In a report in The National, he said: "This does not [however] look like a rerun of events in 2009-10. Abu Dhabi prevented that happening by putting a brake on the housing boom late last year. True, Dubai is still busy putting a canal under Sheikh Zayed Road. But this is not like 2009, when hundreds of billions’ worth of projects went ahead simultaneously then stopped suddenly, leaving a pile of debts."
He added that Dubai will be able to carry on building even if some projects will go slow and some actually stop for a period.
"The projects started recently will be built out and dumped on to a market in recession. Increased supply in a depressed market is not good for prices. Still, the UAE will remain in demand as a safe haven and the rental market may remain surprisingly solid, as it was in 1999-2000," added Cooper.