Despite being the landmark of luxury and success, nobody seems to be that interested in investing at Dubai's Burj Khalifa. According to the Wall Street Journal, real estate prices there have plummeted from highs of $2,450
per-square-foot to around $721 per-square foot.
Back when it opened in 2010, it was lauded not only for being the world's tallest building, but for its luxury apartments and deluxe amenities. But competition was tough as other luxury high-rises were launching in Dubai while the global economy was going down the drain. And apparently, the building's heavy security, long elevator trips and high service fees have also been a turn-off for prospective buyers.
In response to the bad bit of PR, the developer claimed that the building is more than 80% occupied. And an investment-sales consultant interviewed by the Journal said he was confident that prices at the Burj would eventually climb, "but no one can say when." But at this rate, it won't be long before it joins the list of other super-ambitious real
estate projects that have failed in the emirate in recent years.
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