In a scene that defies every conventional wisdom about war and investment, Dubai’s real estate market posted record-breaking numbers in Q1 2026 — even as the UAE’s air defense systems were intercepting ballistic missiles and drones overhead. On April 4 alone, UAE armed forces intercepted 23 ballistic missiles and 56 drones in one of the largest attack waves on record. Distance learning has been extended to April 17. The Strait of Hormuz is effectively closed. A regional war rages at its most intense. And yet, money keeps pouring into Dubai property at an unprecedented pace.

This isn’t an ordinary real estate story. This is a story about confidence in wartime, about a city that has built its reputation as the safe haven in an unsafe region. How did Dubai record its highest-ever Q1 while missiles pierced the skies above? And who are these buyers who seem to know something the rest of the world doesn’t?

The Full Numbers: Q1 2026 Breakdown

According to data from the Dubai Land Department (DLD), Q1 2026 delivered the following figures:

The last week of Q1 alone saw transactions exceeding $5 billion across 3,716 sales, including a single home in the Burj Khalifa district that sold for $33 million. These are numbers that exceed what entire national real estate markets generate in a full quarter in some countries.

To put it in perspective: Dubai recorded nearly 48,000 sales transactions in just three months. That’s approximately 533 sales per day, or 22 every single hour. During a war. The value surge of 23.4% year-on-year is even more remarkable than the volume growth of 5.5%, signaling that buyers aren’t just buying more — they’re buying bigger and more expensive properties.

Off-Plan Dominance: 70% of Volume, 71% of Value

The most striking figure in the Q1 data is the dominance of off-plan sales. Out of 47,996 transactions, approximately 33,600 were for properties under construction or not yet built — representing 70% of total volume and 71% of total value.

This ratio carries profound implications:

First, buyers are betting on Dubai’s future, not just its present. Someone purchasing off-plan today won’t receive their unit until 2028 or 2029 in most cases. These investors are confident that the current crisis is temporary and that Dubai will emerge stronger in two to three years. This is a forward-looking bet of extraordinary conviction.

Second, flexible payment plans are lowering the barrier to entry. Developers typically offer 10-20% down payments with installments extending beyond handover. This means buyers don’t need to freeze a massive sum of capital at once — a critical advantage during periods of uncertainty when liquidity matters.

Third, there’s a speculative element. Many off-plan buyers don’t intend to live in the property. They plan to flip it before completion at a profit — a strategy that has worked spectacularly over the past three years as prices rose 30-80% in some areas. The question is whether this cycle can sustain itself, or whether it’s building toward a correction.

Fourth, developer incentives are at historic highs. To maintain sales momentum during wartime uncertainty, developers are offering post-handover payment plans, guaranteed rental returns for the first two years, fee waivers, and furniture packages. These sweeteners reduce perceived risk and make off-plan purchases more attractive than ready properties where the buyer bears all costs immediately.

Who’s Buying? Nationalities and Investment Profiles

Market data shows Q1 2026 buyers came from over 150 nationalities, but several groups dominate the landscape:

Indian Buyers: Sustained Leadership

Indian nationals continue to lead foreign investment in Dubai real estate, accounting for an estimated 18-20% of total transactions. The drivers are clear: geographic proximity, deep trade links, the Golden Visa system, and zero income tax. Many Indian buyers are business owners who already operate in Dubai and see property as a way to anchor their presence and secure long-term residency for their families. The Indian rupee’s relative stability and India’s strong economic growth have also bolstered purchasing power.

Russian Buyers: Continued Flow Despite Sanctions

Russian buyers remain a significant force, particularly in the luxury segment. Since the Russia-Ukraine war began in 2022, Dubai has become the preferred destination for wealthy Russians seeking a safe harbor for their assets. The current regional war hasn’t slowed this flow — if anything, it may have accelerated it, as some Russian investors see security concerns as creating a buying opportunity at temporarily depressed sentiment levels.

Chinese Buyers: A Strong Comeback

After a relative pullback in 2024, Chinese buyers returned forcefully to Dubai’s market in 2025 and 2026. The primary driver is asset diversification away from China’s troubled domestic real estate market. Many of these buyers use Dubai as a launchpad for their global investments, leveraging the city’s sophisticated financial infrastructure and free zones. The weakening yuan and capital flight pressures from China have made Dubai’s dollar-pegged dirham particularly attractive.

