Emaar Properties’ first quarter profits rose 35% to 5 billion dirhams ($1.36 billion) compared to last year, as the Dubai real estate developer reported record sales despite the Iran war. Founder Mohamed Alabbar said the results reflected the resilience of the UAE economy and that geopolitical developments had reinforced the value of operating in markets defined by a “long-term vision.”

While Emaar’s numbers tell one story, there are other, more cautionary market trends, too. One in 10 Dubai property sellers have cut their asking price since the war began, with some offering discounts of up to 50%, according to data tracked by LuxuryPriceDrops.com, cited by AGBI. That has wiped $463 million off the price of more than 2,800 properties, with the steepest cuts concentrated in off-plan properties and emerging neighborhoods.

Emaar continues to be strongly backed by the authorities. Dubai Holding — the investment fund owned by Dubai Ruler Sheikh Mohammed bin Rashid — has acquired a 22% stake in Emaar from the Investment Corporation of Dubai. The deal takes Dubai Holding’s stake to almost 30% and makes it the largest shareholder in the developer.