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According to officials, the pre-sales of luxury apartments at the Trump International Hotel & Tower have already overtaken those at the Burj Dubai; prices have gone up by an astounding AED 12,000 (US$ 3,267) per square foot making them the most expensive residences in the city. The previous record was held by the Armani Residences at the Burj Dubai which had prices of up to AED 10,500 (US$ 2,861) per square foot.
According to the UAE daily The National this would make the cost of a 2,000 square foot apartment AED 24 million!
Talking to the The National, property consultant, Blair Hagkull said, “We’ve seen prices triple in the last five years and double in the last two years. There is a significant escalation in land prices.” Thus this price increase was in line with the trend in the UAE real estate
market.
Executive Vice President of the Trump Organisation, Donald Trump Jr (the eldest son of Donald Trump), told the daily, “It’s a great testament to the building.”
According to Trump Jr, sales had “quietly” begun in June to a select group of “very wealthy Russians and Asians, and Middle Easterners”, adding, “These are the guys who contacted us the second we announced the project.” Official sales will begin in late June.
Scheduled for completion in 2009, this US$600 million development on the Palm Jumeirah will contain 300 hotel rooms as well as 260 freehold apartments. |