European and British Buyers

British, German, and French nationals form an important cohort, especially in waterfront luxury properties. Many are seeking a second home in a warm climate with high rental yields, viewing Dubai as offering a better investment equation than southern Europe in terms of returns and infrastructure. Post-Brexit tax complications have also made Dubai’s zero-tax environment more appealing to British buyers.

Gulf and Arab Buyers

Buyers from Saudi Arabia, Kuwait, Bahrain, Egypt, and Lebanon continue to form a solid base. Notably, there has been a marked increase in Lebanese and Egyptian buyers seeking a safe haven for their savings amid economic turmoil in their home countries. Additionally, displaced individuals from conflict zones who settled in Dubai are transitioning from renters to owners — a trend that speaks volumes about their long-term confidence in the city.

Cash vs. Mortgage

Data shows approximately 65-70% of transactions are cash purchases (without bank financing), a strong indicator of buyer profiles — they are predominantly wealthy international investors rather than locally-based mortgage-dependent buyers. This makes the market less vulnerable to interest rate hikes or tighter lending conditions, and more resilient in a downturn since cash buyers are less likely to face forced selling.

The Paradox: Missiles in the Sky, Record Numbers on the Ground

On April 4, 2026, UAE armed forces intercepted 23 ballistic missiles and 56 drones in one of the largest attack waves ever. Distance learning extended to April 17. The Strait of Hormuz is effectively closed. The regional war is at its most intense phase. Yet money is flowing into Dubai real estate at an unprecedented rate.

How do we explain this paradox? Several factors are at play:

First — Air Defense Success as Confidence Builder: Intercepting 23 missiles and 56 drones in a single day isn’t just frightening news — it’s also proof that the defense shield works. Investors read the headline differently: “UAE intercepted everything” — meaning the system functions. This reinforces confidence rather than undermining it. Every successful interception is, paradoxically, a marketing event for Dubai’s safety. The message: the threat is real, but so is the protection.

Second — Flight to Tangible Assets: During crises, investors gravitate toward tangible assets, and real estate is the most traditional tangible asset of all. The regional war increases uncertainty, and Dubai property is viewed as a store of value in a volatile environment. With stock markets fluctuating wildly, currencies under pressure, and bond yields uncertain, a physical asset in a city with strong fundamentals becomes deeply attractive.

Third — Relative Comparison: If you’re an investor in Lebanon, Syria, Iraq, or even Egypt, Dubai’s risks — even with missiles — look far lower than your home country’s. Dubai remains safer and more stable than most of its regional alternatives. This isn’t an absolute safety judgment; it’s a relative one. And in a region at war, relative safety drives capital flows.

Fourth — The Post-War Bet: Many buyers are betting that the war will end within months, and that Dubai will emerge stronger from it. If you buy now at current prices and take delivery after the war ends, the expected returns are substantial. It’s a calculated wager — and one that has precedent. Those who bought during the COVID-19 pandemic’s darkest days in 2020 saw their investments appreciate 50-100% within three years.

Fifth — Future Supply Shortage: With some projects delayed due to supply chain disruptions linked to the Hormuz Strait closure, analysts expect a supply shortage by 2028-2029. Those buying off-plan now are securing a unit in a market that will have less supply than demand. Construction materials that normally transit through Hormuz are being rerouted, adding costs and delays that will ultimately constrain new supply.

Top Performing Areas in Q1 2026

Performance wasn’t uniform across all Dubai areas. Some neighborhoods clearly outperformed:

What stands out is that mid-range and affordable areas like JVC and Dubai South recorded the highest growth rates, indicating that demand extends well beyond the luxury segment to middle-income buyers and families seeking reasonably priced housing. This broad-based demand is a healthier market signal than if growth were concentrated only at the top end.

Dubai South’s 32% price increase is particularly noteworthy. The area benefits from its proximity to Al Maktoum International Airport (which is being expanded into the world’s largest airport), Expo City Dubai, and the logistics corridor. At AED 950 per square foot, it remains the most affordable established community in Dubai, attracting first-time buyers and investors seeking high-yield rental properties.

Historical Comparison: Q1 2024, 2025, and 2026

The trend is unmistakable: continuous growth in both volume and value over three consecutive years, with an acceleration in off-plan activity. Total value has nearly doubled in just two years — from AED 108.5 billion in Q1 2024 to AED 176.7 billion in Q1 2026, a 63% increase. Transaction volumes grew 30% over the same period. The market isn’t just growing; it’s compounding.

