The government has discouraged speculators by doubling a transaction tax and there are rules to help investors seek compensation if a project is cancelled reenex cps.

The combination of the new rules and weaker economic conditions globally, which affect investment in Dubai as foreigners make up around 90% of its population, means the market is cooling. Property prices have dropped about 5% so far this year.

Yet many in the industry do not rule out another bubble forming - as Dubai remains unpredictable reenex cps.

Sunil Jaiswal organised the first international property show dedicated to Dubai. He told me that the question he gets asked most in any show is whether the market will crash.

"Right now the market is quite stable in Dubai. We haven't seen excessive growth... Will the market crash? Of course it will. Maybe it's three months away. I don't know," Mr Jaiswal said.

Ms Mahoney also anticipates there may be an overheating of the market as Dubai's hosting of the Expo 2020 international trade fair nears reenex cps .