NEW YORK (VINnews) — Against the backdrop of the war in the Gulf and Iran’s attacks on the United Arab Emirates, the luxury real estate market in Dubai may be facing an unusual wave of transactions in the near future. A group of Jewish businessmen from London is currently conducting advanced negotiations to purchase several luxury properties in the Downtown Dubai area, in deals estimated at hundreds of millions of dirhams, according to sources familiar with the discussions.

According to those sources, the properties are currently owned by British investors who bought apartments in the city in recent years as part of the major boom in the local luxury market. However, following the recent security escalation in the region, particularly missile and drone attacks attributed to Iran that also reached the territory of the United Arab Emirates, some Western property owners are experiencing real concern and prefer to sell their assets quickly.

Industry sources say that for Western investors who are not accustomed to this type of security reality, the very presence of sirens and reports of attacks in the region has created a genuine sense of panic. As a result, some British apartment owners are considering a rapid sale of their properties, sometimes at prices relatively below market value, in order to return to the United Kingdom and reduce their regional exposure.

The London-based group is negotiating the purchase of several luxury residential units in the iconic towers of Downtown Dubai, including towers located near the Burj Khalifa and the Dubai Mall.

According to sources familiar with the transactions, the deals currently under review could reach hundreds of millions of dirhams if the negotiations result in signed agreements.

Among the properties being considered in the transactions is an especially exceptional asset, the highest private penthouse in the world, located in the Burj Khalifa tower. According to estimates in the local real estate market, the price of this property could reach about 200 million dirhams.

Sources involved in the negotiations say the group is examining the property as part of a broader strategy to acquire “top-of-the-market” assets in Dubai.

The negotiations are being accompanied by several financial and legal parties operating between United Kingdom and the United Arab Emirates. According to industry sources, the financing and banking structure of the deals is being handled by Emirates NBD, one of the largest banks in the Gulf. The bank is reviewing various financing options, including partial financing for some of the properties as part of a broader acquisition package.

The group of buyers is being assisted by businessmen Israel Piga and Boaz Shaked, who have been active in recent years between London and Dubai, and have been involved in several international real estate transactions. According to sources familiar with the talks, the two help structure the deals, identify acquisition opportunities, and connect the London-based investors with property owners interested in selling.

According to sources close to the group, the current volatility in the market is actually seen by the investors as an opportunity. They say Dubai is considered one of the most stable economic centers in the Middle East, and the assessment is that the current security concerns are only temporary.

One source involved in the deal said:
“Many Western investors react with panic because they are not used to the security reality in the region. But from our perspective, this is a very strong market with solid economic fundamentals. We believe stability will return quickly, which makes this a rare window of opportunity to acquire high-quality assets.”

Dubai’s real estate market has experienced sharp price increases in recent years, particularly in luxury areas such as Downtown Dubai, Palm Jumeirah, and Dubai Marina. Even during periods of volatility, the city continues to attract large volumes of international capital, as investors from Europe, Asia, and the Middle East seek “top-of-the-market” properties.

If the current negotiations mature into signed deals, this could become one of the most significant waves of property purchases by European investors in Downtown Dubai in recent times.