Iranian investors have snapped up property worth $128 million in the world’s tallest tower, the Burj Khalifa, in the last six months, according to data from Dubai’s government, using cash in many cases as Western sanctions crimp access to banks.
Iranians were the second-largest buyers of luxury apartments and commercial space in the tower, after Indian citizens, Dubai’s land department said yesterday.
Apartments in the 828-metre tower range from 2,600 dirhams ($710) to 3,800 dirhams per square feet, according to brokers.
This is much cheaper than average prices in prime locations in London which could range between $3,000 to $6,000 per square feet.
Foreign investors bought real estate assets worth 28.3 billion dirhams in the first half of 2012, up 36 per cent over last year.
The department said 358 Iranians purchased apartments as Dubai’s property market shows signs of slowly stabilising after home prices slumped by more than 60pc from their peak in 2008.
Britons were the third most active buyers, while UAE citizens came in fourth. Pakistani buyers rounded out the top five.