Mumbai: Dubai’s real estate brokers and developers said on Sunday they expect the recent bull run in the country’s property sales to decline in the coming weeks due to the war between the United States, Israel and Iran.
Brokers said the missile strikes targeting US bases in Gulf Cooperation Council (GCC) countries will dispel the long-held belief that Dubai is a safe place to park wealth during conflicts, which had drawn investors from Russia, Ukraine, Pakistan and Afghanistan after earlier regional crises.
Many buyers are likely to sit on the sidelines until the outlook on whether the conflict will transform into a prolonged war. While some said transaction volumes may slow, most did not expect major price falls in the near term.
Dubai recorded a record sales value of about $187 billion in 2025 across more than 2.15 lakh transactions, driven by luxury property sales and increased purchases by Indian and other foreign buyers.
Video footage on various social media platforms showed Iranian missiles and drones fired toward military bases, and other key infrastructure that were intercepted by local forces, and the UAE state media reported one death linked to the strikes.
Authorities said a building at the Palm Jumeirah development was hit and four people were injured, while multiple media reports said a precautionary evacuation of the Burj Khalifa, the world’s tallest building, was done.
Meanwhile, the Islamic Revolutionary Guard Corps (IRGC) on Sunday announced a new wave of attacks targeting US and Israeli military installations across the Middle East, to avenge the recent US-Israeli strikes on Iran that killed Supreme Leader Ayatollah Ali Khamenei.
Questions over succession of power in Iran’s administration are in the air following the death of Khamenei, with his second eldest son, Mojtaba Khamenei, emerging as a possible frontrunner, according to multiple reports.
(IANS)
