Dubai property sales have fallen ‘off a cliff’ since start of Middle East war
Key takeaways
- One buying agent said that every one of the ‘super-high-net-worth guys’ he had sold to in the past 18 months has now left Dubai.
- Sales in the city dropped 19% in May compared with the previous month, accelerating from a 4% drop in April, the researcher ValuStrat found.
- Transactions are now below half their level compared with the same point last year, it said.
Why this matters: a developing story that could shape the day's news cycle.
One buying agent said that every one of the ‘super-high-net-worth guys’ he had sold to in the past 18 months has now left Dubai. Photograph: Fadel Senna/AFP/Getty View image in fullscreen One buying agent said that every one of the ‘super-high-net-worth guys’ he had sold to in the past 18 months has now left Dubai. Photograph: Fadel Senna/AFP/Getty Real estate Dubai property sales have fallen ‘off a cliff’ since start of Middle East war Sellers of luxury villas have wiped tens of millions of pounds off asking prices, with sales down 19% in May from the previous month
Prefer the Guardian on GoogleProperty sales in Dubai have fallen “off a cliff”, a leading market watcher has said, after war in the Middle East forced a dramatic slowdown in one of the world’s most expensive real estate markets.
Sales in the city dropped 19% in May compared with the previous month, accelerating from a 4% drop in April, the researcher ValuStrat found.