agree fully. The Morgan Stanley report scared everyone but that is only because it was the first (to my knowledge) report that predicted a downturn. the market is not going to stop, it is going to get a lot more sensible yes, people at the moment are trying to reap the rewards they have heard legend of. villa's in festival city went up 40% overnight a few months back, that does not represent a real market and it forces other investors to panic and try to sell thiers.
the abu dhabi market is doing a similar thing that dubaiworld did a few years back (and what ajman is about to do) - its being led by speculators.
the simple fact is that the worlds money supply moves around every few decades - at the moment its in the same place we are, people arent going to stop coming here and people need houses
if you're looking for a 5 year investment get into saudi. huge domestic market and shedloads of space. saudi is going to be huge.
you'll get you money back plus a healthy profit.