Dubai, it seems is not immune to the international credit crunch. Rumours are flying around everywhere although walking around on the streets and in the malls you'd be hard pushed to notice many changes. What's for certain is that the plethora of real estate stands around the city are all empty now with no interest from anyone in buying property. As far as i could tell most of the people buying property were speculators anyway, and with house prices dropping by 40% or more in the last month or so, that section of the market has dried up completely.
Expats are clearly losing their jobs too. A story today in Zawya is talking about 600 cars being dumped at the international airport from expats cutting their losses and escaping the country. Strange times eh!
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