Dubai is the ultimate case study for anybody who wants to comprehend the profound influence that the globalization of wealth exerts on the world’s property markets.

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Muraba Residences, photo courtesy Pinkwater Select

Over the past decade, Dubai has been on a real estate roller-coaster ride of boom, crash and recovery. Property values halved between 2008 and 2010, but then rose to regain most of their losses by 2014.

In common with other global property markets thought to have been at risk of overheating, Dubai’s market regulators, wielding mortgage caps and a doubling of transaction fees, stepped in to reduce speculation.

This, combined with strengthening of the US dollar means it is more expensive for three of the most important international buyer groups — Indians, Pakistanis and the British — to convert domestic currency into dirhams to purchase property. The sharp drop in oil prices has also hit regional demand.

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