Burj Khalifa, the world’s tallest building, recorded home sales worth Dh467.1 million ($127.18 million) in 2024 on continued demand for property in Dubai from high net worth individuals.
The total number of sales, however, dropped 5.7 per cent annually, as a result of lower number of homes available for sale in the building on “sustained demand,” from buyers, according to a new report from Knight Frank on Saturday.
Average prices in Burj Khalifa at the end of 2024 stood at Dh3,000 per square foot, which is 78.5 per cent above the citywide average of Dh1,680 per square foot.
A total of 98 non-branded residential units were sold in the tower last year, with an average transaction price of Dh4.8 million per home, the report said.
The highest price per square foot in the non-branded segment was Dh4,391 for a two-bedroom apartment, which sold for Dh9.7 million.
The building built by Emaar Properties also recorded sales of 18 branded residences during the 12 month period, with a five-bedroom unit, sold for Dh44 million at Dh4,987 per square foot.
“Burj Khalifa’s 15-year reign as the world’s tallest building comes at a time when Dubai’s residential market is experiencing record demand and growth,” said Faisal Durrani, partner and head of research, Mena at Knight Frank.
“Indeed, citywide prices ended the year 19.1 per cent up on 2023, with Burj Khalifa not far behind with 12.9 per cent growth, a remarkable achievement given the citywide dearth of properties for sale.”
The UAE property market has been booming in recent years.
The government initiatives such as residency permits for retired and remote workers and the expansion of the 10-year golden visa programme and overall growth in the UAE’s economy due to diversification efforts is also supporting the property market.
Since opening in 2010, Burj Khalifa has accounted for Dh8.8 billion of home sales in Dubai, the highest for any single building in the city, 43 per cent ahead of second placed Atlantis The Royal at Dh6.2 billion, Knight Frank said.
The report also revealed that Burj Khalifa has accounted for 6.2 per cent of the total value of residential sales in Downtown since 2010, which equates to Dh144.2 billion.
With 1,862 units sold to date, 76 per cent of Burj Khalifa's residences are now valued at more than $1 million.
“One of the critical driving forces behind Dubai’s residential property market has been its growing prominence as a global hotspot for high net worth individuals,” Petri Mannila, partner and head of prime residential, Dubai at Knight Frank, said.
“These affluent buyers are not just investing in the city but are actively targeting Dubai’s most luxurious homes for personal use, which has reshaped the dynamics of the market.”
Dubai and Abu Dhabi combined have recorded more than 100 sales of homes valued at over Dh100 million in the past two years, with ultra high net worth individuals buying in prime locations including The Palm Jumeirah, Jumeirah Bay Island, Emirates Hills, Business Bay and Saadiyat Island, according to recent data from property brokers and Abu Dhabi Real Estate Centre.
The most expensive home sold in Dubai was a Dh600 million mansion in Palm Jumeirah in 2022, while Abu Dhabi in March recorded its most expensive apartment sale of Dh137 million for a three-bedroom penthouse at Nobu Residences, built by Aldar Properties in Saadiyat Island.
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Results
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
SPECS
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Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
UAE currency: the story behind the money in your pockets
Brief scoreline:
Liverpool 2
Mane 51', Salah 53'
Chelsea 0
Man of the Match: Mohamed Salah (Liverpool)
Brief scores:
Arsenal 4
Xhaka 25', Lacazette 55', Ramsey 79', Aubameyang 83'
Fulham 1
Kamara 69'
The distance learning plan
Spring break will be from March 8 - 19
Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm
Staff will be trained in distance learning programmes from March 15 - 19
Teaching hours will be 8am to 2pm during distance learning
Pupils will return to school for normal lessons from April 5
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
COMPANY%20PROFILE
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TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
It
Director: Andres Muschietti
Starring: Bill Skarsgard, Jaeden Lieberher, Sophia Lillis, Chosen Jacobs, Jeremy Ray Taylor
Three stars
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
