Climate change significantly impacts property investment in various ways, and Dubai is no exception. Here's an outline of how these impacts materialize:

Step 1: Rising Temperatures

Dubai is already well known for its high temperatures due to its geographical location. However, with climate change, the situation is projected to become worse. Rising temperatures lead to increased costs for cooling buildings or even making regions uninhabitable for certain times of the year unless significant modifications are made to buildings, especially those with poor insulation properties.

Step 2: Water Scarcity

Dubai's fresh water supply is predominantly dependent on desalination, which is an energy-intensive process. With increased temperatures, evaporation rates are projected to rise, further exacerbating water scarcity issues. This could potentially lead to higher costs for maintaining properties, such as those associated with landscaping that includes green areas and water features, which are common in Dubai's luxurious property market.

Step 3: Sea Level Rise

Due to climate change, sea levels are rising globally. For a coastal city like Dubai, this is a significant threat. Many luxurious properties are concentrated along the coastline and man-made islands. Rising sea levels put these properties at direct risk of flooding, which can lead to substantial financial losses, not to mention potential damage to Dubai's image as a luxury real estate market.

Step 4: Increased Energy Cost

Rising temperatures will lead to increased demand for air conditioning, resulting in higher energy costs. This means that property owners in Dubai will face added costs that may affect the overall return on investment for their properties.

Step 5: Regulatory Measures

As countries around the world attempt to deal with climate change, there are bound to be policy changes that can impact property values. For instance, regulations may be put in place to improve the energy efficiency of buildings or impose restrictions on water usage. Such regulations may require property owners to make potentially costly improvements to their properties.

Step 6: Shift in Demand

As the effects of climate change intensify over time, there can be expected shifts in property demand in Dubai. Areas prone to high temperatures, water scarcity, or flooding may see a decrease in popularity, thereby causing a decrease in property values. Conversely, areas less impacted by climate change may see an uptake in demand, perhaps leading to an increase in property values there.

In conclusion, climate change could impact property investment in Dubai through multiple factors including increased operational costs, risks of property damage due to flooding, regulatory issues, and changes in demand patterns for properties. Therefore, it's essential for investors to carefully evaluate these potential impacts before making investment decisions in Dubai's real estate market.