Some Pakistanis are selling Dubai property and redirecting part of the proceeds into luxury homes in Karachi, investors and developers said this week, as the US-Iran war erodes the Gulf city’s long-held appeal as a safe haven, Arab news reports.
The reported movement mirrors a broader slowdown in Dubai’s property market since the war began. Real estate transaction volumes in the United Arab Emirates fell 37 per cent year-on-year during the first 12 days of March and were down 49pc from February, according to Goldman Sachs estimates. Some Dubai properties were subsequently offered at discounts of 12-15pc.
