Even Illustrious Dubai Is Suffering a Devastating Real Estate Crash

With the world in financial peril, it seemed like Dubai, home of 200 new skyscrapers built in the last five years, could have enough hype to be immune. But such is not the case.

From a news report on Deutsche Welle TV, this clips give us a glimpse of the hard times hitting Dubai, where some construction crews have halted projects in light of the fact that "there isn't a [Real Estate] market at all," according to one Dubai Realtor.


Indeed, some shots appear almost post-apocalyptic in nature, with endless towers of gleaming metal and glass standing silently with no one around to smudge them up. [via Treehugger]



Dubai has debtors prison - defaulting on a loan is a crime there. the reports i've heard say there's hundreds of abandoned cars at the airport, many with the keys still in them.