Burj Khalifa records the two biggest property transactions in the previous year
17/02/2013
Prior to Economic Crisis, the property prices in the current tallest tower in the world, Burj Khalifa, reached almost AED10, 000 per square ft. However, between 2009 and 2010 in which it was officially opened due to financial support given by the Government of Abu Dhabi, the property values were reduced to less than AED2, 400 per square ft. Then, in 2011, it has started to slowly increase until it reached the range between AED3, 969 and AED4, 000 per square ft in 2012.
According to a leading Real Estate Information Company in Dubai that focuses more on emerging markets, it reported that the two biggest property transactions which were registered with Dubai Land Department (DLD) were from the above-mentioned stunning tower. In fact, the tower had a total of 71 recorded sales transactions in the previous year that were sold more than AED45 million each.
However, the DLD didn’t clarify the specific category of the two-topped transactions recorded in the tallest tower whether they were from residential, commercial, or service apartments. It has only put them in the so-called ‘Multi-use Category’ instead. Nevertheless, as property agents, they said that most of the property transactions were supposedly from residential ones because of the fact that the transactions for commercial units have been limited so far.
Now, if compared to 2011, it was specifically mentioned that the largest sales transaction recorded in Burj Khalifa was approximately AED28 million; while in 2012, it surpassed the latter’s total amount of transactions.
Indeed, in general, the total value of property transactions for the previous year has increased around 8 per cent that reached the total of AED154 billion which were just generated by the two prestigious traded areas in the Emirate that have registered more than 10, 554 real estate transactions.
According to a leading Real Estate Information Company in Dubai that focuses more on emerging markets, it reported that the two biggest property transactions which were registered with Dubai Land Department (DLD) were from the above-mentioned stunning tower. In fact, the tower had a total of 71 recorded sales transactions in the previous year that were sold more than AED45 million each.
However, the DLD didn’t clarify the specific category of the two-topped transactions recorded in the tallest tower whether they were from residential, commercial, or service apartments. It has only put them in the so-called ‘Multi-use Category’ instead. Nevertheless, as property agents, they said that most of the property transactions were supposedly from residential ones because of the fact that the transactions for commercial units have been limited so far.
Now, if compared to 2011, it was specifically mentioned that the largest sales transaction recorded in Burj Khalifa was approximately AED28 million; while in 2012, it surpassed the latter’s total amount of transactions.
Indeed, in general, the total value of property transactions for the previous year has increased around 8 per cent that reached the total of AED154 billion which were just generated by the two prestigious traded areas in the Emirate that have registered more than 10, 554 real estate transactions.
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