Dubai homes are 4.4 times more expensive for Iranians using local currency than they were five years ago, meaning a lifting of sanctions against the Islamic republic would have little short-term effect on the emirate’s slumping real estate market, according to Phidar Advisory.
“This is simply a matter of economics,” Phidar Managing Director Jesse Downs said by phone Monday. “The rial will take time to appreciate and until that happens, Dubai property will be very expensive for Iranian buyers.”
