I find that when people take potshot at my nick(I won't mention names), its generally because they have little else to contribute by way of rational debate. It came about as the result of a private joke several years ago and now I am stuck with it, so lets leave it at that.
Now, your point about this being a different ballgame altogether is taken, however, if I may point out that property has always been a safe-haven and will continue to do so for the forseeable future(even your money in the bank is not safe these days).
As stated before, when lending tightens, the market will feel it, however, I think the impact will be muted. UAE has a very low mortgage-to-GDP ratio of approx 8%(Dubai alone a bit higher) which is very favourable compared to the rest of the world which pushes anywhere up to 70% in some highly developed countries. This is partly the reason why hiking interest rates to control inflation would be ineffective.
Furthermore, there are only a few developments that can be mortgaged to over 85%. Also, show me a bank that will do an equity release mortgage of more that 75%.
The speculators in the market are gonna hurt, but there is an insatiable rental demand and the supply side has just had the carpet pulled from under its feet.