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According to London-based property adviser Mohammed Kashani-Akhavan, the current cancellation of development projects is likely to reduce supply, thus resulting in existing properties increasing in value in the future.

Dubai-based Meraas Development, which has unveiled a $95bn (£63.8bn) property project since being formed just two months ago, is the latest construction firm to announce that it is now reconsidering its plans in light of the economic slump.

Another Project, Trump Tower, a £535m scheme planned for one of Dubai’s palm-shaped islands, is another scheme to have been suspended in recent weeks.

Kashani-Akhavan, who has 27 years experience in property investment said, “It is a great time to invest,” he remarked, adding that in order to become a successful property investor the best tactic is to “buy low when everybody else is selling”.

He also stated that the emirate’s “capable and committed leadership” is well-positioned to ensure a successful future for Dubai, noting that it has already helped turn the city into one of the “most important in the world”. “That should give investors every confidence in Dubai’s future prosperity”, He added.

Peter Cooper, author of the book Opportunity Dubai, making a fortune in the Middle East, said there is a much better argument to be made for buying at depressed prices In Dubai than in the UK or even the US.

‘Real estate price falls may already be fully priced into the market in the United Arab Emirates, while prices are still heading down in the UK. It is a feature of emerging markets that price downturns are swift,’ he explained.

‘This is a tough one. Oil prices could fall further in 2009 and the UAE economy lags oil price falls by six months or so. Could a fall in the US dollar attract back the UK and European buyers who have fled since the summer?’ said Cooper.

But he concluded that the UAE has to be a good choice for the future.

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According to a technical expert, Sonjib Banerjee, technical director of Duval Messien, a French multinational specialized in Global Protection services, With more and more tall structures coming up in Dubai, the chances of a lightning strike is increasing.

Mr.Sonjib Banerjee said it is a myth that Dubai and the Gulf area are not vulnerable to lightning strikes. He referred to a lightning strike near Burj Dubai on November 26 and said it confirms the need for adequate lightning protection measures for all tall structures.

“The thunderstorm days in the UAE are about 10 per year. This means that, one lightning strike may happen per square kilometer per year in worst conditions, with a minimum of one lightning strike per 7 square kilometer per year,” he said.

“A 100-meter-high building of 30 floors is five times more at risk in comparison to 50-meter-high building of 15 floors. This risk factor goes up, as the height of the building goes up,” he said.

Banerjee said the probability of a lightning strike is calculated based on utility, type of construction and location of the structure.

Banerjee also said proper earthing is the only “safety valve” in the event of any electrical fault or lightning strike. The key challenge of the industry is to disseminate the latest knowledge in earthing science and to incorporate the latest technology in the country’s safety regulations, he said.

“A survey reveals that 70 per cent of the residents in the UAE are at risk of being involved in electrical fires. Use of proper electrical accessories like three-pin plugs and sockets and branded circuit breakers are some precautionary measures against electrical fire hazards,” he said.

“We need to have safety measures inbuilt in the system to avert it. Inflammable materials catch fire faster, but they are part of our life at home or work. The consequential damages in both cases are huge,” he said.

Standards of electrical safety of structures are defined in various international codes. Banerjee said the structures in Dubai need to follow these codes without compromise. The implication of such compromise may directly affect the safety of lives and assets. It also involves understanding the effect of the structures on the environment.

“In the entire concept of electrical safety system, buildings in Dubai like all parts of the world, must adhere to proven standards. Currently we believe there may be a need to re-evaluate some areas of concern, based on latest available technology and proven science,” he said.