Burj khalifa
The total cost for the project was about US$1.5 billion; and for the entire "Downtown Dubai" development, US$20 billion. In March 2009, Mohamed Ali Alabbar, chairmanof the project's developer, Emaar Properties, said office space pricing at Burj Khalifa reached US$4,000 per sq ft (over US$43,000 per m²) and the Armani Residences, also in Burj Khalifa, soldfor US$3,500 per sq ft (over US$37,500 per m²).
The project's completion coincided with the global financial crisis of 2007–2010, and with vast overbuilding in the country, led to highvacancies and foreclosures.[15] With Dubai mired in debt from its huge ambitions, the government was forced to seek multibillion dollar bailouts from its oil rich neighbor Abu Dhabi. Subsequently, ina surprise move at its opening ceremony, the tower was renamed Burj Khalifa, said to honour the UAE President Khalifa bin Zayed Al Nahyan for his crucial support.
Due to the slumpingdemand in Dubai's property market, the rents in the Burj Khalifa plummeted 40% some ten months after its opening. Out of 900 apartments in the tower, around 825 were still empty at that time....
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