As usual with this stuff the whole of the case is complex. The Arabs at the time were outraged that Jews were buying property from absentee landlords (the system was very feudal) and moving next door. That was unacceptable as it meant that the old tenants (mainly of grazing land) were displaced. Worse, they were being displaced by hated Jews.
So it was part economic and part bigotry. That came to a head when the religious authorities declared a jihad @1926.
The Nakba stuff came decades later.