Dubai real estate meltdown: Burj Khalifa rates plummet by 25%

* Number of units launched in Downtown Dubai during 2016 dropped by 47 per cent

* Rents are expected to fall by 5 per cent to 7 per cent in the next six months

* Construction contracts worth $3bn to be announced in 2017

Over the past 12 months, the Burj Khalifa has registered a 25 per cent correction in values, making it the weakest performer in Dubai.

Hattan Villas at The Lakes (–13.5 per cent), Hattan Villas at Arabian Ranches (–12.6 per cent), villas on the Palm Jumeirah (–12.3 per cent) and apartments on the Palm Jumeirah (–11 per cent) are the five weakest performing markets in the past 12 months, according to a report by Cluttons.


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