Dubai | Emaar’s Burj Khalifa, the world’s tallest building, celebrates its 15th anniversary as a cornerstone of Dubai’s luxury real estate market, completing home sales of AED 467.1 million according to preliminary 2024 sales data analysis by global property consultancy, Knight Frank.
Knight Frank’s analysis reveals that in 2024, residential sales in the iconic tower reached were just 5.7% lower than in 2023 (AED 495.2 million), despite a 27% drop in the number of homes available for sale in the building, highlighting its sustained appeal, especially among high-net-worth individuals.
Average prices in the Burj Khalifa at the end of 2024 stood at AED 3,000 per square foot, which is 78.5% above the city-wide average of AED 1,680 psf.
Faisal Durrani, Partner – Head of Research, MENA, added: “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% up on 2023, with the Burj Khalifa not far behind with 12.9% growth, a remarkable achievement given the city-wide dearth of properties for sale.
The Burj Khalifa is more than a landmark; it is a symbol of Dubai’s ambition and success in creating a world-class city. The tower’s contribution to Dubai’s luxury real estate sector mirrors the city’s extraordinary growth. Dubai has recorded AED 1.77 trillion in total residential sales since 2010, with the Burj Khalifa accounting for 0.5% of this total. To put this into perspective, every 200th dirham spent on residential properties in Dubai over the last 15 years has gone towards owning a piece of the world’s tallest building”.
Knight Frank says a total of 98 non-branded residential units were sold in the Burj Khalifa last year, with an average transaction price of AED 4.8 million per home. The highest price per square foot in this segment was AED 4,391 for a 2-bedroom apartment, which sold for AED 9.7 million.
In addition, 18 branded residences were sold, highlighting the tower’s unique position in the ultra-luxury segment. The most expensive branded residence, a 5-bedroom unit, fetched AED 44 million, equating to AED 4,987 per square foot—surpassing the highest price per square foot achieved in the non-branded segment.
Petri Mannila, Partner – Head of Prime Residential, Dubai, said: “One of the critical driving forces behind Dubai’s residential property market has been its growing prominence as a global hotspot for high-net-worth individuals. These affluent buyers are not just investing in the city but are actively targeting Dubai’s most luxurious homes for personal use, which has reshaped the dynamics of the market.
Dubai’s ability to attract and retain global elites is a clear reflection of its status as a world-class destination, with iconic developments like the Burj Khalifa serving as powerful symbols of the city’s appeal”.
This relentless demand for trophy assets has not only transformed the ultra-luxury segment but has also helped cement Dubai’s position as one of the world’s most desirable places to live, Knight Frank explains.
Even a view of the Burj Khalifa adds immense value, as highlighted by the most expensive ever sale in Downtown which was recorded during 2024: a 4-bedroom, dual storey Kempinski-branded penthouse apartment with a Burj Khalifa view, which sold for AED 80 million by Knight Frank.
Since its inauguration in 2010, the Burj Khalifa has played a pivotal role in Dubai’s real estate landscape. The tower has accounted for AED 8.8bn (US$ 2.4bn) of home sales in Dubai, the highest for any single building in the city, 43% ahead second placed Atlantis The Royal at AED 6.2bn.
Knight Frank’s analysis also reveals that the Burj Khalifa has accounted for an impressive 6.2% of the total value of residential sales in Downtown since 2010, which equates to AED 144.2bn.
With 1,862 units sold to date, 76% of the tower’s residences are now valued at over USD 1 million, underscoring its global status as a premier address.
As Dubai’s real estate market continues to evolve, the Burj Khalifa remains a timeless symbol of luxury, innovation, and architectural excellence, anchoring the city’s position as a leading hub for the world’s elite.
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