Dubai real estate isn’t crashing. But the private conversations have changed.

Developers, brokers, consultants and investors are all dealing with the same shift: Dubai is moving from selling momentum to proving value.

A lot of people in Dubai real estate are saying one thing publicly and another thing privately.

Publicly, the market is resilient.

The long-term story is intact. Dubai still has population growth, global capital inflows, low tax, infrastructure investment, strong tourism, better regulation than previous cycles, and a government that understands how import…