Dubai’s real estate market has often defied expectations.
And the news that the emirate had set a new record in early March for the largest residential land transaction, valued at AED400m ($100m), was no exception.
The deal closed shortly after the outbreak of the Iran conflict, when multiple missiles and drones were being fired towards Dubai on a daily basis.
But, while announced to much fanfare, the news masked a sharp drop in confidence across the broader market.
Real estate transaction volumes in the UAE fell 37% year-on-year in the first 12 days of March, and 49% month-on-month, according to analysis by Goldman Sachs.
