Burj Khalifa Drops Rentals and May Lose Status too

Mira Pawar By Mira Pawar, 1st Nov 2010 | Follow this author | RSS Feed
Posted in Wikinut>News>Media

The existing tallest building Burj Khalifa will be over-shadowed soon by a structure in Saudi Arabia. Due to less occupancy, the rental in Burj Khalifa has dropped 40%.

Burj Khalifa the tallest building in the world

Burj Khalifa located in Dubai; UAE is considered the tallest building in the world and awarded the best project of the year at the Middle East Architect Awards 2010. The skyscraper is the tallest man made structure and stands 828 meters tall. The building was officially inaugurated in January 2010 and as per the Dubai property dealers 90% of the building is still unoccupied.
Property Magazines in Dubai, UAE have recently reported that the rentals of the tallest building in the world Burj Khalifa, Dubai have dropped considerably as there are no takers. A studio apartment of 560 square feet which was initially priced at US $.38, 114.40 annually has dropped to US $.24, 502.00. It seems like living in the tallest building has become possible for a lot of aspiring residents of Dubai.

Occupants in Burj Khalifa


The building has 144 Armani branded residences, 37 floors of Office space and 160 hotel rooms. The building houses Armani’s first hotel and an observation deck on the 124th floor. The popularity of the building has increased even further with the news of Mission Impossible 4 starring Tom Cruise that is going to be shot in the Burj Khalifa Tower.

Burj Khalifa to lose status soon

However, the fame and status of Burj Khalifa could be short-lived as the news of a similar building double the size being built in Jeddah, Saudi Arabia has been confirmed by prominent Media Houses in the Middle East. The structure will be named The Kingdom Tower and the project is being developed by Kingdom Holding. Adrian Smith and Gordon Gill from Chicago, USA have been selected to design the structure. It was Adrian Smith who had designed Burj Khalifa in Dubai when he was working for Skidmore Owings & Merrill, Chicago, USA.
Jeddah Al Eqtisadiah, a subsidiary of Kingdom Holding, Jeddah has signed an agreement with the Emaar Group, Dubai, UAE to develop this project. Once the project is completed, its height of 1.6 meters will definitely overshadow Burj Khalifa as the tallest building. Nevertheless, until The Kingdom Tower is ready, Burj Khalifa will be considered the tallest man-made structure in the world.

Tags

Tallest Building Has Competition From Saudi Arabia, Tallest Building In The Building Drops Rental, Tallest Building In The World

Meet the author

author avatar Mira Pawar
I completed my journalism from ICS, Scranton in the year 1996 and specialise indoing feature stories

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Comments

author avatar Mark Gordon Brown
2nd Nov 2010 (#)

these structures are truly amazing.

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author avatar hieroglyph
17th Dec 2010 (#)

Oh, now I know...

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author avatar Mira Pawar
17th Dec 2010 (#)

What?

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author avatar hieroglyph
17th Dec 2010 (#)

My sister is staying in Dubai, she mentioned months ago that Burj Khalifa is one of the positive economic factor of the country, but just now I know that it's being overshadowed by another... Thanks for the update Mira...

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author avatar Mira Pawar
18th Dec 2010 (#)

You are welcome anytime!

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