The rent prices for the world’s tallest building Burj Khalifa in Dubai have gone down about 50%, amid the real estate crash in Dubai. 825 of 900 luxury apartment still remain empty after one year of completion of the building.
The cost of a studio unit with wooden floors, marble fixtures and floor to ceiling windowsn has gone deon from about $3000/month to $1800/month. Two bedroom units have gone down from $7180 to $4300.
It cost about $950,000 to purchase a 1 bedroom apartment in 2008 and f you purchased a unit prior to completion, you could get them as low as $750,000. Most current owners are holding on to their units and are not worried about the price drops, as this is the most well known property in Dubai and prices should recover quicker than any other property once economy gets better in Dubai.
Some see opportunities in the depressed markets. Savvy investors and institutional investors have started buying propertie in Dubai as investment.
Burj Kalifa also features a one-of-a-kind Armani hotel.