The value of properties in Dubai has tumbled as the United Arab Emirates (UAE) continues to come under heavy fire from Iran. The UAE has been one of the Gulf nations most targeted by Iranian attacks in retaliation over the US-Israeli strikes on the country which started almost four weeks ago and killed Supreme Leader Ali Khamenei.
The barrages have started to impact Dubai’s huge tourism industry, while its property market is also feeling the effects. Real estate in luxury areas of the city has reportedly seen major reductions since the first Iranian retaliatory attacks were fired. The biggest drop in terms of a percentage was 26.7% for a brand new, luxury two-bedroom apartment, it has been reported.
The 1,659 sq ft home was initially listed for about £1.2million before having its price dropped to £900,000, according to the Daily Mail.
New research shows overall transactions in Dubai’s property market have fallen by more than 50% in March.
A £22 million villa on the Lanai Island area had £2.3million taken off its original asking price, while a seven-bedroom house in the upmarket Arabian Ranches dropped to £4.4million down from £5.5million, the Mail reported.
Homes in Dubai’s famous Jumeirah Islands neighbourhood have also been affected by the turbulence in the market.
More than 2,000 Iranian missiles and drones have been fired at military and civilian targets in the UAE in the wake of the US-Israeli action on the Tehran regime.
Flights at the airport were suspended earlier this week after a drone hit a nearby fuel tank, sending huge plumes of black smoke into the sky.
The UAE’s energy infrastructure, like those in other Gulf nations, has also been hit as an energy crisis sweeps across the globe as prices shoot up. The country’s defence ministry has said its air defences have shot down 1,714 drones, 334 ballistic missiles and 15 cruise missiles since the start of the conflict.
The UAE, along with a number of its neighbours, on Thursday called on Iran to immediately stop attacks on countries in the region.
In a statement released by Saudi Arabia, the foreign ministers of 12 nations condemned Iran’s attacks on civilian infrastructure, like airports and oil facilities, “heinous”.
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