A year ago nobody could have predicted that the GCC property bubble would burst in such a spectacular fashion.

Prices of villas and apartments across  Dubai have plunged by as much as 50% and according to a report by Proleads over half of the projects under construction in the UAE have been put on hold. To make matters worse, expatriates are leaving in droves and the UAE's population is predicted to drop by 8% this year alone. That means even once construction projects are completed - there may not be enough people around to live in them.  The falling oil prices and global economic downturn mean such a reversal of fortune was inevitable to some extent. But some argue that greedy property speculators had set the sector up for a major fall - by buying and selling properties in quick succession and at progressively more excessive prices.

Who or what do you think is to blame for bursting the UAE's property bubble?