Rents for luxury apartments in Dubai’s Burj Khalifa, the world’s tallest tower, have been slashed by as much as 40 percent after the owners failed to find tenants, according to a broker that’s marketing the homes.
The cost of renting a studio with floor-to-ceiling windows, marble and wooden floors has dropped to 6,666 dirhams ($1,815) a month, while a one-bedroom apartment is available for 10,000 dirhams, Better Homes said. Two-bedroom homes are going for 15,833 dirhams.
Nine months after Burj Khalifa was inaugurated with a water-and-firework display, about 825 of the tower’s 900 apartments remain unoccupied, said Laura Adams, a residential sales and leasing adviser at Dubai-based Better Homes. The building is within walking distance of The Address, which offers serviced apartments at similar rates.
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