Dubai: Why apartment owners at the Burj Khalifa are waiting longer to sell?

Dubai: Why apartment owners at the Burj Khalifa are waiting longer to sell?

Dubai: Are apartment owners at the Burj Khalifa in Dubai better by waiting longer to sell and cash in? It sure seems so based on new data.

The most expensive unit sold last year at the world’s tallest tower fetched Dh4,852 per square foot, which is 20 per cent higher than the 2022 high of Dh4,044 psf. If one goes back to the period from March 2021, Burj Khalifa units have seen average price rises of more than 55 per cent, according to new report from Knight Frank.

Which suggests there could be more price gains to come. This could partly explain why there was a 52 per cent drop in the number of homes available for sale in Burj Khalifa during 2023.

“Owners are clearly deciding to hold on to their homes for longer, with inventory levels falling sharply, signalling the longer-term residency mindset now bedding in,” said Faisal Durrani, Head of research for MENA at the property firm.

“Unsurprisingly, this behaviour has helped to sustain price growth in the (Burj Khalifa) tower, with the most expensive home sold this year trading for 140 per cent more than 2022.”

Pockets of Business Bay, stretching from Marasi Drive to Safa Park,