UAE | Housing & Property
Live life Burj size: High life at a low price
Want a piece of the world's tallest tower? With low rentals, attractive sale prices and hard-to-resist add-ons, this could be the opportune moment
- By Sharmila Dhal, Senior Reporter, XPRESS
- Published: 00:00 November 3, 2011
- Image Credit: XPRESS/Asghar Khan
- Annual rents for furnished luxury studio apartments start from Dh85,000. One-bedroom rentals are from Dh100,000. On the 28th floor a 1,546 sq ft two-bedroom apartment with study, offering a full fountain view from all the rooms, is available for Dh180,000.
Dubai: It's the most prestigious address in the world. And it's well within your reach.
For a little over Dh7,000 a month, you can now live in Burj Khalifa - complete with all the frills that only the world's tallest tower and most privileged address can offer.
Imagine being pampered like a VIP in your own home, getting direct access to the Armani Hotel, At.mosphere and Dubai Mall and the freedom to take your guests to an exclusive 123rd floor residence lounge for a cuppa.
"Burj Khalifa is not an ivory tower that is out of reach for the average tenant and buyer. It offers rental prices which are only slightly higher than neighbouring buildings in Downtown Dubai, but ensures a total white-glove experience," said Jens Jacob, property consultant at Dynamic Real Estate, which conducts open houses for potential clients.
Annual rents for furnished luxury studio apartments start from Dh85,000. One-bedroom rentals are from Dh100,000. On the 28th floor a 1,546 sq ft two-bedroom apartment with study, offering a full fountain view from all the rooms, is available for Dh180,000.
Yearly rents are usually taken in two cheques although some owners ask for one cheque, said Jacobs, adding there are rare cases where rents are paid in four cheques as well.
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He said water and chiller come free for tenants.
All apartments have top to bottom glass windows, built-in cupboards, walk-in closets and basic home appliances like a sub-zero refrigerator, oven-cum-stove, dishwasher, washing machine and dryer. Some apartments have been furnished to the last detail and even have crockery, cutlery, cookware, and even dish washing liquid. Prospective tenants can just walk in with their suitcase.
Access regulated
All flats come with parking. Valet parking facilities are also available for residents and guests, although access is strictly regulated at the main security. All residents need access cards to gain entry inside, right from the revolving doors at the main lobby and the elevators to their homes and other common area facilities like the health club, tennis or squash courts.
Should you want to buy an apartment, the going rates are between Dh2,400 and Dh3,500 per sq ft, which is still far less than the prices commanded by some prime properties in London, New York and Mumbai.
"Current prices are similar to off-plan sales figures about five years ago. Of course, during the peak in 2008, prices went up to almost Dh10,000 per sq ft for some units, but those days were crazy," said Jacob.
"This year, we've already sold 25 units, mainly one-, two- and three-bedroom units. We are in discussion with several buyers for commercial floors. The sales value of all the 25 apartments comes close to Dh100 million," he said.
Mary Malureanu, Leasing Agent at Landmark Advisory, said, "Depending on the size and view of the apartment, the average yearly rentals range from Dh85,000 to Dh100,000 for studios, Dh100,000 to Dh150,000 for one-bedroom and Dh280,000-Dh350,000 for three-bedroom apartments."
"The rent for four-bedroom penthouses with a terrace start from Dh550,000 and go up to Dh700,000 if they are furnished."
She said apartments with a view of the Dubai Fountain are more in demand and command higher rates than those with a sea view. Similarly, furnished apartments fetch more.
Agents said properties at Burj Khalifa, especially one- and two-bedroom apartments, have been moving fast over the past six months as prices fall. Earlier, owners who bought them at a premium expected high rentals, but now many of them are willing to lease them out at rates that just about cover maintenance costs.
Bassel Al Masri, Senior Sales Director at Ocean View Real Estate, said, "The maintenance fee at Burj Khalifa is Dh55 per sq ft. Owners are happy as long as the rentals cover service charges and their apartments get used. Leaving them unoccupied has its own problems."
Although prices fell by almost 50 per cent after the crash, this was not unique to Burj Khalifa. "It happened everywhere. But Dubai's real estate market is showing clear signs of recovery and prices have in fact gone up steadily for the last six months. Buyers who purchased in May 2010 are already seeing their properties appreciate by around Dh300 per sq ft."
Demand is high, he said, adding, "More and more buyers realise that this is the chance to get a piece of the tallest tower in the world, and the time to get it is now."
"Because of the growing demand, prices are becoming stable," said Jessica Melchor of Soraya Homes, noting that prices are unlikely to see any further fall.
Keeping prices aside, Burj Khalifa Residence offers a lifestyle that only the world's tallest tower can accord. Residents enjoy a high level of security and are made to feel like VIPs. They get direct access to the Armani Hotel and its world-class restaurants, the bar at At.mosphere on the 123rd floor at any time without reservation and without customary minimum expenditure, room service from the Italian restaurant Peck, 24 concierge service on three different levels, sky lobbies with gyms, indoor and outdoor pools with jacuzzis, free conference facilities for out-of office meetings, a convenient walkway to Dubai Mall, a concierge who picks up the residents' shopping when they come back and, of course, the hugely popular residence lounge on the 123rd floor where tea and coffee is on the house for residents and their guests.
"Many clients who buy or rent in Burj Khalifa are looking for a ready option. They want to just bring their suitcase and start living. They are extremely busy people who don't want the hassle of furnishing apartments," said Jacobs, adding, "It can't get better than Burj Khalifa."
Perks of Living in Burj Khalifa
Residents of Burj Khalifa get to enjoy many benefits:
- High level of security
- VIP treatment
- 24-hour concierge service on three different levels
- Direct access to Armani Hotel and its restaurants
- Direct access to the bar at At.mosphere
- Room service from Armani/Peck
- Access to sky lobbies with gyms, indoor and outdoor pools with jacuzzis
- Free conference facilities for out-of office meetings
- Access to a convenient walkway to Dubai Mall with a concierge who picks up the resident's shopping when they come back
- Free access to residence lounge on the 123rd floor with free tea, coffee and juice. Plus access to library
Revealing Rentals
- Studios: Dh85,000 to Dh100,000
- One-bedroom:Dh100,000 to Dh150,000
- Two-bedroom:Dh160,000 to Dh200,000
- Three bedroom: Dh280,000 to Dh350,000
- Four-bedroom: Dh550,000 to Dh700,000
Comments (9)
If your one-bedroom costs more than a Burj Khalifa apartment, would you be tempted to shift into the tower? Will your freedom of movement be curtailed by being a Burj Khalifa resident?
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