The Burj Khalifa which is now the tallest tower in the world has eventually finish construction and open to the world after many years of construction. And, in spite of the last-minute name change from as Burj Dubai to The Burj Khalifa prior to its inauguration, the existence of the tallest tower in the world will provide immediate economic benefits to Dubai.

Dubai Anchor Project – The Burj Khalifa

The Burj Khalifa is the anchor project for Dubai’s renowned property constructor: Emaar Group. They managed to accomplish this mega project and bringing another iconic structure to Dubai. This tower is complementing the Burj al-Arab as another international recognized landmark and takes on even greater position to be the flagship project to another Emaar’s project, Downtown Burj Dubai which estimated to be cost about Dhs73bn ($20bn).

Even at moment the United Arab Emirates are struggled with the world wide economic downturn, with lot of property prices having a steep drop of the value, there exists confidence the program in general is going to back in shape and experience great benefits from the existence of the Burj Khalifa.

Current statistics revealed by Dubai-based Landmark Properties showed that the Downtown residential property sales are between Dhs 3, 500 – Dhs 4, 500 per square foot; while commercial property sales are in the price range of Dhs 3, 000 – Dhs 5, 000 per square foot. Before the crash of Dubai’s property prices, the selling prices for residential and commercial properties ever reached Dhs13,000 per square foot and Dhs14,500 per square foot respectively. But in recent few months, rental price for units in Downtown Burj Dubai went up by 13 percent according to Landmark Properties.

Major Construction Around The Burj Khalifa

The greatest impact for kicking off the Burj Khalifa is the all around major construction and surrounding towers. The launch of the Burj Khalifa can said to be one giant step for the accomplishment of the master development.

Besides, the Burj Khalifa is in addition boosts agglomeration economic climates, hence driving the property market for creating the primary Central Business District (CBD). Previously Dubai was establishing numerous CBD’s within the free zone structure. With the property markets consolidation, particularly the commercial markets, Dubai is begin to comply with classical urban property models with one primary CBD along with premiums linked to the proximity CBD. This CBD is going to consist of DIFC, Sheikh Zayed Road, Downtown, and gradually Business Bay. Slowly but surely this agglomeration will be able to stabilize the area all together.

Capitalizing on Downtown Dubai

By having better stability, and gradually come back of confidence to the property market, Emaar is positioned to develop with a myriad of additional residential and commercial enterprise programs in the Downtown project. There already have schemes for ‘The Residences’ as well as the Old Town featuring 1,560 residential units putting in place. And for the Old Town scheme, there is plan for an addition of 15 restaurants & cafes, 83 suites, 161 hotel rooms and 405 apartments to be built in the area.

If you are visiting to Dubai recently, you will see five hotels located at the Downtown. Those five hotels are including The Address Downtown Burj Dubai, Qamardeen, Al-Manzil, the Address Dubai Mall and The Palace. Very soon, the sixth hotel will be put in once the Armani hotel is completed. The $750 million Dubai Mall is another added shopping spot to the city that been symbolize as shopping paradise. The Dubai Mall is occupying a floor space of 1.1 million square meters by having over 1,200 stores which including a famous Gold Souk. The Old Town is features with the Arabesque Souk al-Bahar, where it is containing for more than 100 shops and 22 restaurants & cafes.

For Dubai to make use of flagship project to lure in investment is a model that was used in other places in Dubai and also wider GCC. In Saudi Arabia where the local giant developer, Kingdom Holding, is plans to build an $11 billion mixed-use construction project to the north of Jeddah on the Red Sea coast. This project is going to function at the center as a high-rise tower designed to reach 1 km for its height. The project was introduced in June 2009 by Kingdom Holding and claimed that they had chosen Emaar to be the primary constructor of Kingdom City and it is going to occupy a space of 23 square kilometers.

Prior for the Dubai real estate and property market crash, the pioneer developer Nakheel had actually drafted plans for building up a real estate project called Nakheel Harbour & Tower. This project will include a tower that located close to the Burj Khalifa and is estimated to accommodating 50,000 people. However, after the crash of the real estate market, the project is already putting on hold.

The Burj Khalifa