Dubai property sales have fallen ‘off a cliff’ since start of Middle East war (opens original article in a new tab)

Dubai property sales have sharply declined since the start of the Middle East war, with transactions dropping 19% in May and prices falling 20%-25% as buyer interest wanes.

• Dubai property sales fell 19% in May compared to April, with transactions below half their level from the same period last year.
• A separate study reported property sales worth 22.5bn dirhams in May, 42% lower than April and about half the pre-conflict level.
• Luxury property sellers in Dubai have reduced asking prices by 20%-25% due to the Middle East war and decreased buyer interest.