Dubai Property Market 2026: Year in Review

Dubai real estate market is one of the most active sectors in Dubai property: the emirate recorded 42,800 transactions in Q1 2026, with values up 18% year-on-year. The Dubai property market posted another record-setting year through Q1 2026. Total residential transaction value reached AED 142 billion in Q1 alone, putting the market on track to exceed AED 550 billion for the full year. Prices rose 9.8% on average, villa segments appreciated 15%, and rental growth outpaced many global capitals.

This review covers every major metric: transaction volumes, pricing trends, developer activity, regulatory developments, and actual investor returns. We wrote this for investors who want the complete picture in one place.

Last updated April 2026. Data sourced from Dubai Land Department.

2025 closed with 201,400 residential transactions worth AED 528 billion. Both figures were all-time annual records, up 11.6% and 18.3% from 2024 respectively.

Q1 2026 continued the trend with 52,400 transactions worth AED 142 billion. The annualized run rate projects approximately 210,000 transactions if momentum holds.

Investors who purchased in Q1 2025 saw average total returns of 14-18% through Q1 2026. This includes rental income (5-8% net) plus capital appreciation (9.8% average). Villa investors outperformed with total returns of 20-25%.

Full-year 2025 recorded 201,400 residential transactions. Q1 2026 added 52,400, keeping the market on an upward trajectory. For comparison: 2024 had 180,500 transactions, 2023 had 152,800, and 2022 had 122,600.

The growth is not evenly distributed. Off-plan transactions grew 22% year-on-year while resale (secondary market) grew 8%. Developers are capturing a larger share of buyer demand through aggressive launches and payment plans.

Off-plan accounted for 62% of Q1 2026 transactions, up from 55% in Q1 2025. Three factors drive this shift. First, developers offer 60/40 and post-handover payment plans that reduce upfront cash requirements. Second, off-plan prices are 15-25% lower than completed inventory in the same community. Third, you can sell their contract before handover for a profit if the market appreciates.

Resale transactions are not declining in absolute terms. They grew 8% year-on-year. But off-plan is growing faster, which shifts the market composition. This matters for investors because off-plan buyers become resale sellers in 2-3 years, adding future inventory to the secondary market.

Dubai is not one market. It is 60+ micro-markets with distinct pricing dynamics. We segment the data into four tiers to make it actionable.

Average price per sqft: AED 3,200-6,500. Year-on-year growth: 5-8%. These areas attract ultra-high-net-worth buyers and have virtually no new supply. Palm Jumeirah villas set multiple individual transaction records in 2025, with 5 sales above AED 100 million.

Yields in the luxury tier are the lowest at 3-5% gross. Buyers here prioritize capital preservation, lifestyle, and Golden Visa qualification over rental returns. The investor profile is fundamentally different from volume communities.

Average price per sqft: AED 1,500-3,200. Year-on-year growth: 7-12%. These communities have a mix of investor and end-user demand. Dubai Hills Estate led the tier with 11.6% price growth, driven by mall opening effects and limited villa inventory.

Yields range from 5-7% gross. The balance between appreciation and income makes this tier attractive for investors with AED 1.5-5 million budgets. Service charges are higher (AED 15-35/sqft) but management standard typically be better.

Average price per sqft: AED 900-1,800. Year-on-year growth: 8-11%. Business Bay is the standout performer, overtaking Downtown in total transaction value for the first time in Q1 2026.

Yields range from 6-8.5% gross. These communities offer the best risk-adjusted returns for most investors. Tenant demand is stable (corporate employees, young professionals, small families), vacancy rates are low (3-5%), and liquidity is high.

Average price per sqft: AED 650-1,200. Year-on-year growth: 8-13%. JVC continues to dominate transaction volume. Arjan delivered the highest gross yields at 7.5-9.5%.

The supply risk is concentrated here. An estimated 18,000 new units are scheduled for delivery in these communities in 2027. Monitor absorption rates carefully. If new supply exceeds tenant demand, rents soften and yields compress.

Data sourced from Dubai Land Department Q1 2026 records.

Over 120 new projects launched in Q1 2026. The top 5 developers by launch volume were Emaar (18 projects), DAMAC (14), Sobha (11), Nakheel (9), and Azizi (8). Smaller developers like Binghatti, Samana, and Ellington also remained active with 4-6 launches each.

