The Burj Khalifa area in Downtown Dubai has emerged as a real estate hotspot, displaying remarkable growth during the first half of this year. According to data from the Dubai Land Department, the region recorded a staggering 2,454 real estate sales transactions amounting to 10 billion dirhams. This impressive performance showcases an 11% increase compared to the same period last year, during which the area achieved real estate sales worth 9 billion dirhams. Let’s delve into the details of the thriving market in the Burj Khalifa area and the projects that contributed to its success.
Residential Sales:
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The residential sector played a pivotal role in driving the Burj Khalifa area’s real estate growth. A total of 2,080 apartments were sold, amounting to a substantial 7.4 billion dirhams in value. Out of these, 931 apartments were sold off-plan, contributing significantly to the overall value with a staggering 4.3 billion dirhams.
The “Elegance Tower” project emerged as the star of the Burj Khalifa area, witnessing the sale of 231 apartments valued at 555 million dirhams. Following closely was the “Exwest Living Residences” project, recording the sale of 149 apartments, with a remarkable value exceeding 737 million dirhams.
Ready-made apartments also saw high demand, with 1,149 units being sold, resulting in total sales exceeding 3 billion dirhams. The allure of luxurious living in the shadow of the iconic Burj Khalifa continues to attract investors and residents alike.
Land Sales:
Land transactions also contributed significantly to the region’s growth, with 5 deals worth 702 million dirhams. This indicates growing interest from developers and investors looking to capitalize on the area’s potential for further expansion and development.
Hotel Apartments and Offices:
The Burj Khalifa area also shines as a prime location for hotel apartment sales. During the first half of the year, 356 hotel apartments were sold, amassing a value of 1.6 billion dirhams. Among these, 46 apartments were sold off-plan, amounting to 154 million dirhams, while 310 ready-made hotel apartments were sold, collectively valued at approximately 1.5 billion dirhams.
In addition to residential and hotel apartment sales, the region attracted attention in the commercial sector. Thirteen offices were sold during this period, achieving a cumulative value exceeding 234 million dirhams. This highlights the area’s appeal as a hub for businesses, further enhancing its overall investment potential.
In conclusion, the Burj Khalifa area in Downtown Dubai has proven to be a formidable force in the real estate market during the first half of this year. With 2,454 transactions worth 10 billion dirhams, the region’s growth of 11% compared to the previous year showcases its resilience and attractiveness as a sought-after investment destination.
The surge in residential sales, particularly off-plan apartments, reflects the confidence investors have in the region’s future prospects. The success of prominent projects like the “Elegance Tower” and “Exwest Living Residences” demonstrates the continuous allure of living in the vicinity of the world’s tallest building.
As the Burj Khalifa area continues to evolve and develop, it is likely to maintain its position as a premier real estate destination in Dubai, drawing investors, residents, and businesses alike.
Source: globeecho