Dubai's Property Market Reels Under Geopolitical Tensions and Iran War

Dubai: Dubai's flamboyant property market is currently reeling under the effects of geopolitical tensions and the Iran war in particular. Entry-level property activity has fallen by a significant 40 per cent over the past year. According to brokers, off-plan properties are now taking longer to sell and deals are taking longer to close than usual. Prices are falling and negotiations are ongoing. Even in the off-plan segment, buyers are negotiating for discounts ranging from 10 to 15 per cent. Actual sales fell by 50 per cent in March. However, registration figures appeared high, but there is a backlog of outstanding deals from December to February. Builders on the market are struggling to maintain liquidity.