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Burj Khalifa units primarily for lease, not sale

Owners of prestigious Burj Khalifa units will wait for an improved market to sell.

June 10, 2010 9:48 by

Owners of apartments in the Burj Khalifa are primarily looking to rent rather than sell their properties, Emirates Business reported Thursday. Prestige and “brand value” are among the reasons given for the trend, while many owners are holding on to the property in the hopes of price appreciation, the report said. Owners who bought from Emaar in the later stages of development, may face current market values lower than the purchase price, should they decide to sell.

“Many of our clients are retaining their apartments for lease instead of selling. There is a status element to owning such a unique property,” the report said, quoting Adam Farani, Residential Sales Consultant, Better Homes.

Residential prices in the tower range between AED 3,200 and AED 4,200 per square foot, while commercial office space is priced at AED 5,500 to AED 7,500 per square foot, according to the report.

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