A vast luxury apartment on the 87th floor of Burj Khalifa has become one of the most expensive rental properties in the country, leasing for Dh12 million ($3.2 million) a year.
The 1,000-square-metre property, which serves as an indicator of the strength of Dubai’s real estate market in the wake of unprecedented attacks from Iran, is the only duplex apartment with a balcony in the famous building and has benefited from a Dh33 million renovation.
Its owner, a Dubai resident of more than 21 years, said the property shines a light on the UAE’s investment potential and insisted the country’s real estate sector will rebound strongly from current challenges.
Karl Haddad, chief executive of IRC Invest, a firm specialising in second citizenship, residency and immigration programmes, has lived in Burj Khalifa for 12 years.
Mr Haddad, who bought the apartment for Dh180 million, recently sold the Sky Palace Penthouse on the 830-metre building’s top floor.
“It took three years to merge two units upstairs to make it the only duplex in Burj Khalifa with a balcony, and Dh13 million just to build the stairs,” he said.
“We have had to reinforce the floors up and down and there is a meticulous choice of materials used.”
What’s inside?
Marble walls complement huge floor-to-ceiling panoramic views across Downtown and out towards the Arabian Gulf.
Furnishings alone have cost around Dh14.6 million, and include 25 unique pieces of artwork embedded with Swarovski crystal.
A gym is fitted with equipment adorned with crocodile skin, while each room is connected with a Dh3.6 million Bang and Olufsen sound system.
The home also benefits from a 93-square-metre private cinema, spa and sauna.
“For a person to come and rent this from me for $3.2 million is a testament to Dubai’s infallibility of belief in the future,” said Mr Haddad, who advises governments on citizenship programmes, as well as property investing.
“A lot of people have had their doubts lately, and I think this rental proves otherwise.
“We’re actually in the process of adding three more apartments to make it 1,400 square metres, that would take it to a completely different valuation. It’s truly a one-of-one trophy asset with a perfect view over DIFC 2.0.”
The transaction was facilitated by Keyper, a real estate investment management platform that specialises in Dubai’s ultra-luxury rental market. More info and photos
By Nick Webster
March 30, 2026 The National
