Outlaw
There is some sense in that post but you view on housing is one side of the coin. Property markets throughout the World are subject to volatility at some point, history proves that. Dubai is still relatively new into this market and will suffer the same gains and loses but perhaps more in the extreme. Locals' buy abroad because they can and because they live there during the summer. They also buy there for the same reason we buy here, spreading their investment portfolio and risk. Sure it's a bigger risk for us, we will not be afforded the same legal fairness here that they would expect in the Western World if things go wrong. Nobody is naive enough to believe otherwise. Rules and laws here are definitely not equal amongst men.
However, there have been many pilots within EK who did very well buying into this market 15 years ago. Some sold when their 'investment' grew considerably, some now live in those unencumbered houses enjoying an additional 190,000 a year for free. I think they would be laughing at your post. Buying does require commitment and if you aren't looking at this gig long term, don't do it. This is for those that would be looking to make Dubai a longer term prospect.
Regardless of which side of the fence you sit on, who cares? You make a decision and you live by it. Only on the day you hang up those goggles for good will you be able to reflect whether your decision was the right one or not.