Drive along SZR and look at the literally thousands of apartments going up all over - some of them with extremely slow progress. I wonder how many have been sold?
A recent report in the local papers highlighted that DAMAC (a major developer - used to be an oil field catering company) are at least 12 months behind with one landmark development - leaving investors without their promised rental incomce. Oh, and they also conveniently seemed to have forgotten about the standards promised for kitchens and bathrooms. Latter not even RAK Ceramics fittings, but from an outfit in Oman.
There is no way that the current price levels can be sustained, given the mis-match between property prices and local wage levels. Maybe no outright crash - but certainly a steep correction coming our way. My bet is to wait for a year or so and check out the secondary market.
Better value to be found in new projects in Ajman and RAK, unless travel to and from work in Dubai is a major issue.