One square foot (0.09m2) in the commercial area of the tower fetched between US$4,500 to US$5,500 at the height of the property boom in 2008, before the global recession hit.
Some believe Burj Dubai will be the last of the giant projects that have brought global fame to Dubai, such as the 3km long Palm Jumeirah artificial island developed by the troubled Nakheel company.
Other towers that have been announced but now look doubtful include the 1,000m Nakheel Tower, Kuwait’s Silk City tower slated to be more than 1,000m tall, and the 1,600m Jeddah tower by Saudi billionaire Prince Alwaleed bin Talal.
Efstathiou says he believes it will be 10 years before Burj Dubai’s record is broken.
“When Burj Dubai was conceived, it was a totally different time and the biggest driving force for these tall towers are the economics,” he said. “If you can tell me when the economy is going to turn around, I would have a better idea about when the next building will occur. But we know that if a building started its designs today it wouldn’t be done before at least seven to 10 years.”
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