Dubai epitomises the Gulf’s property market. It did suffer a massive correction back in 2009 (Collinson, 2009), the Emirate needed to borrow several billion from Abu Dhabi (Davidson, 2009) but, that debt has been repaid and today the sector is once again booming (Maccioni, 2024).
Only time will tell and history is history (unendingly so). The digitisation of everything is as good as it is bad. One’s predictions and forecasts, with hindsight and internet indexing, can come to be seen as having been too hubristic and/or heuristic.
References
Bloch, R. (2010). Dubai’s Long Goodbye. International journal of urban and regional research, 34(4), 943–951. https://doi.org/10.1111/j.1468-2427.2010.01014.x
Collinson, P. (2009, May 26). Dubai suffers biggest house price slump. The Guardian. https://www.theguardian.com/money/2009/may/26/dubai-property-crash
Davidson, C. (2009). Dubai: foreclosure of a dream. Middle East report, 251(Summer), 8–13. https://www.jstor.org/stable/27735295
Maccioni, F. (2024, July 8). Dubai property market stays strong as demand from ultra-rich continues. The Independent. https://www.independent.co.uk/news/world/middle-east/dubai-property-market-luxury-homes-b2575845.html
Renaud, B. (2012). Real Estate Bubble and Financial Crisis in Dubai: Dynamics and Policy Responses. Journal of real estate literature, 20(1), 51–78. https://doi.org/10.1080/10835547.2012.12090313