Why apartment owners at the Burj Khalifa are waiting longer to sell?

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In Dubai, people buying homes at the Burj Khalifa are getting 20-25% discounts. The property values at the tower have been rising for another year. Some owners are waiting to sell, and it seems like a smart move.

The priciest unit sold last year at the world’s tallest tower went for Dh4,852 per square foot, 20% more than in 2022. Since March 2021, Burj Khalifa units have seen prices rise over 55%, according to a new report.

This suggests there might be more price increases in the future. The number of homes for sale in Burj Khalifa dropped by 52% in 2023, possibly because owners are holding onto their homes longer. This has helped keep prices high, with the most expensive home this year selling for 140% more than in 2022.

How many homes were sold in 2023? There were 117 deals, a 22% increase from 2022, generating more than Dh1.06 billion. The Burj Khalifa accounted for 7% of all sales in Downtown, totaling Dh14.6 billion.

Since opening 14 years ago, Burj Khalifa has sold homes worth Dh9.8 billion, which is 8% of all Downtown sales since 2010.

Dubai has become a hub for second homes, attracting many international buyers. This demand has led to a 38% increase in average city-wide prices since March 2021. Burj Khalifa has outperformed the rest of the city, with prices growing by 55.4% over the same period.

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