Q2 2026 marked a decisive break from the record pace that had defined Dubai's residential market. In the first full quarter to unfold against the regional conflict, transaction volume fell by 20% and value by 37% quarter-on-quarter. Yet average transacted pricing declined by only 3%, revealing a market in which liquidity contracted far faster than property values. Even after this adjustment, transaction activity remained above both five-year and ten-year quarterly averages.