As real estate developers continue to enhance the uniqueness of investment opportunities across the globe, one characterising feature of a residential building, particularly in the Middle East is the building’s height. In this latest addition to our blog we showcase the tallest residential buildings on earth.
The Middle East is home to seven of the world’s top ten tallest residential buildings but it is 432 Park Avenue in New York City which eclipsed Dubai’s Princess Tower when completed in 2015.
432 Park Avenue, measuring 425.5m (1,396 ft) tall developed by CIM Group and features 125 apartments. The project, which commenced in 2011 and designed by Rafael Viñoly, required precision engineering such to its height and slenderness.
Whilst in the USA, real estate mogul Fawaz Alhokair from Saudi Arabia retained the Middle East’s connections to the tallest residential buildings when purchasing the building’s penthouse at a cost of $95m (USD).
Upon the completion of the project in 2015, around 90% of the units had been sold with almost 50% of owners being foreign investors. Despite its occupancy level, it is estimated that each apartment within 432 Park Avenue remains unoccupied for approximately 10 months of the year.
Tallest Residential Buildings in the World: