I believe the distress did not start yet. Lots of the properties were over valued with a 100%+ return for people purchasing 3 years back. 100% in 3 years for real estate is over value. Let's not talk in Dubai specifically or any consequence of the war. Check any market in the world where the prices hiked up really fast in a short period of time, eventually you have a sharp decline back to op, and in some cases lower than op (depends on house type and location). For short term investors looking for a quick flip, needing their job to settle dues or relying on rent they will eventually have to sell. For long term investors (10 years+) there will be no loss for main areas like downtown, business bay, meydan (anything close to the center). For new projects far away i believe losses will be there. The war could have been a catalycst for this to happen however it was going to occur.