The Dubai real estate index plummeted 30% in 8 days. On the night missile fragments fell near the Burj Al Arab hotel, half of the people living in Dubai in the friend circle started booking flights back home. The Dubai real estate market in 2025 was the most frenzied party for global capital. Tax-free, stable, rule of law, sunshine—global high-net-worth individuals flocked to Dubai, treating it as the "Switzerland of the Middle East." The transaction volume in January alone hit a record high.

Then, as soon as the US and Iran started fighting, the party came to an abrupt halt. Air raid sirens became the daily background noise in Dubai, and US investment banks in the DIFC began issuing evacuation notices to employees. Spending tens of millions to buy property in Dubai saw wealth evaporate in an instant, and the booming luxury housing market was directly halved. No one knows how far the conflict will go; perhaps the Middle East was never a good place for asset refuge.