This is a market research paper of Landmark Advisory, UAE, for the fourth quarter of 2008 introducing the Dubai Property Price Index, which is uniquely based on transactional data. The majority of quantitative analyses are based on price data from property listings, access to transactional data allows the generating of the index based on actual prices. The global credit crunch is finally hitting home, with many analysts now predicting a decline in Dubai’s buoyant real estate market. Having grown up to42% in the first quarter of 2008, this nascent market has clearly benefited from the frenzied momentum of a property boom. The same market, however, is maturing rapidly.