Now that Dubai's housing bubble has burst, investors are seeking out other markets in the region. The next real estate boom in the Middle East might be in lower-profile markets such as Syria.

While investors have become more wary after the emirate's crash, Syria has shot to the top of their list. The country's stock is rising with a slowly but increasingly liberal economy, a thawing of relations with the West, and housing demand that far exceeds supply.

Damascus is already ranked among the cities with the most expensive office space in the region, just below Dubai and Doha but above Istanbul, Cairo and Tel Aviv. The rapid rise in prices has experts getting ready for a correction.