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Armani Hotel at the Burj occupies many of the lower floors with 175 rooms, including 144 luxury residential suites designed by Giorgio Armani. Floors 17 to 108 will have 800 private apartments and higher floors comprise offices and private suites. In fact, The Armani factor is further adding to the brand value of the iconic tower. Prices of Burj Properties have appreciated by almost 400-500% in recent months. Rates of luxury apartments at the iconic tower have risen to an unprecedented $20,000(approx) per square metre during the last few months, making it the most expensive property in the UAE and the Middle East.
The spurt in prices of Burj units has had a positive bearing on other projects in the surrounding area. We estimate that there has been an overall price appreciation of about 300-400% in adjoining areas. For instance, an average price of a 1 bed room flat in the vicinity of Burj is $7,000 per square metre, which is very high compared to units in other districts of Dubai. Hence, the Burj-effect has gradually spread to the nearby area as well.
The mounting inflation and high cost of living globally have had no effect on Burj Dubai sales. In 2007, UAE inflation soared to a high of 11.1 per cent partly due to steep rental hikes. In 2008, housing rents shot up to 17.5 per cent from last year, and with no signs for it to ease in the near future, inflation is clearly headed for another record surge. Despite these factors Burj Dubai remains an attractive proposition for investors.
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| Facts |
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Tallest structure in the world with a height of 636 metres. |
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200 metres of dancing fountain at the feet of the iconic tower |
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To house one of the world’s first Armani Hotels |
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Largest number of floors (160 completed) in the world, surpassing Sears Tower. |
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Samsung Corporation, South Korea, is the main contractor. |
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World’s fastest elevator with a capacity of 5,500 Kg. |
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| Timeline of events |
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September 21, 2004 - Emaar contractors begin construction of Burj Dubai. |
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February 2007- Burj Dubai surpasses the Sears Tower as the building with the most floors. |
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July 21, 2007- Burj Dubai dethrones Taipei 101 as it attains a height of 509.2 m (1,671 ft). |
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September 3, 2007- Burj Dubai becomes the second-tallest freestanding structure, overtaking the 540 m (1,772 ft) Ostankino Tower in Moscow. |
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September 12, 2007- At 555.3 m (1,822 ft), Burj Dubai becomes the world's tallest freestanding structure on land, leaving behind CN Tower in Toronto. |
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April 7, 2008- Burj Dubai, at 629 m (2,064 ft), goes past the KVLY-TV Mast to become the tallest man-made structure on earth. |
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| Current records |
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Tallest structure with 636 m (2,087 ft) (previously KVLY-TV mast - 628.8 m (2,063 ft)) |
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Tallest freestanding structure: 636 m (2,087 ft) (previously CN Tower - 553.3 m (1,815 ft) |
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Building with most floors: 164 (previously Sears Tower / World Trade Center - 110) |
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Highest Vertical concrete pumping (for a building): 601.0 m (1,972 ft) (previously Taipei 101 - 449.2 m (1,474 ft)) |
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Highest Vertical concrete pumping (for any construction): 601.0 m (1,972 ft) (previously Riva del Garda Hydroelectric Power Plant - 532 m (1,745 ft) |
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Burj Dubai is witnessing a record-breaking growth, price wise, as it nears completion. The tower features residential, commercial and retail spaces along with world's first Armani Hotel and Residences. The estimated building cost is US$ 1 billion. Burj Dubai anchors Down Town Burj Dubai , a mixed-use mega development that houses 30,000 homes and the world's largest shopping arcade - The Dubai Mall. The estimated total budget of the bustling community, known as the new ‘heart of the city', is to be $20 billion.
