“We believe that the UAE government’s visa reforms will create a degree of stability and stickiness for residents and home/property owners. These reforms include the Golden Visa which grants foreign nationals long-term residency rights – particularly those linked to investments,” S&P Global Ratings said.

The UAE on Sunday announced that it facilitated the return of nearly 500 Golden Visa holders, as well as stranded residents, from foreign countries back to the Emirates. This was part of the UAE government’s efforts to bring back citizens and residents stranded abroad due to the US-Israel-Iran war.

Since the outbreak of the regional military conflict, the UAE has assured investors and residents about their safety and security in the ongoing conflict.

Ample cash

Following strong sales and price momentum over the past three years, property developers in Dubai and UAE sit on an ample cash collection. As of December 31, 2025, each of the four companies rated by S&P Global Ratings had meaningful escrow cash balances to cover construction costs.

In addition to escrow cash, the available cash balance for Emaar and Damac provides flexibility in the case of additional financial needs.

According to S&P, Emaar had $11.7 billion in Escrow cash balance and $7.5 billion available in cash and liquid investments at the end of last year. Damac had $7.7 billion in Escrow cash balance and available cash and liquid investments.

PNCI also benefits from a healthy free cash balance $0.6 million as of December 31, 2025, but has less financial flexibility than other rated developers due to substantial debt-funded land acquisitions completed in the second half of 2025. Omniyat’s free cash balance was $600 million as of December 31, 2025.

Both Damac and Omniyat issued $600 million sukuk in February 2026 and March 2026 respectively, while PNC Investments and Omniyat Holdings issued $1.25 billion and $900 million, respectively, in 2025. Debt maturities remain quite manageable in 2026 for the companies without the need to raise new funding.

“They also have limited financial flexibility given meaningful land payments in 2026, however they are nearing completion for two of their projects and should have meaningful cash collection and escrow releases in 2026,” S&P said.

No impact like 2008 financial crisis

S&P analysts do not anticipate a property market crash similar to that of 2008 as the market is much more mature and regulations have tightened to ensure stability in the market.

“Real estate regulations are now tighter and designed to protect both investors’ and developers’ interests. For example, regulations and developers require investors to have paid a substantial amount (as much as 30 to 40 per cent) before they can resell an under-construction unit,” analysts said.

It is estimated that property prices in the emirate crashed up to 50 per cent during the 2008 global financial crisis. But prices bounced back very quickly, thanks to new regulations that brought confidence to the market.

Since the Israel-Iran war broke out on February 28, Tehran has been targeting the UAE and other Gulf countries’ civil and military infrastructure. The UAE’s armed forces have successfully intercepted almost all the drones and missiles that targeted the Emirates in two weeks.

“So far, the government’s crisis management ability has included a strong protective response to the strikes, its maintenance of safety for people, food security, and the normality of goods and services has provided confidence to residents,” it said.