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Dubai-based luxury property developer Binghatti said cancellations amid the Iran war have remained low and is “consistent with historical levels of below 1%”.
The company said average weekly sales have been around AED 500 million ($136 million) since the onset of recent geopolitical tensions, broadly in line with pre-conflict levels.
Its recently launched Mercedes‑Benz Places 1 Binghatti project has achieved an absorption rate of around 50% since launch, the developer added.
The regional conflict has triggered a cooling in Dubai’s property market, long favoured by global high‑net‑worth buyers. In a note published last week, Goldman Sachs said real estate transactions fell 37% year-on-year in the first two weeks of March.
Last week, Fitch Ratings placed Binghatti’s debt instruments on Rating Watch Negative (RWN), citing heightened geopolitical risk affecting Dubai and the wider region.
The agency placed the developer’s Long‑Term Issuer Default Rating (IDR) and senior unsecured debt rating of ‘BB‑’ on RWN. The action also applies to instruments issued by Binghatti Sukuk SPC Limited and Binghatti Sukuk 2 SPV Limited.
However, Moody’s last week affirmed its Ba3 Corporate Family Rating with a stable outlook, citing Binghatti’s “strong liquidity, disciplined execution, and resilient cash‑generating development pipeline”.
Binghatti said that around two-thirds of gross development value (GDV) under construction had already been sold as of February 2026, and that nearly 90% of units scheduled for handover in 2026 are fully sold.
(Writing by Brinda Darasha; editing by Seban Scaria)
