Dubai was one of the places most hit by meltdown that started in US. Dubai bashing was even in fashion for almost a year since the reported exodus of expatriates from Dubai, leaving behind hundreds of luxury cars parked in the airport car parks.
Real Estate price in Burj Khalifa, the tallest building on earth, fell from AED 28,000 (6000 USD) per square foot to about AED 2800 !
Other parts of the freehold properties also dropped in price by 50 % and more. But no where was this drop so pronounced as in Burj Khalifa.
The free fall had stopped by mid 2011. In 2012, there is an upswing in the real estate price, with a reported 20% increase in the 1st half of the year.
This is still a buyer's market and Smart money is taking advantage.
