Dubai's real-estate market is in freefall thanks to Iran war
Dubai's real estate scene has slowed down sharply thanks to the ongoing U.S.-Israeli war on Iran.
Real-estate transaction volumes in the UAE fell 37% year-on-year in the first 12 days of March and declined 49% month-on-month versus February, Goldman Sachs estimated.
This dip is bigger than what Dubai saw during previous crises, signaling just how much global events can shake up the market.
Sellers are now offering discounts of 12% to 15%
Sellers are now offering discounts of 12% to 15% on listings: think Burj Khalifa units dropping from $735,000 to $650,000, and an off-plan Palm Jumeirah flat being offered at around $2 million (about a 15% discount to its original price).
Median prices are down 3% year-over-year, and Emaar Properties' shares are down more than 26% since the conflict began.
Still, buyers aren't shying away: UFC fighter Francis Ngannou just snapped up a $25 million Palm Jumeirah unit.
As Emaar chairman Mohamed Alabbar puts it, nobody wants to budge on price, even with all the uncertainty.