Dubai property sales have fallen ‘off a cliff’ since start of Middle East war
AI Summary
The luxury property market in Dubai has experienced a significant downturn, with sales plummeting 19% in May compared to April, driven by the ongoing Middle East conflict. Sellers have slashed prices by tens of millions of pounds to spur interest, reflecting a dramatic shift in one of the world's most expensive real estate sectors. This sharp decline underscores the vulnerability of global luxury markets to geopolitical instability, suggesting broader economic repercussions if the conflict persists.
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