Tall Tales in Strata Living

Living at the top of the strata title world is exciting but tough.

In Dubai, they've developed the tallest apartment building in the world.  Called Burj Khalifa it's the tallest man-made structure ever built at 828 metres in height.

Construction began in September 2004, the exterior was completed in October 2009 and the building officially opened on 4 January 2010.  It's part of the new 2 square kilometre development called Downtown Dubai near Dubai's main business district.  That's a large-scale, mixed-use development that would include 30,000 homes, nine hotels such as The Address Downtown Dubai, 3 hectares of parkland, at least 19 residential towers, the Dubai Mall, and the 12-hectare man-made Burj Khalifa Lake.

The building includes the Armani Residences which sold for over US$37,500 per m².

That's amazing living at the top of the world (height and prestige).

But the project finished just as the global financial crisis of 2007–2010 started, and with vast overbuilding in the United Arab Emirates, led to high vacancies and foreclosures.   So, rents in the Burj Khalifa dropped more than 40% and 825 of the 900 apartments in the tower around 825 were empty for more than a year.

I'm sure it's fantastic to live there but it all comes at a price.

See you in your apartment in the clouds.

Francesco ...