By Arno Maierbrugger, Deputy Business Editor www.gulfnews.com
Dubai: The tallest tower on the planet has opened its doors to tenants.
With the handover of the Burj Khalifa residential units now starting, the market is beginning to get a feel for how much the rent should be for the 828-metre building’s exclusive units.
Several real estate companies have advertised annual rentals for Burj Khalifa studios starting at Dh140,000.
Prices rise to between Dh180,000 and Dh260,000 for one-bedroom apartments and from Dh300,000 for two-bedroom units.
Units on lower floors with fountain view are being offered for less than those with a sea view on middle and higher floors.
“The asking prices are a first test of how the market responds,” Elysian Real Estate property agent Joe Le Beau told Gulf News.
“We are still in the early steps, and this is a very exclusive piece of real estate.”
He said there were “quite a few calls” from interested tenants after Elysian placed its ad on Monday.
A total of 60 units in the tower are available for tenants. However, the handover process by Emaar will go step by step.
Elysian Downtown Dubai manager Joanna Cook said an apartment viewing must be booked well in advance.
“We are starting to build up some interest by putting the units on the market,” Cook said.
Strict security was making a spontaneous appointment impossible, and not all owners had received their keys, Cook said.
Networth Real Estate property agent Daniel said: “The handover has started on the lower floors, and those landlords are preferred who have fully paid their units.”
Networth was also offering Burj Khalifa units for sale, priced from Dh3,250 per square foot depending on the unit size.
“But not many owners are willing to sell,” Daniel said. “At least not below Dh4,000 per square foot.”
However, one-bedroom units can be found for as low as Dh3,100 per square foot, a Continental Real Estate ad showed yesterday.
Asked if there could be an oversupply as more and more Burj Khalifa units hit the market, Daniel said that “this tower is the only one of its kind, and the units are a special offer”.
It was also likely that prospective tenants would have a tough time negotiating rents as Burj Khalifa apartment owners pay around Dh52.77 per square foot annual service charge for residential units — for community service, and chilled and hot water, Emaar said.
A one bedroom unit of about 1,000 square feet will incur more than Dh50,000 in charges a year.
