{"id":251701,"date":"2026-04-29T22:50:08","date_gmt":"2026-04-29T22:50:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/251701\/"},"modified":"2026-04-29T22:50:08","modified_gmt":"2026-04-29T22:50:08","slug":"iran-war-hit-to-dubai-condo-market-good-for-miami-developers-say","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/251701\/","title":{"rendered":"Iran War Hit To Dubai Condo Market ‘Good For Miami,’ Developers Say"},"content":{"rendered":"

Over the last few years, Miami has trailed Dubai as a leading global market<\/a> for condos, but\u00a0developers expect that to change\u00a0amid hostilities in the Middle East.<\/p>\n

\"Placeholder\"\/<\/p>\n

\n Bisnow\/Chloe Gallivan\n <\/p>\n

\n Miami\n <\/p>\n

Some of\u00a0Dubai<\/a>\u2019s luxury residential properties were\u00a0hit in drone strikes<\/a>\u00a0by Iran last month\u00a0during the ongoing conflict between the Islamic Republic and the U.S.-Israel alliance. Because of the United Arab Emirates’ proximity to\u00a0Iran<\/a>\u00a0just across the\u00a0Persian Gulf<\/a>, condo buyers who think twice about a unit in Dubai might consider\u00a0Miami instead,\u00a0panelists said Tuesday at Bisnow\u2019s Condoverse conference.<\/p>\n

\u201cWith what’s going on in the world right now, it’s a reminder of Dubai [that] it is where it is,\u201d Rilea Group President Diego Ojeda said onstage at the Miami Airport Convention Center. \u201cIt’s next door to that. It’s terrible for them. I don’t wish this on anyone. It’s good for Miami.\u201d<\/p>\n

The 2-month-old conflict has led to a spike in oil prices<\/a>\u00a0and an increase in inflationary<\/a> pressures, driving up macroeconomic uncertainty and threatening to put a wrench in construction pipelines and deal flow.<\/p>\n

But compared to the rest of the world, the U.S. economy has fared relatively well, despite the war costing the U.S.<\/a>\u00a0military $25B thus far. Other economies\u00a0across the world are\u00a0bracing for fuel shortages and flashing warning\u00a0signs of a recession, The New York Times reported<\/a>.<\/p>\n

But the branded condo market is as competitive as it\u2019s ever been \u2014 with the number of projects\u00a0breaking ground growing\u00a019%\u00a0between 2024 and 2025, according to a February Savills report<\/a>.<\/p>\n

Miami is the second-largest global market for branded condos, with 48 completed projects and 55 planned, according to Savills. Dubai has 64 completed projects and another 87 in the construction pipeline, according to Savills.<\/p>\n

\"Placeholder\"\/<\/p>\n

\n Bisnow\/Chloe Gallivan\n <\/p>\n

\n Celerity Fiber\u2019s Leo Martinez, Mint Developers\u2019 Daniel Berman, North Development\u2019s Ricardo Dunin, Urban Network Capital Group\u2019s Robert Thorne and Rilea Group\u2019s Diego Ojeda\n <\/p>\n

Dubai’s market started\u00a02026\u00a0on a hot streak, with residential sales transactions up 26% year-over-year, totaling\u00a0over 3,000 transactions\u00a0for more than $10B, according to a first-quarter Engel & V\u00f6lkers market report<\/a>.\u00a0<\/p>\n

But that started to moderate toward the end of February, when the conflict between Iran and Israel arose.<\/p>\n

\u201cSome occupiers and investors adopted a more cautious approach, with decision-making timelines extending and transaction activity moderating through March,\u201d\u00a0the report stated.<\/p>\n

By contrast, more Miami condo sales closed in March than\u00a0at any point since August 2024,\u00a0according to Florida Realtors<\/a>. Closings in the first three months of 2026 were up 5.5% over 2025.<\/p>\n

\"Placeholder\"\/<\/p>\n

\n Bisnow\/Chloe Gallivan\n <\/p>\n

\n DeSimone Consulting Engineering\u2019s William O\u2019Donnell, Forest Development\u2019s Peter Baytarian, Savanna\u2019s Chris Schlank, Miami Coastline Management\u2019s James Galvin, Lockton Cos.\u2019 Jonathan Perrillo, Tavistock\u2019s Chris Gandolfo and Alba Palm Beach\u2019s Kenny Baboun\n <\/p>\n

The shift in strategy may renew sales momentum in Miami, which saw a slowdown<\/a> in investments from foreign buyers and international travelers<\/a> last year.<\/p>\n

The growth is\u00a0expected to come\u00a0predominantly from European buyers,\u00a0who had shifted\u00a0attention to Dubai condos over Miami but may now pivot\u00a0back,\u00a0Miami Urban Network Capital Group<\/a> CEO Robert Thorne<\/a> said.<\/p>\n

The company is codeveloping\u00a0the Elle Residences Miami,\u00a0a 180-unit, short-term rental<\/a> condo project in Edgewater, and\u00a0the 110-unit<\/a> Visions at Brickell Station condo-hotel.<\/p>\n

Ojeda’s firm, which is working on a\u00a0146-unit, short-term rental-friendly condo project called The Rider Residences in Wynwood, has noticed an uptick in Turkish buyers, many of\u00a0whom weigh\u00a0Dubai against Miami, Ojeda said.<\/p>\n

\u201cWhichever way you want to look at it, if you think it was a good idea, a bad idea, economically for us, it’s starting to bring [them] this way,\u201d Thorne said.<\/p>\n

“They’re coming to the U.S. because, at the end of the day, whether we have a political situation where people like them or don’t like them, the U.S. is the safest financial source for people to put the money in, and now they’re starting to realize it,”\u00a0he added.<\/p>\n","protected":false},"excerpt":{"rendered":"Over the last few years, Miami has trailed Dubai as a leading global market for condos, but\u00a0developers expect…\n","protected":false},"author":2,"featured_media":251702,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[109937,9998,225,227,226,109939,109936,109938],"class_list":["post-251701","post","type-post","status-publish","format-standard","has-post-thumbnail","category-hialeah","tag-diego-ojeda","tag-dubai","tag-hialeah","tag-hialeah-headlines","tag-hialeah-news","tag-robert-thorne","tag-the-rilea-group","tag-urban-network-capital-group"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/251701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=251701"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/251701\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/251702"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=251701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=251701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=251701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}