The rising share of off-plan sales — from 55% to 70% in just two years — is the most important structural shift. It means the market is increasingly forward-looking, increasingly speculative, and increasingly dependent on developer financing rather than traditional mortgage lending. This creates both opportunity and risk in roughly equal measure.

War Impact on Luxury vs. Affordable Segments

The data reveals a fascinating divergence in how the war has affected different market segments:

Luxury Segment (Above AED 10 million)

This segment saw a slight slowdown in transaction volume (down approximately 3-5% compared to Q4 2025), but individual transaction values rose. The reason: some ultra-high-net-worth buyers delayed decisions while awaiting security clarity, but those who did buy were willing to pay premium prices — either because they see a strategic opportunity or because they need to move assets quickly. The $33 million Burj Khalifa district sale in the last week of Q1 epitomizes this trend — a single wealthy buyer making a massive bet on Dubai at the height of the crisis.

Mid-Range Segment (AED 2-5 million)

This is the most active segment. Buyers here are primarily foreign professionals working in Dubai who want to own rather than continue renting, or investors seeking solid rental yields. The war hasn’t noticeably affected this cohort because their motivations are practical rather than purely speculative. They need housing, and with rents rising 15-25%, buying has become the economically rational choice.

Affordable Segment (Below AED 2 million)

This segment recorded the highest relative growth, driven by several factors: the influx of displaced expats needing housing, developer payment plans that make ownership possible with limited capital, and rising rents that have made ownership a better long-term economic choice than renting. Areas like Dubai South, International City, and Dubai Sports City are seeing strong demand from this buyer profile.

Rental Market: High Yields and Demand from Displaced Expats

Understanding the sales boom requires looking at what’s happening in the rental market. Rents in Dubai have risen 15-25% across most areas in the past year, driven by several factors:

Displaced expat influx: The regional war has pushed thousands of families and professionals from Bahrain, Kuwait, and even parts of Saudi Arabia closer to conflict lines to relocate to Dubai. These people need housing immediately, sharply driving up rental demand. Dubai’s population has grown by an estimated 150,000-200,000 people in the past six months due to regional displacement alone.

Rental yields: Net rental yields in Dubai currently range from 6% to 9% annually in most areas, reaching 10-12% in some lower-priced areas like Dubai South and International City. These yields far exceed what’s achievable in London (2-3%), New York (3-4%), or even Singapore (3-4%). For yield-seeking investors, Dubai offers perhaps the best risk-adjusted returns in any major global city.

This creates a reinforcing cycle: rising rents attract more investors to buy rental properties, which pushes up sale prices, which drives rents higher as new tenants who can’t afford to buy at new prices enter the rental market. This cycle can continue for some time, but it eventually reaches a ceiling when rents become unaffordable relative to wages.

For deeper coverage of rental trends across the Middle East, visit our Markets section on The Middle East Insider.

Risk Factors: What Could Derail the Boom?

Despite the record numbers, there are real risks that cannot be ignored:

1. Direct Military Escalation Hitting Infrastructure

So far, the air defense system has successfully intercepted missiles. But what if one interception fails and a missile hits a residential building or critical facility? This scenario — while low probability — would cause an immediate shock to the market. The market wouldn’t collapse entirely, but foreign buyers would pause for weeks or months until the situation clarifies. Insurance costs would spike, and some developers might halt sales.

2. Prolonged Strait of Hormuz Closure

The Strait of Hormuz is currently effectively closed, affecting supply chains and construction materials. If the closure extends for months, we could see significant delays in construction projects, undermining confidence among off-plan buyers who represent 70% of the market. Delivery delays mean delayed returns, which could push some investors to reconsider their commitments or attempt to exit positions at a loss.

3. Capital Flight

If the conflict escalates dramatically or extends to other Gulf states, we could witness a wave of capital flight from the entire region — including Dubai — toward safer havens like Switzerland, Singapore, or London. This hasn’t happened yet, but it’s a scenario that must be factored into any risk assessment. The trigger would likely be a perceived failure of the defense shield or a direct attack on critical economic infrastructure.

