I don't usually send out more than one Chart of the Week essay in a week—unless something really compelling comes across our desks. And this is one of those times.

Take a look at the chart below showing Dubai's real estate index. The DFM Real Estate Index tracks the market value of publicly traded real estate companies in Dubai—it's a reliable gauge of investor sentiment and what's actually happening on the ground.

The index has plunged 32% since the Iran conflict started. It's wiped out every gain made in 2025. Peak was 16,910 points on February 27—the day before the U.S. and Israel launched missile strikes on Iran. Now it's sitting around 11,516.

It looks even more dramatic when you look at the candlestick chart. Take a look.