Dubai: is the bubble about to burst?

The classified ads in Dubai read like an obituary for a real-estate market that until a few months ago seemed immune from the global credit crisis. 

A Turkish investor, who identified himself as Sebat, took out 10 bright yellow ads in the Nov. 25 edition of Gulf News, the United Arab Emirates’ biggest newspaper, with the headline: “DIRECT FROM OWNER DISTRESS SALE!!!” Sebat said he used to be able to buy four or five properties at a time and sell them the next day for a profit of as much as 5 percent. 

“There is panic in the market,” said Sebat, 52, who wouldn’t give his full name because he’s juggling 60 properties. More...

See also:

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2. Dubai's rotating skyscraper: a fraud?
3. Dubai's Palm Jumeirah: wonder or blunder?
4. Dubai, a study in Superlatives...