Dubai’s property market is beginning to show signs of weakening nearly three weeks into the US-Israeli conflict with Iran Israel, US bases, and Gulf states including the United Arab Emirates the Burj Khalifa’s most serious test to date.
Shares in developers have fallen sharply, with Emaar Properties last June, though the median transaction price fell only 3 percent year-on-year.
Analysts at Citi market activity continues. Imran Sheikh, founder of BlackOak, said, “Transactions haven’t stopped… We have clients ready to buy any opportunities over the next month.”
Notably, a circa-$25 million off-plan unit on the Palm Jumeirah was sold to former UFC heavyweight champion Francis Ngannou MMA fighter"], highlighting ongoing investor interest in Dubai’s branded luxury residences.
Mohamed Alabbar and other executives remain confident. Alabbar told CNBC that “nobody wants to budge” on price, while Tauseef Khan, founder of Dugasta Properties, said most buyers are focused on long-term value rather than short-term price fluctuations.
