Service Charges in the tallest tower in the world increase between 27 and 37 per cent
10/03/2013
When the property prices in Dubai have dropped almost half of their original prices during the financial crisis in mid-2008, most of the investors and developers were particularly affected by such devastating phenomenon; while the expatriates who were just concerned with the Emirate’s lifestyle have taken advantage of such opportunity to upgrade their properties, such as from one-bedroom, two to three-bedroom apartments. Actually, it has become trending for at least three-consecutive years.
However, in 2012, there had been a number of positive signs shown in the Emirate’s property market that continued improving until this year 2013 began. Among the signs are as follows: the increasing demand for properties; increasing of property prices; availability of some mortgage providers or financial institutions in the market; increasing service charges for residential apartments and corporate units, such as in the tallest tower in the world, Burj Khalifa.
So far, it was reported that there has been an increase in service charges for the above-mentioned prestigious tower. It has increased between 27 per cent and 37 per cent, if compared to the previous years in which the owners were paying more than AED52 per square feet. For this reason, as buyer or owner of full floor in the tower, he is obliged to pay around AED1 million for this year 2013 from AED79, 000 to AED83, 000 per month in service charges; while the owner for corporate suite full floor needs to pay at least AED83, 00 per month.
According to latest report, if compared to the past two years in particular, the charges for Armani Residences have been set at least AED85.35 per square feet; while the owners for corporate suites will have to pay a total of AED104 per square feet compared to AED76.03 per square feet in 2012 and AED76.02 per square feet in 2011.
In the first place, the said service charge in Burj Khalifa is divided into the following three components: community service fee; chiller charge; and hot & cold-water charge. Based on the report, the community service fee for residential units is indeed set at AED59. 30 per square feet; around AED9.69 per square feet for chiller charge; and AED87 fils per square ft for hot & cold water charge. Then, for corporate suites, the owners are obliged to pay the community service fee of AED98.28 per square ft; AED9.69 psft for chiller charge; and AED89 fils psft for hot & cold water charge. Moreover, even those owners in Armani Residences should pay the community service fee of AED45.26 per square ft; AED9.69 per square ft for chiller charge; and AED1.02 per square ft for hot & cold water charge.
However, in 2012, there had been a number of positive signs shown in the Emirate’s property market that continued improving until this year 2013 began. Among the signs are as follows: the increasing demand for properties; increasing of property prices; availability of some mortgage providers or financial institutions in the market; increasing service charges for residential apartments and corporate units, such as in the tallest tower in the world, Burj Khalifa.
So far, it was reported that there has been an increase in service charges for the above-mentioned prestigious tower. It has increased between 27 per cent and 37 per cent, if compared to the previous years in which the owners were paying more than AED52 per square feet. For this reason, as buyer or owner of full floor in the tower, he is obliged to pay around AED1 million for this year 2013 from AED79, 000 to AED83, 000 per month in service charges; while the owner for corporate suite full floor needs to pay at least AED83, 00 per month.
According to latest report, if compared to the past two years in particular, the charges for Armani Residences have been set at least AED85.35 per square feet; while the owners for corporate suites will have to pay a total of AED104 per square feet compared to AED76.03 per square feet in 2012 and AED76.02 per square feet in 2011.
In the first place, the said service charge in Burj Khalifa is divided into the following three components: community service fee; chiller charge; and hot & cold-water charge. Based on the report, the community service fee for residential units is indeed set at AED59. 30 per square feet; around AED9.69 per square feet for chiller charge; and AED87 fils per square ft for hot & cold water charge. Then, for corporate suites, the owners are obliged to pay the community service fee of AED98.28 per square ft; AED9.69 psft for chiller charge; and AED89 fils psft for hot & cold water charge. Moreover, even those owners in Armani Residences should pay the community service fee of AED45.26 per square ft; AED9.69 per square ft for chiller charge; and AED1.02 per square ft for hot & cold water charge.
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