Iranian investors have snapped up property worth $128 million in the world’s tallest tower, the Burj Khalifa, in the last six months, according to data from Dubai’s government, using cash in many cases as Western sanctions crimp access to banks.
Iranians were the second-largest buyers of luxury apartments and commercial space in the Burj Khalifa, after Indian citizens, in the first half of the year, Dubai’s land department said last month.
Foreign investors bought real estate assets worth AED28.3 billion in the first half of 2012, up 36% over last year.
The land department said, 358 Iranians had purchased the apartments over six months to June 30 as Dubai’s property market shows signs of slowly stabilising after home prices slumped by more than 60% from their peak in 2008.
“Iranians have problems getting finance, which is why they are mostly involved in cash buys,” said a Dubai-based real estate broker who declined to be identified. “We have sold three floors on the Burj and all of these involved Iranian buyers.”