Totally unrelated to property, but:
The last thing the American people, and the world, need is another 4 to 8 years of right wing Republicans running around trying to force sovereign nations into becoming democratic. This at great cost to the American taxpayer.
Now on to property. At least a 50% correction in Dubai's high cost areas. Those areas with prices of 3000 to 4000 dirham/sq.ft. are going to get crushed in the correction. Anybody who paid more than 1200 to 1500 dirhams/sq.ft. for high end apartments or 800-1000/ sq.ft. for villas will lose money in the correction. If they are living in them and taking the allowance long term then it's not that bad.
Those who bought early at reasonable prices and are now leasing out their units are making a phenomenal return on investment. Those who were/are smart enough to sell prior to the correction have made phenomenal money.
Half the buildings launched in Ajman will never get built. RAK is a worthless investment unless you want to live there. Abu Dhabi is suffering a housing shortage and should hold up pretty well for the next few years
As with all bubbles; the steeper the run up, the steeper the fall.
Typhoonpilot