Delivery volumes are the metric that matters for supply. Approximately 8,200 units were completed and handed over in Q1 2026. This is below the scheduled target of 11,400, reflecting the typical 60-70% on-time delivery rate.

Developer payment plans have become more aggressive. Post-handover plans (30-40% paid after receiving keys) are now standard for most developers. Some developers offer 5-year post-handover installments, effectively creating built-in financing without a bank mortgage.

RERA introduced updated rental index guidelines in January 2026. The new index allows landlords to increase rents by up to 10% for properties rented more than 20% below market value. This narrows the gap between new lease rates and renewal rates, benefiting landlords with long-term tenants.

DLD launched an enhanced digital title deed system in Q1 2026. Title transfers can now be completed online without visiting a Trustee Office for transactions under AED 5 million. This reduces transfer time from 2-3 days to same-day for straightforward sales.

The Smart Rental Index (available at dubailand.gov.ae) was expanded to include building-level rental data rather than just community-level data. This gives investors more granular pricing information when evaluating rental yields.

All off-plan projects continue to require RERA registration and developer escrow accounts. These protections remain the foundation of buyer confidence in the Dubai market.

We calculated total returns for investors who purchased in Q1 2025 and held through Q1 2026. Total return equals rental income (net of service charges and management fees) plus capital appreciation.

A 1-bed apartment in JVC purchased for AED 750,000 in Q1 2025 generated approximately AED 52,000 in annual rent, less AED 13,500 in service charges and AED 5,200 in management fees. Net rental income: AED 33,300 (4.4% net yield). Capital appreciation at 9.3%: AED 69,750. Total return: AED 103,050 or 13.7%.

A 2-bed apartment in Business Bay purchased for AED 1,800,000 generated approximately AED 120,000 in annual rent, less AED 28,800 in service charges and AED 12,000 in management fees. Net rental income: AED 79,200 (4.4% net yield). Capital appreciation at 10.4%: AED 187,200. Total return: AED 266,400 or 14.8%.

A 3-bed villa in Dubai Hills purchased for AED 5,500,000 generated approximately AED 320,000 in annual rent, less AED 35,000 in service charges. Net rental income: AED 285,000 (5.2% net yield). Capital appreciation at 15%: AED 825,000. Total return: AED 1,110,000 or 20.2%.

Monitor three metrics through Q2-Q4 2026. First, monthly transaction volume. If it drops below 15,000 per month consistently, demand is cooling. We have not seen this yet.

Second, watch vacancy rates by community. DLD publishes quarterly occupancy data. Any community with vacancy above 8% faces rental pressure. Currently, most established communities sit between 2% and 6%.

Third, track off-plan cancellation rates. A rise in cancellations suggests buyer confidence is weakening. Q1 2026 cancellations were at 2.3%, well below the 5-year average of 3.8%. This indicates sustained buyer commitment.

Oliva provides live market data, verified yields, and building-level analytics for every listed property. Use our platform to compare communities, stress-test investment scenarios, and book viewings backed by DLD data.

Oliva is licensed by RERA under BRN 1573501. Data sourced from Dubai Land Department.

Related guides: - How to Check DLD Project Status via RERA - Transaction Data Trends: How to Spot Patterns - DLD Complaint Process: How to File

The following benchmarks reflect DLD-verified transaction data and Ejari-registered rental contracts for 2024-2025. Use them to evaluate whether a specific property is priced at, above, or below market.

Source: Dubai Land Department, DLD Transaction Register, Ejari rental data. Last updated April 2026.

Transaction volume reached 180,987 deals in 2024, up 36% from 2023. The residential segment accounted for 162,000 transactions. Off-plan units represented 58% of total volume by count (though only 42% by value). Mortgage-financed purchases increased to 34% of secondary market transactions, up from 28% in 2023.

Rental market: Average gross yields rose from 5.8% in 2022 to 6.4% in 2024 as rental growth outpaced price appreciation in mid-market segments. Premium areas saw yield compression as buyer demand for freehold assets exceeded rental growth. Net yields (after service charges and management fees) run 1.5-2.5 percentage points below gross. RERA BRN 1573501.

Every investment carries risk. Dubai property investment is no exception. Understanding the specific risks in the Dubai market helps you structure purchases that account for downside scenarios.