4. Oversupply Bubble

With tens of thousands of units under construction scheduled for delivery between 2027 and 2030, there’s a genuine risk of oversupply if demand slows for any reason. Dubai experienced this scenario in 2009-2010 and again in 2018-2019, and a repeat cannot be ruled out. The current off-plan buying frenzy could be storing up problems for when all these units are delivered simultaneously.

5. Global Interest Rate Environment

Although most transactions are cash, elevated interest rates affect the opportunity cost of real estate investment compared to bonds and bank deposits. If rates remain high for an extended period, some investors may shift toward lower-risk, higher-yielding financial instruments. The UAE dirham’s peg to the US dollar means that Federal Reserve policy directly impacts the Emirates’ monetary environment.

Comparison with Abu Dhabi and Riyadh

Abu Dhabi

Abu Dhabi’s property market is more conservative and less volatile than Dubai’s. Prices are 30-40% lower on average, but rental yields are comparable. Q1 2026 saw approximately 12% growth in transaction value — less than Dubai but still robust. Abu Dhabi benefits from being the administrative capital and headquarters of major oil companies, but it lacks Dubai’s global appeal as an investment destination and lifestyle hub. Buyers in Abu Dhabi are predominantly residents seeking housing rather than international investors.

Riyadh

Riyadh’s real estate market is experiencing a boom driven by Vision 2030 and the Saudi government’s requirement for multinational companies to establish regional headquarters in the city. Prices have risen 20-35% in some areas over the past two years. However, the Saudi market remains less mature than Dubai’s in terms of regulatory framework, transparency, and ease of entry and exit for foreign investors. Additionally, security tensions related to the regional war affect Riyadh more significantly than Dubai given its closer geographic proximity to conflict zones.

What distinguishes Dubai from both is its comprehensive legal infrastructure: freehold ownership for foreigners in designated areas, a transparent property registration system, specialized courts for real estate disputes, and an attractive tax environment. These factors collectively make Dubai the first choice for international investors in the region. For more on how regional real estate markets compare, explore our coverage at The Middle East Insider.

Expert Forecasts for the Rest of 2026

Analyst forecasts for the remainder of the year vary, but there’s consensus on several points:

Optimistic Scenario: If the regional war ends or de-escalates during H1 2026, the market is expected to experience an additional surge in H2 as hesitant buyers return and reconstruction investment flows in. In this scenario, total annual transactions could exceed 200,000 deals worth more than AED 700 billion — making 2026 the most extraordinary year in Dubai real estate history by a wide margin.

Base Case Scenario: The war continues at its current level with the air defense system successfully providing protection. In this case, the market is expected to maintain momentum with 10-15% year-on-year growth, with a potential slight dip in Q2 if missile attacks intensify. Full-year transactions could reach 180,000-190,000 deals worth AED 600-650 billion.

Pessimistic Scenario: A major escalation hits infrastructure or an extended Hormuz closure fundamentally disrupts supply chains. In this case, the market could see a 10-15% price correction and a 20-30% decline in trading volumes. But even this scenario doesn’t mean collapse — it means a return to 2024 levels, which were themselves record-breaking at the time.

“Dubai has proven repeatedly that it can recover from any shock faster than anyone expects. The 2008 financial crisis, the COVID-19 pandemic, and now a regional war — every time the world bets on the market collapsing, and every time Dubai comes back stronger. The reason is simple: the city delivers genuine value and an unmatched lifestyle in the region.” — Regional real estate analyst

The Bigger Picture: Why Dubai Is ‘Different’

The answer to “why are people buying property in a city being targeted by missiles?” goes beyond numbers and financial returns. There are structural factors that make Dubai a unique case:

First — Demographic Diversity: More than 200 nationalities live in Dubai, and no single nationality forms an overwhelming majority. This means the market doesn’t depend on a single source of demand. If buyers from one nationality pull back due to a crisis in their home country, buyers from other nationalities compensate. This diversification is a natural shock absorber.

Second — Relative Neutrality: Dubai has historically maintained commercial relationships with all parties — West and East, warring and allied nations alike. This neutrality has made it a platform where everyone feels comfortable investing. Even during the current crisis, Dubai maintains relationships with parties on multiple sides of the conflict.

Third — World-Class Infrastructure: Dubai International Airport, Jebel Ali Port, free zones, and a sophisticated banking system — all of this makes Dubai an indispensable logistics and financial hub regardless of the regional security situation. The infrastructure isn’t going anywhere, and it provides a foundation of real economic value beneath the real estate market.

