The tallest building in the world, Burj Khalifa, saw home sales worth AED467.1 million ($127.17 million) in 2024, highlighting Dubai’s appeal as one of the top luxury real estate markets globally. This year, Burj Khalifa is celebrating its 15th anniversary, maintaining its appeal over the years, especially among high-net-worth individuals.
According to a preliminary sales data analysis by global property consultancy, Knight Frank, average prices in the Burj Khalifa at the end of 2024 stood at AED3,000 per square foot, which is 78.5 percent above the city-wide average of AED1,680 per square foot.
Burj Khalifa prices rise 12.9 percent
Knight Frank’s analysis also revealed that in 2024, residential sales in the iconic tower were just 5.7 percent lower than 2023’s AED495.2 million, despite a 27 percent drop in the number of homes available for sale in the building.
The Burj Khalifa has long been a symbol of Dubai’s ambition and success in creating a world-class city. The tower’s contribution to Dubai’s luxury real estate sector mirrors the city’s extraordinary growth. Dubai has recorded AED1.77 trillion in total residential sales since 2010, with the Burj Khalifa accounting for 0.5 percent of this total.
“The 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. Indeed, city-wide prices ended the year 19.1 percent up on 2023, with the Burj Khalifa not far behind with 12.9 percent growth, a remarkable achievement given the city-wide dearth of properties for sale,” stated Faisal Durrani, partner – head of research, MENA.
98 non-branded residential units sold in 2024
Knight Frank added that a total of 98 non-branded residential units were sold in the Burj Khalifa last year, with an average transaction price of AED4.8 million per home. The highest price per square foot in this segment was AED4,391 for a 2-bedroom apartment, which sold for AED9.7 million.
In addition, 18 branded residences were sold, highlighting the tower’s unique position in the ultra-luxury segment. The most expensive branded residence, a 5-bedroom unit, fetched AED44 million, equating to AED4,987 per square foot, surpassing the highest price per square foot achieved in the non-branded segment.
“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. 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,” added Petri Mannila, partner – head of prime residential, Dubai.
Burj Khalifa accounts for $2.4 billion of Dubai sales
Even a view of the Burj Khalifa adds immense value to a property. This is evident in the most expensive ever sale in Downtown which was recorded in 2024: a 4-bedroom, dual-story Kempinski-branded penthouse apartment with a Burj Khalifa view, which sold for AED80 million by Knight Frank.
Since its inauguration in 2010, the Burj Khalifa has played a pivotal role in Dubai’s real estate landscape. The tower has accounted for AED8.8 billion ($2.4 billion) of home sales in Dubai, the highest for any single building in the city, 43 percent ahead of Atlantis The Royal which takes second place at AED6.2 billion.
Knight Frank’s analysis also reveals that the Burj Khalifa has accounted for an impressive 6.2 percent of the total value of residential sales in Downtown since 2010, which equates to AED144.2 billion.
With 1,862 units sold to date, 76 percent of the tower’s residences are now valued at over $1 million, underscoring its global status as a premier address. As Dubai’s real estate market continues to evolve, the Burj Khalifa remains a timeless symbol of luxury, innovation and architectural excellence, anchoring the city’s position as a leading hub for the world’s elite.
