Emaar’s Burj Khalifa, the world’s tallest tower, is celebrating 15 years of being one of the main landmarks in Dubai’s luxury real estate market, with real estate sales of AED 467.1 million, according to a preliminary analysis of 2024 sales data conducted by international real estate consulting company Knight Frank.
The analysis reveals that residential sales in the iconic tower, in 2024, decreased by 5.7%, compared to 2023, (AED 495.2 million), although the number of units available for sale in the building decreased by 27%, highlighting its continued attractiveness, especially among individuals with high wealth.
The average prices of residential units in the tower, at the end of 2024, were about AED 3,000 per square foot, which is 78.5% more than the average prices throughout the city of AED 1,680 per square foot.
Faisal Durrani, Partner and Head of Research, Middle East and North Africa at the company, said: “The tower’s celebration of its 15th anniversary comes as the world’s tallest building, at a time when the residential real estate market in Dubai is witnessing record demand and growth. In fact, city-wide real estate prices rose by 19.1% over the past year, while the tower achieved a growth of 12.9%, a remarkable achievement given the lack of real estate supply on
He added: “The tower is not just a global landmark, but rather an embodiment of Dubai’s ambition and success in building a city comparable to the world’s finest cities. The tower contributes to the luxury real estate sector in Dubai, reflecting the exceptional growth of the city. Since 2010, Dubai has recorded total residential real estate sales of AED 1.77 trillion, and the tower represents 0.5% of this total. To illustrate, for every 200 dirhams spent on residential properties in Dubai, over the past 15 years it has gone towards owning part of the tallest building in the world.”
The company points out that 98 unbranded housing units were sold in the tower last year, at an average price of 4.8 million dirhams per housing unit, and the highest price per square foot in this category was AED 4,391 for a two-bedroom apartment, which was sold for 9.7 million dirhams.
In addition, 18 luxury residential units were sold by brands, highlighting the unique location of the tower in the ultra-luxury real estate sector, and the most expensive residential unit with a brand, a five-bedroom apartment, reached a price of AED 44 million, equivalent to AED 4,987 per square foot, exceeding the highest price per square foot achieved in the units that are not distinguished by brands.
Petry Manila, Partner and Head of Luxury Real Estate, Dubai, said: “A key factor behind the evolution of Dubai’s residential real estate market is its growing emergence as a global hub for high-net-worth individuals. High-net-worth buyers are not limited to investing their money in Dubai, but also targeting Dubai’s most luxurious homes for personal use, reshaping market dynamics.”
He added: “Dubai’s ability to attract and attract the global elite reflects its prominent position as one of the most prominent global destinations, as iconic projects such as Burj Khalifa represent strong symbols of the city’s attractiveness.”
This ongoing demand for luxury properties has not only transformed the luxury sector, but also helped establish Dubai’s position as one of the most desirable destinations to live in the world, according to Knight Frank.
Even a view of the tower adds tremendous value, as shown by the most expensive sales deal ever in the Downtown Dubai area, during 2024, a four-bedroom two-storey penthouse apartment under the Kempinski brand, overlooking the Burj Khalifa, which was sold for 80 million dirhams through Knight Frank.
Pivotal role
Since its opening in 2010, the tower has played a pivotal role in Dubai’s real estate landscape, recording residential sales of AED 8.8 billion ($ 2.4 billion) in Dubai, the highest achievement of any single building in the city, 43% ahead of Atlantis the Royal in second place, which recorded AED 6.2 billion.
The company’s analysis also shows that the tower represents 6.2% of the total value of residential sales in downtown Dubai, since 2010, which amounted to 144.2 billion dirhams. With the sale of 1,862 units to date, 76% of the tower’s units are valued by more than one million dollars, highlighting its global status as a distinctive title.
As Dubai’s real estate market continues to evolve, Burj Khalifa remains a timeless symbol of luxury, innovation and architectural excellence, cementing the city’s position as a leading center for the global elite.