Total number of deals in Burj Khalifa rose by 22 per cent to 117 during 2023, totalling more than Dh1 billion

In 2023, there were 117 transactions at Burj Khalifa, representing a 22% increase in volume and exceeding Dh1 billion. Last year, the average price of the highest skyscraper in the world was more than 17% more than the rest of the city. On the 14th anniversary of the world's tallest skyscraper, Knight Frank, a real estate consultant, revealed statistics showing that the total number of houses up for sale in Burj Khalifa decreased by 52% in the previous year, a reflection of the increasing number of long-term investors and bona fide end users. Seven percent of Downtown's sales, or Dh14.6 billion, were made in the skyscraper last year.

The Burj Khalifa was officially opened On January 4, 2010, which was also the fourth anniversary of His Highness Sheikh Mohammed Bin Rashid Al Maktoum's accession as Vice-President of the United Arab Emirates and Ruler of Dubai. The 200+ story Burj Khalifa, at 2,716.5 feet (828 metres), has 160 habitable stories, the highest of any structure in the world.

The number of homes for sale in the tower has dropped by 52%, according to Faisal Durrani, partner and head of Middle East research for Mena at Knight Frank. This indicates that owners are choosing to stay in their homes longer, as evidenced by the sharp decline in inventory levels, which suggests a longer-term residency mindset.

Since March 2021, average city-wide prices have increased by 38% due to the exceptional demand for real estate in Dubai. On the other hand, within the same time frame, prices at the Burj Khalifa increased by 55.4%. According to Knight Frank, the costliest residential property sold for Dh15 million. The price per square foot of the four-bedroom apartment was Dh3,339. The highest price per square foot in 2023 was Dh4,852, 20% higher than the highest price per square foot in 2022, Dh4,044.

The highest unit on the 105th floor of Burj Khalifa was sold for Dh10 million. In 2023, over 45 branded residential units were sold; the costliest, at 8,822 square feet, went for Dh33 million.

Since its inception 14 years ago, house sales in the Burj have totaled Dh9.8 billion, or 8% of Downtown's total sales value since 2010. Over the previous 14 years, 1,756 transactions have been documented.