New Delhi, March 22 -- The ongoing conflict in West Asia could slow momentum in Dubai's residential real estate market, though a sharp crash similar to the 2008 financial crisis is unlikely in the near term, according to a report by S&P Global Ratings.

The report said the property sector in the United Arab Emirates is vulnerable to geopolitical developments due to its reliance on expatriates and foreign investment.

"Real estate in the United Arab Emirates (UAE) is among the sectors that could suffer credit pain due to the Middle East conflict... the UAE, and notably Dubai, is particularly exposed to the indirect effects of the current conflict," the report said.

According to the report, the conflict has already created caution among in...