Real estate markets across the region are entering a different phase from the exceptional boom witnessed over the past few years. Following a period of rapid growth in prices and transaction volumes, several markets are now moving through a phase of rebalancing and correction, where liquidity, developer strength, project quality, and timing have become more important than simply entering the market.
This shift does not necessarily indicate a broad real estate crisis. Rather, it reflects a more selective market in which performance increasingly differs between developers, between new-build and resale properties, and between financially strong projects and those that depend more heavily on short-term market conditions.
The Gulf and Dubai: Liquidity Comes First During a Rebalancing Phase
In recent remarks to CNBC Arabia, Emirati businessman Mohamed Alabbar, founder of Emaar Properties and founder and chairman of Eagle Hills, discussed noticeable changes in current market conditions.
Alabbar indicated that property sales at some developers had been affected by declines of as much as 50%, while collection rates and cancellation levels at his companies remained close to the levels seen before the latest geopolitical developments.
More important than the decline itself, however, is the way major developers are responding to the current environment.
1. Maintaining Liquidity and Reducing Dependence on Debt
Alabbar explained that his companies continue to maintain strong cash positions while keeping borrowing at relatively limited levels, giving them greater flexibility to manage economic and geopolitical volatility.
He also noted that Emaar has accumulated project revenues of approximately AED 164 billion.
For real estate investors, this highlights an important principle: the strength of a project is closely linked to the financial strength of the developer behind it.
During periods of rapid growth, these differences may be less visible. But when the market slows, financial solvency, execution capacity, debt levels, and the ability to meet obligations become much more significant.
2. Delivery and Execution Become Key Trust Factors
Alabbar also referred to the possibility of delivering certain developments ahead of schedule, while resuming tenders that had previously been affected by geopolitical conditions and disruptions involving contractors and ports.
For buyers, this has become particularly important in the current market.
Investors are no longer looking only at the potential resale price of a property several years from now. They are also paying closer attention to the developer’s actual ability to complete, deliver, and maintain progress throughout the project lifecycle.
3. Expanding When the Right Opportunities Appear
Financial caution does not necessarily mean that investment stops.
Alabbar announced that Eagle Hills plans to sign agreements for two projects in Damascus with a combined value of approximately USD 15 billion in early October 2026.
The move reflects the willingness of major capital groups to enter new markets when they identify long-term opportunities, even when those markets carry elevated levels of risk.
This combination of strong liquidity and selective expansion may become one of the defining strategies of the next phase.
Türkiye: Overall Sales Decline, but a Different Picture for New and Resale Homes
In Türkiye, official figures reveal a market that requires a more detailed reading than headline sales numbers alone.
According to data from the Turkish Statistical Institute (TÜİK), approximately 127,410 residential properties were sold across Türkiye in August 2026.
This represented a 14.7% decline compared with August 2025, when 149,440 homes were sold.
However, once sales are divided between first-time sales and second-hand transactions, a clear difference emerges.
New Property Sales Show Relative Resilience
First-time residential sales reached 44,378 units in August 2026, compared with 46,459 units during the same month of the previous year.
This represents a decline of only 4.5%.
First-time sales accounted for approximately 34.8% of total residential transactions.
This does not mean that every new development is performing equally well. However, it does indicate that the new-build segment has shown relative resilience compared with the wider housing market.
It is also important to distinguish between the term first sale and a completed development. Under TÜİK classifications, a first sale refers to the first transfer of ownership of a residential property. It does not necessarily mean that every property sold is located in a completed, ready-to-move-in residential complex.
Resale Properties Account for Most of the Decline
Second-hand residential sales, meanwhile, reached 83,032 units in August 2026, compared with 102,981 units in August 2025.
This represents an annual decline of 19.4%, more than four times the decline recorded in first-time sales.
The figures show that the slowdown has not been distributed evenly across all segments of the market.
While total residential sales fell by 14.7%, first-time sales declined by only 4.5%, while the resale market experienced significantly stronger pressure.
What Do These Numbers Mean for Real Estate Investors?
The current environment is redefining what investors consider a secure real estate investment.
During boom periods, many assets tend to rise together, making the differences between individual properties less visible.
During periods of rebalancing, however, the market begins to differentiate more clearly between one project and another.
As a result, several criteria become increasingly important:
- The developer’s financial strength and ability to complete the project
- Clear title deeds and a sound legal status
- The project’s construction stage and completion rate
- The quality of the location, services, and surrounding infrastructure
- Real demand in the area, whether for residential use or rental purposes
- The actual price compared with similar properties, rather than relying only on future expectations
- Resale potential and market liquidity when exiting the investment
A slowdown in transactions does not necessarily mean that every property is losing value.
Likewise, a rising market does not automatically mean that every project represents a strong investment opportunity.
The Market Has Not Stopped — It Has Become More Selective
From the Gulf to Türkiye, the broader message is increasingly clear: capital is becoming more focused on quality, liquidity, and execution.
In the Gulf, major developers are placing greater emphasis on strong balance sheets, limited dependence on debt, and continued project execution despite changing sales conditions.
In Türkiye, August 2026 data reveal a significant difference between the 4.5% decline in first-time home sales and the 19.4% decline in second-hand transactions.
For investors, the most important question today may no longer be:
“Should I buy property now or wait?”
Instead, the more relevant questions are:
“Which property should I buy? Who is the developer? How strong is the project? And is the current price supported by real demand and genuine underlying value?”
In a more selective market, opportunities do not disappear.
What changes is that choosing the right opportunity becomes more important than timing the market alone.
Written by Abdulaziz Al-Kashif
Join The Discussion