Dubai property prices 'fall 41%'

By. Adnan Shaukat

According, to Colliers International, real estate prices in Dubai have fallen 41% during the last quarter of 2008. The property boom is coming to an end as Dubai braces for the economic recession on a large scale than the past few years as global credit has dried up. Colliers has added that prices are likely to continue to keep falling as it has not hit "the bottom". Many foreigners who came into Dubai as investors have already left the market.

This is a cause of concern as Dubai relied on the construction boom as its ruler has realized they are running out of oil, and wanting to diversify his country's economy.

I believe this is going to be a challenge for all developing countries in the Middle East to brace themselves, and there economy for a bigger downfall in the future as there comparative advantage such as oil production will not hold up to a higher oil price for too long, and this hurts the country's pre-planned budget.