ISTANBUL 

Dubai’s property market has experienced sharp losses as Iranian missile strikes across the Gulf region triggered economic uncertainty following the outbreak of a US-Israeli-led war against Iran late last month.

The Dubai Financial Market Real Estate Index (DFMREI) has fallen by roughly 30% since Feb. 28.

The index, which stood at 16,140 on Feb. 28, declined to around 11,500 by the close of trading on Friday, marking its lowest level since April 2025.

Since Israel and the US launched joint attacks on Iran on Feb. 28, killing some 1,200 people, including then-Supreme Leader Ayatollah Ali Khamenei, hostilities have escalated.

Iran has retaliated with drone and missile strikes targeting Israel, Jordan, Iraq, and Gulf countries hosting US military assets.

Earlier this week, US-based Citibank decided to temporarily close its branches in the United Arab Emirates (UAE).