The real estate sector in Dubai has suffered from a major turnaround of fortunes in the past three months। From a position of seeming invulnerability in September, despite dark warnings of a future correction, the market now finds itself saturated with would-be buyers as projects are put on hold, access to funding and liquidity becomes increasingly restricted and the city's property and finance firms come under a wave of job losses.
As the global economic crisis spreads, 2009 will be a very difficult year for the unemployment and economic condition.
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