The fundamental problem with the Dubai property market is that it is not an open market. As foreign national you can only buy designated freehold properties - and I would bet my bottom dollar that these are overpriced and avoided by locals.
Drive along SZR and - if you are a rational thinker - you will wonder where on earth all the buyers for these thousands of apartments are supposed to come from.
Also, cost overruns are virtually certain, as particularly Indian labourers are finding better-paying jobs at home (without the added risk of agents ripping them off up front). So, it's either higher final costs or lower grade quality to offset the higher costs.
I would certainly not buy in now.