Burj Apartments Sold for AED 1.6 Billion in 2023

The 105th floor unit in Burj Khalifa was the most expensive and sold for AED 10 million
Staff Reporter | UAE | Brokerage

Burj Khalifa, the world’s tallest edifice in Dubai, achieved a record-breaking apartment deal of AED 1.6 billion in the year 2023. This is according to the analysis carried out by global property consultants to mark the 14th anniversary of the world’s tallest building. In 2023, Dubai’s iconic structure experienced a 22% surge in deals, totalling 117 sales.

The Burj Khalifa accounted for 7% of all sales Downtown, which amounted to AED 14.6 billion. Its available homes have decreased by 52%, indicating a shift towards long-term investments and genuine end-user occupancy. The most expensive home sold in 2023 was 140% more than the rates in 2022, indicating continued demand for luxury living in the iconic skyscraper.

The 105th-floor unit in Burj Khalifa was the most expensive, sold for AED 10 million. The most luxurious unit, a four-bedroom apartment, was priced at AED 15 million and sold for AED 3,339 per square foot.

In 2023, 45 branded residential units were sold, with the most expensive unit priced at AED 33 million, covering 8,822 square feet. Burj Khalifa, which opened 14 years ago, has generated AED 9.8 billion in home sales, or 8% of all Downtown sales since 2010. It has recorded 1,756 sales over the past 14 years.

Faisal Durrani, Partner and Head of Middle East Research at Knight Frank MENA, said, “Dubai’s growing status as a second homes hub and the world’s busiest 10 million dollar homes market has attracted international buyers, focusing on expensive properties in desirable neighbourhoods. This extraordinary level of demand has been the catalyst behind the 38% increase in average city-wide prices since March 2021. The Burj Khalifa has outperformed the rest of the city, with prices growing by 55.4% over the same period.”

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