A healthy market......ummmmmm is this a joke?
Men of Camelot....king and knight....
Be VERY careful about your advice here. To say that Dubai was or is a 'healthy market' borders on insanity. Debt here now exceeds GDP and enough about cash buyers, everything here like everywhere else, was heavily leveraged. One might still be able to secure a mortgage here and there, but honestly, why? Can you really justify spending millions on a substandard concrete block in the desert? The only thing that is going to stave off major, major pain in Dubai is some big bucks from up the road. This can, and likely will happen. We will never be the wiser for it.
Supply and demand are an artificially maintained concept here. Units held back, delays on projects etc. etc. The latest ruling of 'one dwelling, one family' just reeks of desperation here to artificially manipulate the demand side of things. But this mandate will only serve to add fuel to the fire as these folks cannot afford mortgage, rent, their only choice is to go home. Sadly, as we are now seeing globally, you can only muck with the markets so long before the unwieldly beast takes a turn for the worse. The market always wins. Companies are relocating, people are losing their jobs, and the economy is hurting here as well. This is just the beginning and the downturn has just begun. No where is immune to this.
Granted, there was a time when buyers made off like bandits but those days are long gone. My only hope is that the correction here is mild for those that have invested in property. Unless you really need to put a roof over your head, be smart, hang onto your cash and perhaps you could buy something with some real value....like lakeside in the mountains, a proper view, and hey, maybe you will be lucky enough to have reliable sewage treatment and less traffic. What a concept!