I'm not sure that HKG can be an accurate indicator when it comes to the UAE. Historically and politically it had far greater importance than the UAE has now. The UAE might pretend to be the gateway to the Middle East but it is not the only one.
HKG had a property boom and correction but fundamentally it had/has huge geopolitical importance wrt China and had a mature, well established business and industrial sector. The UAE? It wants to be a shopping and tourism hub.
Even if property moderates the 15-20% mark... who can afford to buy even at these prices? The speculators will have moved on so no massive profit to be had. Those who live and work here would need a much bigger correction to consider buying in.
Another interesting link...
Dubai property - MoneyWeek