Real estate prices at Dubai's famed Burj Khalifa may have plummeted in recent years, but one group of investors is snapping up property there in huge quantities.
According to Arabian Business, Iranians have purchased $128 million worth of residential and commercial space at the world's tallest building in the past six months, making them the second biggest buyers in the first half of the year after Indian citizens.
Brits, UAE citizens, and Pakistanis completed the top five, according to new data from Dubai's land department.
In many cases, the transactions have been all-cash as the West has clamped down on sanctions against Iran. Overall, 358 Iranians bought into the Burj in the first half of the year.
Prices at the Burj, which opened in 2010 to great fanfare, dropped from highs of $2,450 per-square-foot at their peak to around $721 per-square foot, the Wall Street Journal's Tahani Karrar-Lewsley reported in July.
But real estate in the emirate is finally beginning to stabilize after a major housing slump that hit in 2008, when prices dropped more than 60 percent. Housing prices rose 5.6 percent during the first six months of 2012, according to a recent report from Knight Frank.
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