By Talal Malik
World's tallest building now worth more per square foot than rival on Palm Jumeirah.
Presales of luxury real estate at the Burj Dubai, the world's tallest building, have overtaken those at the Trump International Hotel & Tower on the Palm Jumeirah, with prices rising to a record 13,000 dirhams ($3,540) per square foot.
According to the latest figures, the cost of a square foot in some parts of the Burj Dubai have now more than tripled from $1,089 a few months ago, UAE daily Emirates Business 24/7 reported on Monday.
Its main rival in terms of price is the Trump International Hotel & Tower being built on one of three palm-shaped islands off Dubai's coast, where the square foot in early May topped $3,267.
Prices in the Burj Dubai and Trump Tower are widely considered to be the highest in the UAE, said Ali Al Rahma, CEO of real estate information website Eqaraat.com.
Burj Dubai, is set to be completed next year, is the centrepiece of the $20 billion Downtown Burj Dubai project, which includes 30,000 apartments, nine hotels, 19 residential towers, Dubai Mall and a huge artificial lake.
It will also house the first Armani Hotel and Residences, previously deemed the most expensive in the city with prices up to $2,858 per square foot.
Emaar Properties, developer of the Burj Dubai, has not disclosed the tower's final height, which currently stands at more than 630 metres.
The Trump Tower, regarded as one of the most luxurious commercial building in Dubai, will be based at the centre of the Golden Mile, located on the trunk of the Palm Jumeirah.
The 48-storey mixed-use building, in the shape of a split linked tower with an open core design, will have a 300-room five-star hotel and 360 freehold residential apartments.
The ambitious $600 million project is the first joint venture between Nakheel and the Trump Organisation, whose president and chairman is Donald Trump.