Burj Khalifa's Milestone: 15 Years of Luxury Living
The Burj Khalifa Turns 15: How Much Does It Cost to Rent a Home in the World’s Tallest Building?
In 2024, the Burj Khalifa, the world's tallest building, celebrates its 15th anniversary. The building is not only an iconic element of Dubai's skyline, but also plays a prominent role in the real estate market. According to experts, in the past 15 years, every 200th dirham spent on residential properties in Dubai went towards purchasing a piece of the Burj Khalifa. This highlights the tower's remarkable appeal and status in the local and international real estate market.
Higher Prices and Premium Rental Rates
Real estate prices in the Burj Khalifa significantly exceed the city average. According to the Knight Frank real estate market report, at the end of 2024, the average price per square foot in the Burj Khalifa was 3,000 dirhams, while city-wide in Dubai, it was around 1,680 dirhams. This represents a 78.5% premium compared to the city average.
Annual rental fees for one-bedroom apartments in the building range from 150,000 to 180,000 dirhams, depending on the floor level and the apartment's amenities.
Sales and Rentals Trends
Over the past 15 years, the total value of apartment sales in the Burj Khalifa reached 8.8 billion dirhams, the highest amount for a single building in Dubai. This significantly surpassed the sales of the iconic Atlantis The Royal, which totaled 6.2 billion dirhams.
In 2024, home sales in the Burj Khalifa amounted to 467.1 million dirhams, showing a slight decline of 5.7% compared to the previous year. This is partly due to a decrease in the number of available apartments in the building, which fell by 27% compared to 2023.
The highest transaction price for a two-bedroom apartment was 9.7 million dirhams, sold at a rate of 4,391 dirhams/sq m. The most expensive property sold was a five-bedroom apartment purchased for 44 million dirhams.
Investment and Renting
The Burj Khalifa remains a popular destination for both investors and renters. Rental yields range between 5-6%, making the building especially attractive to buyers looking for properties to lease. The historical occupancy rate of the building has ranged between 85-90%, indicating stable demand regardless of real estate market cycles.
In 2024, rental prices approached their 2015-2016 peak, when annual rental fees for one-bedroom apartments exceeded 180,000 dirhams. The current rental prices remain in the 150,000-180,000 dirham range, further reinforcing the Burj Khalifa's status as one of Dubai's most desirable residences.
Future of the Iconic Building
Over its 15-year existence, the Burj Khalifa has not only become a defining element of Dubai's skyline but also one of the world's most outstanding real estate investment opportunities. The building continues to attract luxury-seeking buyers and tenants while providing excellent returns for investors. The world’s tallest building remains an iconic part of the Dubai real estate market and is likely to maintain its prestigious place in the city and the world for decades to come.
