DUBAI, Aug 7: Iranian investors have snapped up property worth $128 million in the world’s tallest tower, the Burj Khalifa, in the last six months, according to data from Dubai’s government, using cash in many cases as Western sanctions crimp access to banks.

Iranians were the second-largest buyers of luxury apartments and commercial space in the Burj Khalifa, after Indian citizens, in the first half of the year, Dubai’s land department said on Tuesday.

Apartments in the 828-metre building range from 2,600 UAE dirhams to 3,800 dirhams per square foot, according to real estate brokers. This is much cheaper than average prices in prime locations in London which could range anywhere between $3,000 to $6,000 per square feet.

Foreign investors bought real estate worth 28.3 billion dirhams in the first half of 2012. —Reuters