Off-plan developer risk. If a developer fails to complete a project, buyers are protected through RERA escrow accounts. Funds cannot be released to developers without construction milestones. However, delays of 12-36 months are common in slower market cycles. Mitigation: invest with RERA-registered developers with completed project histories. Verify escrow registration before paying any deposit.

Rental vacancy risk. Average Dubai vacancy runs 7-12% across the market, but individual buildings can reach 25-30% in oversupplied communities. Mitigation: check building-level occupancy through Ejari records before purchasing. Target communities with vacancy below 8%.

Liquidity risk. While Dubai's property market is more liquid than most regional alternatives (180,987 transactions in 2024), some specific building or unit types trade infrequently. Mitigation: buy in communities with 30+ transactions per year in comparable units. This ensures an exit market exists when you need it.

Market cycle risk. Dubai property prices have historically moved in 5-8 year cycles. Buying at a market peak can mean 2-4 years of flat or declining values before recovery. Mitigation: evaluate yield-based returns (not just capital appreciation) to ensure the property generates positive cash flow regardless of price direction. Source: Dubai Land Department, DLD Transaction Register. RERA BRN 1573501.

Before you commit to any property, prepare your documents, confirm your budget, and verify your financing position. Your passport must have at least 6 months of remaining validity from your expected closing date. Your proof of address must be dated within 3 months.

If you plan to use mortgage financing, get your pre-approval letter before you start viewing properties. Your pre-approval letter tells you your maximum loan amount and gives you a clear budget ceiling. You can typically receive pre-approval within 5-7 business days through a UAE bank.

Once you identify a property you want, verify that your agent holds a valid Trakheesi permit before you sign any paperwork. Your 10% deposit is protected under Form F, but only if your agreement is registered through a RERA-licensed broker. Confirm your due diligence list is complete before transfer day. RERA BRN 1573501. Source: Dubai Land Department.

You qualify for a 10-year UAE Golden Visa through property investment when your total property portfolio in Dubai reaches AED 2,000,000 or more. This AED 2M threshold applies to your combined portfolio, not a single unit. Your visa covers you and your immediate family: spouse, children, and parents.

Off-plan properties qualify once you pay AED 2M toward the purchase price. Ready properties qualify immediately after transfer. Your Golden Visa application goes through ICP (Federal Authority for Identity, Citizenship, Customs and Port Security). Processing typically takes 2 to 4 weeks. You receive a 10-year residence visa that you can renew indefinitely as long as you maintain the qualifying investment.

Your Golden Visa gives you full UAE residency rights: you can open a bank account, sponsor family members, and access UAE healthcare and education. Investors use it as a primary residence visa, eliminating the need for employer-sponsored work visas. No income tax applies to your UAE-sourced earnings. RERA BRN 1573501. Source: Dubai Land Department.

Dubai offers a distinct combination of high yields, zero property tax, and full foreign ownership that most comparable markets do not match. London yields 3 to 4% gross with annual council tax, stamp duty of 2 to 12%, and capital gains tax on resale profits. Dubai yields 6 to 9% gross with zero annual tax and zero capital gains tax.

Singapore allows foreign buyers in limited property types only, and foreign buyers pay an Additional Buyer Stamp Duty of 60% on top of the standard BSD. In Dubai, you pay 4% DLD transfer fee once, with no ongoing tax. Dubai has no stamp duty, no land tax, and no inheritance tax on property assets.

Hong Kong imposes Buyer Stamp Duty of 15% for non-permanent residents. Dubai charges 4% DLD regardless of nationality. New York imposes mansion tax, flip tax, and ongoing property taxes that reduce net yields to 2 to 3%. Your Dubai net yield after service charges typically runs 5.5 to 7%, outperforming comparable markets on an after-cost basis. Source: Dubai Land Department. RERA BRN 1573501.

Dubai residential transaction volume grew 18% year-on-year in Q1 2026, reaching 42,800 total transactions across all property types. Apartment transactions led with 31,200 deals, while villa and townhouse transactions reached 11,600. Off-plan transactions accounted for 58% of total volume, with developers launching 14 new project phases in January and February alone.

Price growth accelerated in the villa segment, where average prices rose 14.7% in the 12 months ending March 2026. Apartment prices increased 11.2% over the same period. The most affordable freehold communities, including International City, Discovery Gardens, and Dubai Silicon Oasis, posted the highest gross yields, ranging from 8.4% to 9.8% based on Ejari-verified rental data.

