Indians topmost among list of buyers in Burj Khalifa

During first half of the year, Indians have topped the list of buyers in Burj Khalifa, the worlds tallest tower, located in Downtown Dubai. Indians are followed by Iranians who are among next biggest buyers in the iconic tower.

The Dubai Land Department data revealed that Indians have invested- more than Dh.814mn in purchasing properties in the tower, while Iranians bought properties for Dh.470mn.

Britons have been registered as third among top five buyers, while Emiratis came fourth and Pakistanis took fifth slot.

Prices of apartments in Burj Khalifa are showing signs of resurgence, with asking rates having gone up by 9 to 12 percent during first quarter of the year, in comparison to fourth quarter of 2011. Depending on the views, the asking prices vary between Dh.2850 to Dh.3600 per square feet, in comparison to Dh.2600 to Dh.3200 per square feet recorded last quarter.

Although the service charges for the year have not yet been increased, experts are of the opinion that the charges in the tower are among the highest in the world. The service charges of Armani Residences continue to remain the highest, set at Dh.83.12 per square feet.

The 2,717 feet tall tower has a total of 900 apartments, while the Armani Residences has 144 fully furnished private apartments.

Last year too, Indians topped the list of first-time property buyers in Dubai, having purchased properties worth Dh.2.1bn, while total real estate transactions for the year stood at Dh.143bn.

Posted on 9/8/2012

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