The recent events in the global economy have created panic among investors. The public has lost confidence and they do not want to consider venturing into new investments.

Moreover, the credit crunch has left them struggling, trying to liquidate their investments to release cash. Dubai, as one of the key financial hubs in the world, is currently experiencing mixed reviews from economists, investors and opinion leaders.

The fear of losing further has gripped investors and has refrained individuals from investing in or purchasing property.

However, this is the time to invest. There are no two ways about this fact. History has proven that individuals who respond to a new market revolution in a timely manner, planning for an upturn during a downturn emerge successful within the market.

The paradigm has changed. One should not expect overnight returns. It was a dream run when many made millions. It is time to change perspectives and invest with a long term vision. The ones who understand this and act upon it will do well again.

The current market correction presents an opportunity. The current scenario seems painful in the short term but such fluctuations are part of the natural cycle of a growing and maturing property market. No market can beat the supply and demand battle - the market will stabilise and will grow. The underlying demand for property in the ME region is very strong compared to other parts of the world. Hence, companies will continue to want to do business here.

Given the age-old boom and bust nature of real estate markets, smart investors are always ready to change their strategy and adapt to the current market conditions.

Today the gain is in the longer term and if one has the access to cash or a mortgage they should consider this opportunity seriously.

I believe the premium time for holding a property investment will probably now be five to seven years upwards and generally the longer one holds, the more he will make. Long term investment in property will not only generate capital growth but also generate ongoing rental income.

Global research indicates that property attractive to long term tenants generates a yield ranging from 12 to 16 per cent. The benefits of purchasing property in the region today, extend further than just the price advantage offered by the market today.

This therefore leads us to look at another issue - if the UAE an attractive market to long term tenants - when it has been synonymous with those looking to spend much shorter times here working on two or three-year contracts?

Let's look at the future&..in the next decade Dubai will become one of world's best planned cities. Not only will the infrastructure get better with the introduction of the long awaited Metro, but also with new faster roads links and increased air travel capacity. However, there will be further benefits from government investments in education, culture, history, and diversification.

In addition to this, the number of tourist attractions continues to grow with bigger and better shopping malls, a new sports city complex and top name chefs still opening new restaurants here. So to me, it is not a case of 'if' Dubai will bounce back& but when and how high?

Furthermore, the region will always remain the gateway between East and West, and build on its reputation as an important strategic location for tourism and international business. Even though we have seen a reduction in the short term number of international business entrants to the region, this is only a temporary glitch in a long-term up-curve.

Having said this, investment, risks and returns travel together. Hence the understanding of the equation of investment and risks decides the returns.

One needs to understand the local, political environment, the possible conflicts, the governing laws, and several other such examples. Besides these factors, one also needs to evaluate personal and financial standing and the anticipated changes in the future.

Whilst history will always show the UAE to be one of the biggest success stories in the development of overseas property in the past decade, I firmly believe that it has so much more to see and achieve.

Whilst the global recession continues to affect everyone, it is important to understand that it also provides a new opportunity for us to realise - the future is inevitably bright as Dubai will have its golden days again.

The writer is chairman of DAMAC Properties