Fourth — Lifestyle: The warm climate, entertainment infrastructure, international schools, advanced healthcare — all these factors make Dubai a desirable place to live, not just invest. The gap between Dubai and its nearest regional competitors in terms of lifestyle remains wide, and this gap acts as a moat protecting the property market.

What Does All This Mean for the Average Buyer?

If you’re considering buying property in Dubai right now, here’s what you need to know:

For End-Users (Seeking a Home): Prices are unlikely to drop significantly even in a war escalation scenario, because real housing demand is high. If you find a property that fits your budget and needs, buying now is logical. Don’t wait for a dip that may never come. Focus on established communities with proven infrastructure and schools.

For Long-Term Investors: Rental yields remain very attractive compared to global markets. But ensure you choose an area with genuine rental demand (not new areas where residential communities haven’t yet formed). Dubai Marina, Business Bay, and JVC are relatively safe choices with proven rental track records and strong infrastructure.

For Short-Term Speculators: The off-plan market still offers opportunities for pre-completion flipping at a profit, but risks are higher now. If the war escalates significantly or projects are delayed, you could find yourself stuck in a financial commitment you can’t easily exit. Only speculate with capital you can afford to have locked up for 3-5 years in a worst-case scenario.

For more insights on investing during the current crisis, read our analysis at The Middle East Insider Markets.

The Role of Developers in Sustaining the Boom

Understanding Q1 2026 numbers requires examining the pivotal role played by Dubai major developers. Leading firms like Emaar, DAMAC, Nakheel, Meraas, and Azizi adopted innovative pricing and payment strategies specifically designed to attract buyers amid security uncertainty.

Emaar Properties launched over 15 new projects during Q1 alone across diverse areas, with payment plans extending up to five years post-handover and down payments starting from just 5%. These generous terms transformed property purchase from a major financial decision into something resembling a gradual, low-risk investment. The strategy proved remarkably effective, with Emaar accounting for an estimated 20% of all Q1 transactions by value.

DAMAC Properties focused on the luxury segment, targeting wealthy buyers from Russia, China, and Europe with globally branded projects like Versace and Cavalli residences. These branded luxury projects attract a specific buyer type who is less affected by geopolitical tensions than by brand prestige and expected returns. The average price premium for branded residences runs 30-40% above comparable unbranded properties.

Azizi Developments targeted the middle-income segment with projects in areas like Al Furjan and MBR City at competitive prices and affordable payment plans, contributing significantly to rising transaction volumes in the affordable sector. The strategy is clear: if you cannot sell to wealthy buyers spooked by war, sell to middle-income earners who need housing regardless of the security situation.

Competition among developers also produced a deal war phenomenon where developers raced to offer the best terms. This benefited buyers short-term but raised concerns about construction quality and on-time delivery. Some analysts warn that developers selling at thin margins with extended payment plans may face financing difficulties if construction costs rise due to supply chain disruptions from the Hormuz closure.

The Hormuz Effect on Construction and Development

The Strait of Hormuz closure does not only affect oil trade. It has a direct impact on Dubai construction and development industry. Approximately 40% of construction materials used in Dubai normally transit through the strait, including steel, aluminum, cement, and construction equipment imported from Asia.

With the strait closed, developers have been forced to reroute supply chains through longer, costlier alternatives via the Red Sea and Suez Canal or overland through Turkey and Jordan. This has driven construction costs up by an estimated 15-25% compared to pre-war levels, with project timeline delays ranging from 3 to 6 months.

The paradox here is that this cost increase is actually a bullish factor for property prices in the medium term. If construction becomes more expensive, future supply will be lower, meaning higher prices for existing and planned units. Smart buyers recognize this and are purchasing now at current prices, betting that elevated construction costs will support prices later.

But there is a dark side: some smaller developers who sold off-plan at low prices before construction costs spiked may find themselves in financial difficulty where the cost of completing a project exceeds collections from buyers. This scenario could lead to delivery delays or even cancellation of some smaller projects, which should be factored into any buyer risk assessment when dealing with non-institutional developers.

