In March 2023, Dubai's residential real estate market saw a notable decline, with home prices dropping by 5.9%, according to the home price index by ValuStrat. This marks the first significant decrease since the pandemic-era boom, with overall market valuations decreasing nearly 20% to $10.1 billion. The decline is attributed to the ongoing US-Iran conflict, which has led to uncertainty in the region and caused many wealthy residents to leave Dubai. However, Anis Sajan, Vice Chairman of Dubai-based Danube Group, emphasized that this drop should not be seen as a crash but rather a necessary correction after years of rapid growth. He noted that while the secondary market for resale homes has seen a dip, the primary market remains robust. Sajan views the current situation as a 'perfect investment opportunity' for potential buyers, suggesting that the prices are at a favorable level before the next growth cycle begins.