Having been in the market for some time already, it's quite obvious that this time the prices are stabilising. One of the main reasons for that (if not the most important) is the amount of newly built properties coming to the market. Dubai's real estate market is becoming a more standard one and I believe that prices will stay in the region where they are now, with the usual ups and downs. I don't think this is a bubble again, if it is, maybe a very small one. Rent prices are supporting the purchasing prices and the market is relatively balanced (for what Dubai has been in the past).
What worries me more is the inexistent salary correction for the last 2 years versus the huge increase in consumer prices. Now we pay for a coffee between 30%-50% more. Same happens with many of the groceries.
In summary, I have to agree with you, and as I described in another thread a few weeks ago the reasons to come to Dubai (and in particular EK) are not there anymore:
- Quick upgrade - NOT
- Saving money - NOT
- Lifestyle and weather - NOT unless you come from the UK
So yeah, I also rather earn less but have a better purchasing power and live in a civilised 1st world country (with pros and cons such as taxes). And because of that I am doing arrangements to go back in the medium term since this is not gonna get better, it can only get worse. And I believe that if I wait too long it is going to be too late.