25 September 2013

Dubai’s costliest: Burj Khalifa, Le Reve register highest value rise

Capital value in Burj Khalifa, the world’s tallest tower, and Le Reve, an ultra-luxury tower, have risen by 27 per cent and 30 per cent, respectively, in the year to June 2013, a new report reveals.

Knight Frank, a global property consultancy, said in its new report that though apartments were lagging in capital value appreciation to villas at the beginning of 2012, they have gained since Q4 2012 with high quality units in Dubai Marina, Downtown and Palm Jumeirah showing strong performances similar to that of prime villas.

The report disclosed Le Reve prices to be 2.5 to 3 times higher at the end of Q2 2013 than at the launch, having risen to nearly four times the original price at the peak of Q3 2008.

Emirates 24|7 reported earlier that Le Reve topped the list of apartment deals recorded by the Dubai Land Department with Dh38 million deal registered in Q2 2013.

As for Burj Khalifa, Knight Frank, said: “Prices increased by 40 per cent briefly at the peak of the market but then dropped top below the off plan prices for the following four years until regaining their original value in Q2 2013.”

This website reported in June that apartment prices in Burj Khalifa rose 32 per cent in the first five months of 2013 compared to the same period last year. Average sale prices stood at Dh3,362 per square foot compared to Dh2,550 per square foot, data provided by Reidin.com had revealed.

Villa prices rose 11.4 per cent, while apartment jumped 15.1 per cent since beginning of 2013, Knight Frank said.

“There is a definite focus on quality by buyers, which is now recognised clearly by developers. With the resurgence of Dubai real estate has come a more acute awareness of trust, reputation and the ability of developers to deliver a high quality product,” the consultancy reported.

Source: www.emirates247.com