Interesting stuff. I think that one way or another we are as not 'insulated' as we are led to believe.
Kingpost makes the valid point that it is not all about property but that is one of the barometers that will indicate change the quickest.
One or two of the banks are already in 'difficulty' with consolidation likely as seen in the US/UK. NBD have already combined with Emirates Bank and rumors of trouble in more than one UAE bank will force others to consolidate.
Less banks, less choice... sound familiar?
As far as the property market is concerned it will feel the changes soon as increased regulation combines with tighter credit. As regards the former, rent valuations will be imposed by the municipality as early as next year and the latter lower LTVs on 'higher risk' developments will make it more expensive to buy.
Villas should do better as apartments due to supply but commercial property? Who's coming to set up business where Dhm/square meter as gone up 10 fold and relocating staff is so expensive?
Add to this capital gains taxes to control the rampant speculation then change is inevitable.
Time will tell but insulated? No way.