Prices for Burj Khalifa apartments will soon skyrocket in 2021. As the UAE’s real estate industry rebounds from the coronavirus epidemic thanks to government measures and a quick vaccination campaign. According to research by global consultant Knight Frank, the world’s tallest skyscraper saw a 23% spike in pricing last year, compared to an 8% rise for the majority of Dubai.
The UAE property market is on the mend after a three-year oil price collapse that began in 2014. Owing to oversupply worries and the accompanying crisis. As individuals migrate to larger houses with outdoor facilities amid an increase in remote working and virtual education.
Property Market Continues to Recover
Furthermore, economic assistance measures and government efforts have aided in improving the market mood. This includes residence permits for elderly and distant employees, as well as the expansion of the 10-year golden visa programme.
Prices in Downtown Dubai, where the Burj Khalifa sets, have also increased by more than 17% as buyers.
Interim Statements By Property Megatrons Of UAE
“It continues to hone in on the city’s most elite areas, many of whom are new entrants to the market,” according to Mr Durrani. “These are ultra-high-net-worth individuals drawn to Dubai by the fact that the emirate is now one of, if not the safest city, in the world given the excellent governance that has so effectively contained the spread of Covid-19,” he added.
According to IHS Markit, which curates the Dubai Purchasing Managers’ Index, the emirate’s non-oil economy continued to expand in November. As the business conditions improve sharply for the first time in two years. A new venture aided by and a recovery in international travel related to Expo 2020 Dubai.
According to the NCEMA, the UAE also delivered two doses of a coronavirus vaccination to more than 90 per cent of its population.
Interiors Of The Tallest Building, Burj Khalifa
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“Properties with views of the Burj Khalifa attract a premium above nearly any other property,” says Andrew Cummings, partner and head of premier residential sales at Knight Frank Middle East.