Renting an apartment in world's tallest tower to cost less

All those who aspire to experience living in Burj Khalifa have a reason to smile, as renting an apartment in the world's tallest tower will now cost less, say Dubai property dealers.

A studio apartment of around 560 square feet can now be rented at USD 24,502 a year, compared to USD 38,114.4 in the beginning of June this year. Asking price of a one-bedroom apartment is USD 32,669.51 while two bedrooms could be rented for USD 59,894.1 a year, say local advertisements. Earlier, a one-bedroom unit ranged between USD 49,004.2 and USD 70,783.93 while two-bedroom apartment started at USD 81,673.7.

Reports last week said that apartments in Dubai's most prestigious address are available at 40 per cent less rentals than when the building opened 10 months ago. According to a local property brokerage firm, about 825 of the 900 apartments in the Burj Khalifa are still empty.

Emaar had sold 90 per cent of the homes in the tower before the January opening. The building also has 144 Armani-branded residences, 37 floors of office space and 160 hotel rooms. It houses Armani's first hotel and an observation deck on the 124th floor.

Sales prices in the Burj Khalifa are down to around USD 816.73 per square foot, as opposed to the earlier peak of up to USD 2,722.4 per square foot. According to September data, the Sales Price Index Dubai-All Residential fell 2.30 per cent from the previous month.