Image credit: Salih Seref/ Getty Images
Burj Khalifa, the world’s tallest building, recorded home sales worth a staggering $127.18m(Dhs467.1m) in 2024, according to Knight Frank, as demand in the city’s property market from high net-worth individuals (HNWIs) remains robust.
Residential sales in the iconic tower dropped by 5.7 per cent compared to the Dhs495.2m recorded in 2023 as a result of the lower number of homes available for purchase in the building due to strong demand.
The average price in the Burj Khalifa at the end of 2024 stood at Dhs3,000 per square foot (psf), which is 78.5 per cent above the city-wide average of Dhs1,680 psf.
“The Burj Khalifa’s 15-year reign as the world’s tallest building comes at a time when Dubai’s residential market is experiencing record demand and growth. Indeed, city-wide prices ended the year 19.1 per cent up on 2023, with the iconic tower not far behind with 12.9 per cent growth, a remarkable achievement given the city-wide dearth of properties for sale,” said Faisal Durrani, partner – head of Research at Knight Frank MENA.
Knight Frank says a total of 98 non-branded residential units were sold in the Burj Khalifa in 2024, with an average transaction price of Dhs4.8m per home. The highest price psf in the segment was Dhs4,391 for a two-bedroom apartment, which sold for Dhs9.7m.
The global property consultancy firm highlighted the tower’s position in the ultra-luxury segment, noting that 18 branded residences were sold. The most expensive branded residence, a five-bedroom unit, cost Dhs44m, equating to Dhs4,987 psf—surpassing the highest price per square foot achieved in the non-branded segment.
Since its inauguration 15 years ago, Burj Khalifa has played a pivotal role in Dubai’s real estate landscape, accounting for Dhs8.8bn of home sales in the emirate, the highest for any single building in the city and ahead of second-placed Atlantis The Royal at Dhs6.2bn.
With 1,862 units sold to date, 76 per cent of the tower’s residences are now valued at over $1m, underscoring its global status as a premier address.
Dubai’s red-hot real estate market is defying predictions of a slowdown, signalling that the global hub for business and tourism has broken free from its boom-and-bust cycles. An influx of HNWIs since 2020, with a record net inflow of 6,700 millionaires expected by the end of 2024, has transformed Dubai into one of the world’s hottest markets for prime real estate.
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