The bubble narrative recycles every cycle. The 2008 version was different from the 2014 version, and the 2026 version is different again. What matters is whether the structural drivers behind today's price level match the speculative profile of past peaks.
On the data: 87% of 2025 transactions were cash, leverage exposure is materially lower than in 2014, off-plan supply is constrained by DLD escrow rules, and end-user demand from DACH/Saudi/India remains structurally underweight.