You can also look at it from a much more basic point of view. Who can afford property here? The average pilot can not afford to buy a villa for him and his family. At 2 million dhms or more you eat a huge amount of your income making payments.
Affordability always becomes the issue and that is what is happening here and at all income levels. The unskilled labour is leaving because pay and conditions on the Subcontinent are better than Dubai. The semi-skilled labour is leaving even faster- most are Indians whose skills are better rewarded at home.
If we at our incomes cannot afford a home (reasonably anyway) then that is the first indicator that we are in a bubble.
Finally, in any investment you look at the risk/reward ratio. It is now highly risky to invest in Dubai property while the potential payoff is low. The only exception I think would be if you have a highly desirable rental property in which case you likely don't worry much about price flucuations and are more concerned about the income it provides. I say desirable because I see lots of empty apartments around despite what they say about low supply and you have no income if you can't rent it, or worse, if you can't rent ot for what you thought you could.