JLL has a significant presence in the Middle East, particularly in Dubai, Abu Dhabi, and Riyadh, managing various properties. CEO Christian Ulbrich remarked that the impact of the ongoing war with Iran would depend on its duration, affecting a region previously on a strong growth path. While initially, the conflict was thought to have a short-lived effect on the global economy, that perception is changing as the war continues.
Ulbrich expressed concerns for local employees and is monitoring their safety closely. He noted that residential real estate transactions in the UAE fell by 38% in mid-March compared to the previous year, with transaction values down 42%. He previously held an optimistic outlook for the economy but now faces uncertainty due to escalating global conflicts, which can negatively impact economic sentiment. The intensifying situation, including drone attacks in Dubai, signals a departure from the region’s recent growth trajectory.
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