For most people no introduction is necessary to the Burj Khalifa. It is the world’s tallest and most glamorous feat of modern sky-scraping architecture. It is what it was always meant to be; prestigious, unfortunately during its five years of construction people’s appetite for prestigious properties in Dubai dried up almost entirely.
Sales apparently weren’t a problem amidst the hype of a tower about to open; developer Emaar had apparently sold 90% of properties in the development before it opened, but now owners of said properties are having great difficulty in finding tenants, so much so that one broker marketing their homes has slashed rental rates by as much as 40 percent.
The cost of renting a luxurious studio (floor to ceiling windows, marble and wooden floors) is down to 6,666 dirhams ($1,815) a month, one-bedroom apartments down to 10,000 dirhams per month ($2,700), and Two-bedroom apartments down to 15,833 dirhams ($4,250) per month, according to Dubai based Better Homes.
