Sales
In 2024, 98 non-branded units were sold at an average price of AED 4.8 million ($1.3 million) per home, while branded residences fetched even higher premiums. A five-bedroom branded residence set a record at AED 44 million ($12 million), equating to AED 4,987 ($1,358) per square foot.
Petri Mannila, Head of Prime Residential at Knight Frank, highlighted the role of affluent global buyers in shaping Dubai’s real estate market:
“High-net-worth individuals are increasingly targeting Dubai’s luxury properties for personal use, reinforcing the city’s position as a world-class destination.”
This trend has elevated the demand for ultra-luxury assets, with iconic landmarks like the Burj Khalifa serving as powerful symbols of Dubai’s allure.
The appeal of a Burj Khalifa view also commands a premium. In 2024, Downtown Dubai saw its highest-ever recorded sale—an AED 80 million ($21.8 million) Kempinski-branded penthouse with a stunning view of the tower.
A Pivotal Role in Dubai’s Real Estate Landscape
Since its inauguration in 2010, the Burj Khalifa has consistently outperformed other developments. Its AED 8.8 billion ($2.4 billion) in home sales makes it the highest-grossing single building in Dubai, outpacing Atlantis The Royal, which recorded AED 6.2 billion ($1.7 billion).
The Burj Khalifa accounts for 6.2% of Downtown Dubai’s residential sales value since 2010, totaling AED 144.2 billion ($39.3 billion). Notably, 76% of its units are now valued at over $1 million, cementing its status as one of the world’s most prestigious addresses.
As part of its ongoing evolution, the Burj Khalifa has received a dazzling new lighting makeover, further solidifying its reputation as an architectural and cultural icon in Dubai’s skyline.
Published on: 6 Jan 2025
Source: https://www.arabianbusiness.com/industries/real-estate/dubais-burj-khalifa-is-towering-real-estate-success-with-2-4bn-in-home-sales-and-76-of-units-valued-at-over-1m