Your entry price point determines which segment you access. Studio apartments in emerging communities start from AED 350,000. One-bedroom apartments in established mid-market areas average AED 900,000. Two-bedroom apartments in prime zones average AED 1.8 million. Villas in master-planned communities start from AED 2.5 million. Source: Dubai Land Department Q1 2026 data. RERA BRN 1573501.

Your Dubai property purchase follows 8 defined steps from offer to title deed. Step 1: make a verbal offer through your RERA-licensed agent. Next, sign the Memorandum of Understanding (MOU, also called Form F) and pay your 10% deposit. Step 3: the seller applies for the No Objection Certificate (NOC) from the developer, which takes 5 to 10 business days and costs AED 500 to AED 5,000 depending on the developer.

At step 4, receive the NOC confirming the property is free of outstanding service charges and developer obligations. Step 5: book a DLD trustee office appointment. You need to bring your passport, Emirates ID (if resident), the signed Form F, and the payment instrument. Step 6: pay the 4% DLD transfer fee plus admin fees of AED 4,000 to AED 8,000. At step 7, the DLD registers the title deed to your name in the system. Step 8: collect your title deed, which the DLD issues within 1 to 3 hours.

Your total timeline from accepted offer to title deed typically runs 4 to 6 weeks for ready properties and 2 to 4 weeks for off-plan transfers at developer offices. Mortgage purchases add 2 to 3 weeks for bank valuation and approval stages. RERA BRN 1573501. Source: Dubai Land Department.

Off-plan property in Dubai lets you buy at today's prices with payment spread over the construction period, typically 3 to 5 years. Developers offer payment plans with 20% down at launch, 40% during construction, and 40% on handover. Your capital is at lower immediate risk because you commit less upfront, but you accept construction and delivery risk. RERA escrow accounts protect your installments: the developer can only access funds at defined construction milestones.

Ready property gives you immediate rental income, a verifiable condition, and no construction risk. You pay the full price through mortgage or cash at transfer. Your gross yield on a ready property starts from day one. Resale liquidity is higher for ready properties because buyers can view the unit before committing. Ready property pricing already reflects actual market conditions, so you buy with full price discovery.

Your choice depends on your holding period and risk tolerance. If you plan to hold for 5 or more years, off-plan at below-market launch prices typically delivers stronger total returns when the developer is reputable and the project is in a growth corridor. If you need income now or plan to sell within 3 years, ready property gives you a defined asset to underwrite. Most Dubai investors keep a mix of both. RERA BRN 1573501.

Once you own a Dubai property, your annual management costs include service charges, property insurance, and maintenance. Service charges range from AED 3 per sqft in villa communities to AED 20 per sqft in premium towers. For a 1,000 sqft apartment, you typically pay AED 10,000 to AED 18,000 per year in service charges to the building or community operator.

If you rent the property, you need an Ejari-registered tenancy contract. Your tenant pays a security deposit of 5% of annual rent (10% for furnished). You as landlord pay 5% of gross rent as agent commission if you use a letting agent. Your net rental income faces zero income tax in the UAE. You can increase rent only within RERA's permitted range, verified through the RERA Rental Index, which caps annual increases at 0-20% depending on current rent relative to market.

Property management companies charge 5 to 8% of gross annual rent to handle tenant screening, rent collection, maintenance coordination, and Ejari registration on your behalf. This is practical if you are a non-resident investor. If you self-manage, your main annual tasks are renewing the Ejari contract, collecting post-dated cheques, and responding to maintenance requests. RERA BRN 1573501. Source: Dubai Land Department.

Your due diligence on a Dubai property covers three areas: legal, financial, and physical. On the legal side, verify the title deed is registered with DLD in the seller's name with no existing mortgage (or confirm the mortgage will be discharged at transfer). Check that the property is not subject to any court orders or freezes by searching the DLD Oqood system or asking your conveyancing lawyer.

On the financial side, verify the service charge balance. Ask for the last 3 service charge invoices and confirm no outstanding arrears. Unpaid service charges carry a lien on the property and transfer to you on purchase. Request the NOC from the developer which confirms clean financials. Check the RERA Rental Index for your unit to understand the maximum rent you can achieve.

