The property market in the UAE is a much written-about topic.

The UK’s TV documentary Dubai Dreams covered many of its facets, and the recent rainy weather once again highlighted some of the problems of brand new houses that don’t have a comprehensive guarantee against defects.

But the final conclusion, once all the new developments are finished, is still anybody’s guess.

On the one hand, some property speculators have certainly made a lot of money - usually by acting as middle men between the developer and the purchaser. Stories are told about ordinary people making extraordinary profits by buying off-plan and selling on before completion.

Others tell of couples who have been sold into buy-to-let schemes, only to find that there are no tenants for their property - so they have had no choice but to leave the place empty or move in themselves. 

The Abu Dhabi market seems to be going forward at a less dramatic and consequently steadier pace. Developments there seem to have a feeling of more space and airiness, and perhaps lessons are being learned from some of the less successful Dubai stories. The same applies to the open desert sites in the more northern emirates, where exciting projects are planned in both Ras Al Khaimah and Umm Al Quwain.

Dubai’s new property freehold law was welcomed, but whether it will make the market more optimistic in the long term remains to be seen.

But the key to all this is perhaps one word - speculation. People often lose sight of the fact that it means just that.

Property, like any other commodity, is driven by market forces, such as supply and demand. So it’s obviously not recommended to use money you can’t afford to lose, but if you have spare money, why not?

However, common sense dictates that you should choose reputable developers and agents when buying, and research the market thoroughly before committing yourself.