Shares in Emaar Properties rose 2.14 percent, bucking the largely negative trend of the United Arab Emirates' real estate sector.

Sorouh Real Estate slid 5.8 percent, while Aldar Properties was lower 4.27 percent. Dubai's main index is lower 2.02 percent.

"I believe there is a correction of maybe 10 to 20 percent, if the government injects money. (But) if there is a shortage of cash, the correction could reach 30 to 40 percent," a local trader said.

In Kuwait, shares in Aayan Real Estate fell 5.56 percent.

Kuwait's benchmark fell 3.36 percent, while the main Qatar index dropped 1.69 percent in early trade.

In Oman, the main index declined 6.13 percent. Oman Cable Co weighed on the index, extending its losses on Monday by falling 9.96 percent.