I agree with the sentiment the content of 95% of the article above however the writer "Larry" has not considered the following fundimental aspects of Market forces which have been driving the Dubai property market over the last few years and which may contuine to do so for the forseeable future:

1 - The purchase of freehold property in the UAE comes with the promise of a residence visa. For as little as 99,000dhs you can buy a studio in one of the Northern Emirates and (subject to living expenses) always have a home to go to.

The reason this is so important is that, given the stability of the UAE (provided most generously by the ruling families), anyone who lives in or near an area of unrest such as Iraq, Lebenon, etc can buy an escape route.

"But this only applies to those who can afford it!" I hear you cry. Yes, I agree and that is why the vast majority of developments under are aimed at the "luxury' end of the spectrum.

In conclusion of point 1, while there is unrest around the world Dubai offers an attractive safe haven to those willing to pay.

2 - The article above stated that Dubai needed to "attract at least ten major corporations with 300,000 employees to occupy all the buildings going up." Later in the same article states that Emirates airlines have on order "$19 billion of new airplanes" surely the employment associated with owning, operating and running of those planes would consititute at least one of these corporations. I would also suggest that the trickle down from those planes (Eg. incoming tourists, business travel, cargo etc) will add another.

So ineffect of the ten corporations Larry was looking for, Dubai has already got 2 on the way before we start looking beyond Larrys own research.

3 - Construction.

To build a large building you need a many different materials for many different suppliers. Often these materials need specialist skills for design, instilation and maintenance.

To build a large number of developments you need millions of different materials from thousands of suppliers with yet more specialists.

Workers are and have been able to start from nothing in Dubai and work there way up towards to the missguided "going to be rich going to be happy" middle classes and once they get there they will find themselves to be part of a massive population, all looking for somewhere to live...... given the number of well educated workers arriving in dubai everyday to build the numerous developments (and I was one of them only 3 years ago) the property buying population of dubai will continue to grow as long as there is large scale construction.

Oh dear....what happens when the construction ends? Ask me in ten years when Dubai begins to run out of land (and sea) to build on.

Until then, at the very worst, property prices might fall by 10% due to short term oversupply and gossip driven panics buy short term investors, but more realistically in the long term property will contuine a steady rise for as long as it is safe to walk the streets of Dubai.