The Legal and Regulatory Framework: A Shield of Confidence

One fundamental factor explaining sustained investor confidence in Dubai property market is the sophisticated legal and regulatory framework managed by the Real Estate Regulatory Authority (RERA) and the Dubai Land Department. This framework includes several key protections:

Escrow Accounts: Off-plan buyer funds are deposited in dedicated escrow accounts that developers can only draw from according to specific, approved construction milestones. Even if a developer goes bankrupt, buyer funds remain largely protected. After the 2008-2009 crisis which saw several developers collapse and buyer funds vanish, the escrow system became significantly stricter and more transparent.

Digital Property Registration: Every real estate transaction in Dubai is digitally registered in the Land Department system, preventing fraud and double-selling while providing a transparent ownership history. This level of transparency exceeds most regional markets and gives international investors confidence when purchasing remotely, a critical factor when buyers from 150+ nationalities transact without necessarily visiting in person.

DIFC Courts: The Dubai International Financial Centre Courts resolve property disputes under English common law, giving Western investors a familiar and trusted legal framework. These courts have become an important reference for resolving major property disputes and strengthening investor confidence.

Investor Visa and Golden Visa: Linking property purchase to long-term residency through the Golden Visa system for properties worth AED 2 million or more adds an additional value dimension. The buyer receives not just a property but the right to reside in a stable country with world-class infrastructure. During the regional war, this feature has become more attractive as many seek a plan B for their families. The Golden Visa effectively converts a real estate investment into a residency solution.

The Psychology Factor: How the Market Processes Wartime Emotions

There is an important psychological dimension that numbers alone do not capture. War creates a unique mix of emotions among investors: fear of loss, desire to secure assets, and fear of missing out (FOMO). In Dubai property market, all three emotions work in favor of buying activity rather than against it.

Fear of loss drives those with money in unstable countries to convert wealth into tangible assets in a relatively safe location. The desire to secure assets makes property the preferred choice over stocks and bonds that can evaporate in a financial crisis. And FOMO feeds on continuous news of rising prices and record numbers, pushing the undecided to act before prices move beyond their reach.

This psychological mix partially explains why sales actually increased after each major missile attack wave, not the opposite as conventional logic suggests. Each attack reminds people of regional fragility, reinforcing the desire to secure a foothold in a protected place. Dubai, with its successful air defense and integrated infrastructure, positions itself as precisely that place.

But caution is warranted. When FOMO becomes the primary buying driver rather than sober financial analysis, the market enters danger territory. Markets driven simultaneously by fear and greed are most susceptible to sharp corrections when sentiment shifts. Dubai is not immune, as the corrections of 2009 and 2019 proved with price drops exceeding 30% in some areas.

Notable Transactions of Q1 2026

Q1 2026 saw several exceptional transactions worth examining because they reveal the market current nature and direction:

The Burj Khalifa District Home ($33 million): A luxury residence sold to an undisclosed buyer in the last week of March. This transaction occurred at the peak of military escalation, confirming that ultra-high-net-worth individuals are less affected by security news than observers imagine. The buyer reportedly paid in full cash with no financing.

Palm Jumeirah Penthouse ($28 million): Purchased by a European investor as a second home, with the upper floor converted into a remote work office. This reflects the growing work from paradise movement among wealthy professionals who want to combine work and luxury lifestyle in Dubai.

Full Floor in Business Bay ($45 million): A Hong Kong investor purchased an entire floor in a new project with plans for serviced hotel apartments. This type of institutional investment signals that smart money still sees significant opportunities in Dubai during wartime.

Emirates Hills Villa ($22 million): A Saudi family purchased the villa as a safety refuge during regional tensions. This represents a recurring pattern among wealthy Gulf families seeking a plan B should the conflict escalate to levels threatening their home country stability.

Conclusion

What’s happening in Dubai’s real estate market isn’t a bubble or collective madness — it’s a cold calculation by investors betting that Dubai will remain the most attractive city in the region regardless of what happens around it. The numbers support this bet so far: 47,996 transactions worth AED 176.7 billion in a single quarter, despite missiles, drones, and a regional war.

But we must not forget that every real estate boom carries within it the seeds of its own correction. When everyone is optimistic and 70% of buying is off-plan, any unexpected shock — whether security-related or economic — can flip the equation quickly. The market has seen this before, and history suggests it will see it again.

The key is distinguishing between thoughtful buying based on realistic risk-return analysis, and emotional buying driven by fear of missing out (FOMO). Dubai’s market rewards the first group and punishes the second — as it has proven time and again throughout its history.

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