While tourism in Dubai has seen some strong recovery following the Arab Spring, the real estate market is still reeling from the repercussions of the economic crisis. As a resident this means affordable homes but for owners it’s still tough times. Owners of apartments in the tallest tower in the world – Burj Khalifa, are offering units on short-term rentals with leases starting from as little as Dh7,000 ($1,905) a week, an 80 per cent saving from its original cost. An advert by an owner of a studio and one bedroom apartment in Burj Khalifa, in a local classified and community portal, reads: “We offer a studio and one bedroom (1,150 sq ft) fully serviced apartments in the Burj Khalifa for short term stay. The apartments have spacious reception area, a semi closed kitchen plan, where bed rooms have an on-suite bath, a powder room for the guest.”
Another listing offered a 2,053 sq ft two-bedroom furnished apartment for lease on a weekly rate of Dh12,000 ($3,266) for a period between November 21 and 30, going up to Dh14,000 ($3,811) a week for the period between December 1 and 14 and Dh18,000 ($4,900) a week for the period between December 15 and January 7, 2012. Not much of an improvement since last year, when a Dubai-based company, was offering a one-night stay in a one-bedroom apartment in the Burj Khalifa from Dh1,300 ($353) onwards.
Currently, a studio apartment is being leased for Dh80,000 ($21,778) to Dh90,000 ($24,500) per year, one-bed starts from Dh130,000 ($35,389), while two-beds are available from Dh175,000 ($47,639). A sign of affordable times?