Dubai Property Market Under-Pinned by Changing Types of Buyer - Really?

I just read an article on how the Dubai property market is not doing as badly as people think, ad that although the price falls have seen those investors buying for short-term gains (flippers) disappear, that these have been replaced by tenants a lifestyle buyers.

The article is titled Dubai property market stands up to analysis, but the only analysis it contains is a mention of analysing by organiser of the Worldwide Property Show Mike Bridge, whose quotes form the basis of the article.

Bridge says the market is now underpinned by residents well able to move from renting to buying, with short-term investment strategies disappearing and other forms of buying taking their place.

"Now, if you really analyse the situation, the country has the facilities to encourage overseas investors to buy a holiday home," he added.

I agree with him on the holiday home front, in fact I think marketing Dubai's strengths as a holiday destination to holiday home buyers is a good strategy to save its bacon. But on the rest of it, I think he is a bit pie-in-the-sky:

Just because, as he says Dubai tenants can now afford to buy property in Dubai, that does not mean they will not exploit the opportunity to get property for the absolute rock-bottom price that they can.

This was evidenced in Dubai's first ever property auction held last week: of the 4 properties auctioned, none sold and only 2 received any bids at all. Those commenting said the reserve prices were too high, and that people went to the auction, as they do all property auctions in the hope of finding a bargain, but the properties were not in that price range.