property prices at dubai’s burj khalifa ‘tumble by 2025’
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Property prices at Dubai’s Burj Khalifa ‘tumble by 20-25%’

Arab Today, arab today

Arab Today, arab today Property prices at Dubai’s Burj Khalifa ‘tumble by 20-25%’

Dubai’s Burj Khalifa
London - Arab Today

Prices for apartments in the world’s tallest tower have fallen by as much as 25 percent over the last year amid a global rout in luxury property.
Despite the sharp fall, towers surrounding Dubai’s Burj Khalifa skyscraper and with a view of the landmark building have held their value, brokers say.
“In particular, where we are seeing a big correction is the very top of the market.The top of the market is still correcting quite sharply and that is in line with what we are seeing globally, where the appetite to purchase high end luxury homes is weak,” said Faisal Durrani, the head of research at Cluttons, the real estate broker.
“If I was to list the five weakest markets in Dubai, I’d start with the Burj Khalifa. On a year-on-year basis, your values there are down by between 20 and 25 percent. Second to the Burj Khalifa would be apartments on the Palm Jumeirah, followed by large villas in Arabian Ranches, followed by large villas in Emirates Living.”
At over 828 meters and 160 floors, the Burj Khalifa is the world’s tallest tower. It has also broken other records including the world’s tallest structure, previously held by the KVLY-TV telecommunications mast in Blanchard, North Dakota, and the tallest free-standing structure, previously held by Toronto’s CN Tower.
It is set to be trumped by the Kingdom Tower under construction in Jeddah, which is expected to top out at about 1,008 meters and 170 floors.
The sharp decline in prices at the top end of the residential property market in Dubai is part of global rout in luxury property prices that has also wiped millions of pounds from some of the top addresses in the most desirable central London locations.
“We are seeing this everywhere,” added Durrani. “Here in London if you are looking at places like Chelsea, Kensington and Knightsbridge, prices are down by between 10 and 15 percent in the last 12 months, so it is very much a market that is hurting. It is a global phenomenon.”
The propertyfinder.ae website currently has more than 200 sales listings for the Burj Khalifa tower alone.
Some investors are selling entire floors for more than 50 million dirhams ($13.6 million). One four-bedroom apartment in the tower with a 2,000 square foot private terrace is being marketed at 28 million dirhams.
The website quotes average prices for four bedroom apartments in the building at 3,387 dirhams per square foot — compared to 4,351 dirhams per square foot a year ago.
The direction of Dubai residential property prices will be determined by the supply of new homes, said JLL in its latest market report released last week. There are about 78,000 units due to complete over the next three years.
“Our assumption that prices will see a marginal increase over the next 12 months is dependent on further delays to supply being experienced in line with the average materialization rate of 40 percent,” said the report. 

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

property prices at dubai’s burj khalifa ‘tumble by 2025’ property prices at dubai’s burj khalifa ‘tumble by 2025’

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

property prices at dubai’s burj khalifa ‘tumble by 2025’ property prices at dubai’s burj khalifa ‘tumble by 2025’

 



GMT 12:48 2016 Sunday ,27 November

Cilic, Dodig push Croatia to brink of Davis Cup

GMT 05:24 2017 Thursday ,28 December

Erdogan says 'terrorist' Assad cannot be part of Syria

GMT 12:59 2016 Saturday ,05 November

WB welcomes economic reforms in Egypt

GMT 18:40 2016 Saturday ,05 November

Egyptian GDRs in London down

GMT 10:57 2017 Wednesday ,06 December

Peru striker Guerrero has doping ban extended

GMT 17:51 2017 Tuesday ,07 March

Trump Signs New Travel Ban on Six Muslim Countries

GMT 10:30 2017 Wednesday ,06 September

Saudi Information Ministry praises media role during Hajj

GMT 15:29 2017 Tuesday ,24 January

Mind games really do help your brain

GMT 06:55 2015 Thursday ,01 October

Boston Red Sox beat Yankees

GMT 08:17 2017 Monday ,28 August

Bahrain celebrates World Humanitarian Day 2017

GMT 02:07 2017 Tuesday ,28 February

Opposition seeks Russian support at Syria talks

GMT 11:06 2017 Wednesday ,27 December

Bahrain tourism projects valued at over $ 13 billion

GMT 20:35 2011 Tuesday ,10 May

New exhibition of Islamic ornaments

GMT 19:52 2016 Friday ,19 August

Nice joins wave of French towns banning burkinis

GMT 03:46 2017 Wednesday ,06 September

US-backed Syrian forces seize Raqqa mosque

GMT 22:22 2017 Friday ,15 December

BDF Military Museum open on National Day

GMT 09:47 2015 Wednesday ,02 December

Ryanair launches court action against Google, eDreams

GMT 10:46 2017 Wednesday ,22 March

Japan's February trade surplus hits multi-year high
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday