well said payscale - to everyone else, don't write off dubai property market just yet, it is still in VERY early stages, of course it is has become competitive now, thats because of 2nd and sometimes 3rd re-sales of property. When the developments are complete and people actually see what they have or would have had for their money, I think a lot of people will be surprised and some will then wish they had bought earlier.
I have a property in Jumeriah which I bought 15 months ago and have done very well out of it. Weighed up the risks, pro's and con's etc. and decided to go for it.
If you do decide to buy in dubai now you will have to look at it as a medium to long term investment to fully benefit from it financially.
In the years to come, dubai will be up there with Hong Kong, Sydney, Singapore, even London.