Dubai.– Despite the worst recession in modern history, the world’s tallest tower, Burj Dubai, continues to retain its reputation as one of the most expensive addresses in Dubai, according to Middle East property experts.

Apartment prices in the tower are stabilizing, experts say, with a two-bedroom apartment on the 57th floor available for one million pounds, Sky News reports. In contrast, the market is showing less signs of recovery elsewhere in the Emirate.

“As the world has had its financial problems, some countries have gone into recession. But this is one area where a lot of the development dreams have actually been realized,” the report quoted Andrew Chambers, MD of Asteco, a UAE-based property consultancy, as saying.

“What we are finding is that, while prices have been dropping everywhere across the Middle East, Downtown Burj Dubai is one area where they are still consistently higher than they are in a lot of other areas,” he added.

In what has been dubbed “the Burj effect”, the neighbouring property in the Downtown Burj Dubai district is also benefiting from being close to the record-breaking skyscraper.

“The Burj effect is that people are living here, they can commute around here, they see the metro about to open here, and so they have got restaurants, they have got the hotels, they have got all the facilities that they have always been promised. “I think this has given hope to other areas. It will help this city and I think the Emirates all over”, Chambers was quoted in the report, as saying.