On the physical side, conduct a snagging inspection if buying off-plan before signing the handover form. For ready properties, hire a RICS-qualified surveyor to assess the structural condition, electrical systems, and plumbing. Snagging inspections cost AED 1,500 to AED 3,000 and can identify issues worth AED 20,000 or more in remediation. Raise all defects in writing before you accept handover. RERA BRN 1573501.

You can finance a Dubai property through a UAE bank mortgage, a developer payment plan, or cash. UAE banks lend up to 80% of the property value for UAE residents on properties below AED 5,000,000 (loan-to-value ratio of 80%). For non-residents, the maximum LTV drops to 50%. Banks assess your eligibility based on your Debt Burden Ratio: your total monthly debt obligations, including the new mortgage payment, cannot exceed 50% of your gross monthly income.

Fixed-rate mortgages in Dubai are typically fixed for 1 to 5 years, then revert to a floating rate based on EIBOR plus a margin of 1 to 1.5%. In 2025 and 2026, rates for UAE residents ranged from 3.99% to 5.5% depending on the bank and your income profile. A mortgage of AED 1 million over 25 years at 4.5% costs approximately AED 5,560 per month. Your total interest cost over 25 years is approximately AED 667,000.

Developer payment plans are interest-free but priced into the purchase price at launch. You pay a down payment of 10 to 20%, installments during construction, and a balloon payment at handover or over a post-handover period. Post-handover plans that stretch payments 2 to 5 years beyond completion give you time to generate rental income before completing payment. Mortgage-backed buyers typically refinance at handover to pay the outstanding developer balance. RERA BRN 1573501.

Dubai's rental market in 2026 is shaped by sustained population growth, limited ready supply in prime zones, and strong employment across finance, tech, and tourism sectors. The emirate's population crossed 3.7 million in early 2026 and is forecast to reach 5.8 million by 2040. Each new resident creates rental demand, particularly in the AED 50,000 to AED 150,000 annual rent band that covers most mid-market communities.

Studio apartments in mid-market communities rent for AED 45,000 to AED 75,000 per year. One-bedroom apartments in established zones range from AED 70,000 to AED 130,000 per year. Two-bedroom apartments fetch AED 110,000 to AED 200,000 per year in comparable areas. These rents produce gross yields of 6% to 9% on current purchase prices, before service charges and management fees.

Your occupancy rate in established communities typically runs 85 to 95% on an annual basis. Vacancy risk is highest in communities with large volumes of new supply entering simultaneously. You can check supply pipeline data through DLD's Oqood registration system, which records all off-plan sales and expected handover dates. Communities with low pipeline supply and high employment proximity consistently deliver the strongest occupancy. RERA BRN 1573501.

Your exit from a Dubai property investment involves three choices: sell on the secondary market, transfer to a family member, or hold indefinitely for rental income. Secondary market sales in Dubai are unrestricted for freehold owners. You can list with any RERA-licensed agent, accept any offer, and complete transfer at the DLD trustee office. There is no capital gains tax on your profit and no lock-up period. Selling costs total approximately 2% (agent commission) plus AED 4,000 for DLD trustee fees.

If you plan to sell within 1 to 2 years of purchase, calculate whether your gross profit exceeds your total acquisition cost of 7 to 8%. Many investors flip off-plan units after handover. The typical flip premium above the original purchase price ranges from 8 to 25% in growth corridors, depending on market conditions at handover. Your break-even on fees is approximately 8% capital appreciation, meaning you need at least 8% price growth to cover your entry and exit costs on a flip.

Holding for 5 or more years typically delivers better risk-adjusted returns than short-term flipping, because you collect rental income throughout and benefit from compounding appreciation. Your rental income offsets holding costs including service charges, management fees, and mortgage interest. At a 7% gross yield and 5.5% net yield, a 5-year hold on an AED 1 million property generates approximately AED 275,000 in net rental income before capital gains. RERA BRN 1573501.

Service charges in Dubai cover the cost of maintaining shared facilities in your building or community. You pay service charges every year to the building operator or master community developer. The Dubai Land Department publishes approved service charge rates for each building registered in the Mollak system, which you can verify before you buy. Rates range from AED 3 per sqft in basic villa communities to AED 25 per sqft in luxury towers with extensive amenities.

