Dubai's Apartment Market Has Fallen by Half Due to the War
3 Articles
3 Articles
The real estate market in Dubai is cooling down rapidly due to the war in the Middle East. The number of home sales fell by 19 percent in May compared to April, according to figures from research firm ValuStrat. A month earlier, the decline was 4 percent. This is reported by The Guardian.
Dubai in the United Arab Emirates is no longer a popular destination for wealthy people from around the world looking for apartments, villas and flats. The real estate market there has fallen sharply as a result of the US and Israel's conflict with Iran. In May, transactions worth $6.1 billion, or 127 billion crowns, were made there. This is a 42 percent drop compared to April.
The war in the Middle East has shaken the real estate market in Dubai, and sales and prices of luxury villas are falling.
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