Dubai property sales have fallen ‘off a cliff’ since start of Middle East war
Summary
Property sales in Dubai have dropped sharply since the Middle East war began in February. Sales in May were much lower than a year ago, with prices falling, especially for luxury homes.Key Facts
- Dubai property sales fell 19% in May compared to April and are now less than half of last year’s level.
- In May, property worth about $6.1 billion was sold, 42% less than in April.
- An Iranian missile hit a luxury hotel in Dubai in March, increasing uncertainty in the market.
- Sellers have reduced luxury home prices by 20% to 25% due to fewer buyers.
- Wealthy buyers, especially from Western Europe, have mostly left Dubai and are hesitant to buy now.
- Dubai was the busiest city for luxury home sales worldwide in 2025 before the conflict.
- The market is undergoing a correction after very high sales numbers in recent years.
- Some real estate brokers in Dubai are expected to close due to the slowdown in sales.
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