Your annual service charge budget directly affects your net rental yield. A 1,000 sqft apartment with AED 14 per sqft service charges costs AED 14,000 per year, which reduces your net yield by approximately 1.4 percentage points on a AED 1 million purchase. Buildings with higher service charges typically offer better amenities, which support higher rents. The net yield impact of service charges is therefore partially offset by higher achievable rents.

You should request the last 3 years of audited service charge accounts from the seller before you complete any purchase. Look for the annual general meeting minutes and the reserve fund balance. A healthy reserve fund (typically 10% of annual service charges per year accumulated) means major repairs are funded without special levies. Buildings with underfunded reserves sometimes issue one-off special levies of AED 10,000 to AED 50,000 for major infrastructure repairs. RERA BRN 1573501.

As a freehold property owner in Dubai, your rights are registered with the Dubai Land Department in a title deed issued in your name. Your title deed gives you permanent ownership of the property with no expiry date and no lease restrictions. You can sell, gift, mortgage, or lease your property without needing permission from any government authority beyond standard DLD registration procedures.

Your freehold rights in Dubai are protected by Law No. 7 of 2006, which established the freehold ownership framework for non-GCC nationals. The law designates specific zones where foreign nationals can hold freehold title. These zones now number more than 60 across the emirate, covering approximately 40% of Dubai's total developed area. Outside designated freehold zones, foreigners can only hold 99-year leasehold interests.

You can inherit Dubai freehold property, and your heirs can receive the title deed through standard probate procedures under UAE law. If you are non-Muslim, Dubai courts apply the laws of your home country to determine inheritance distribution, provided you register a will with the DIFC Wills Service or the Dubai Courts Notary. Registration of a DIFC will costs approximately AED 10,000 and ensures your property passes according to your wishes. RERA BRN 1573501.

Your area selection in Dubai determines your yield profile, your tenant profile, and your capital growth trajectory. High-yield areas (International City, Dubai Silicon Oasis, Discovery Gardens) deliver 8 to 10% gross yields with lower entry prices of AED 350,000 to AED 700,000. These areas attract price-sensitive tenants, produce higher turnover, and require more active management. Capital growth in high-yield areas is typically 5 to 8% per year in growth cycles.

Mid-market areas (Jumeirah Village Circle, Dubai Sports City, Al Furjan) balance yield and growth, delivering 6 to 8% gross yields with entry prices of AED 700,000 to AED 1.5 million. These areas attract professional tenants with 1 to 2 year lease terms, produce moderate turnover, and benefit from infrastructure improvements over time. Capital growth averages 8 to 12% per year in active markets.

Premium areas (Downtown Dubai, Dubai Marina, Palm Jumeirah) prioritize capital growth over yield, delivering 4 to 6% gross yields but 10 to 20% annual appreciation in bull markets. Entry prices start from AED 1.5 million and reach AED 20 million for penthouses. Your tenant base includes high-income professionals and executives. Vacancy risk is low but the absolute AED value of service charges and mortgage payments is high. Match your area to your investment objective before you make any offer. RERA BRN 1573501.

You can buy freehold property in Dubai without UAE residency, a visa, or any UAE bank account. Your passport is sufficient identification for the DLD title deed. Non-residents complete the same Form F and DLD trustee process as residents, with two differences: you need to arrange an international wire transfer for the purchase price and you qualify for a maximum 50% mortgage LTV (versus 80% for residents) if you choose bank financing.

If you are buying with cash, your funds must arrive in a UAE bank account in your name before transfer day. You open a non-resident UAE bank account through standard documentation: passport, proof of address, and source of funds declaration. Emirates NBD, ADCB, and Mashreq all offer non-resident accounts that you can open within 5 to 10 business days remotely or on a short visit.

Your ongoing obligations as a non-resident owner are identical to those of a resident: pay annual service charges, maintain property insurance, and comply with tenancy laws if you rent. You do not need to visit Dubai annually to maintain ownership. If you rent the property, your management company handles Ejari registration and rent collection on your behalf. Rental income transfers internationally without restriction and without UAE withholding tax. RERA BRN 1573501.

Past performance does not guarantee future returns. Investing in real estate involves risk, including the potential loss of capital. Rental yields, capital appreciation projections, and market statistics cited above are based on historical data and are provided for informational purposes only. Please consult a qualified financial or legal advisor before making any investment decision.