Emaar, whose buildings dot the Dubai skyline, booked a 21% rise in revenue in the first half of the year, despite a slump in new property sales. The developer attributed the 42% dip in new sales to fewer launches compared to last year. Dubai’s property market has broken before: Prices halved after the 2008 crash and fell again from 2014 to 2020. Five months into the US-Iran war, activity has slowed, but prices have remained more stable. Still, the pressure on real estate developers is not just a matter of trying to convince wary buyers.