Agents and industry insiders are expecting Dubai's property prices to crash amid collapsing sales and the global economic downturn. They say the six year boom that ignited a "$475 billion building frenzy" is over. Dubai was the first Gulf shiekdom to allow foreigners rights to buy homes and may be the first to see property prices tumble. The city's developers insist that sales are still strong, but shares of Emaar Properties, one of the area's biggest developers, have fallen 62% for the year (according to Zawya.com data). Read Real Estate Agents: Dubai Boom is Ending
Read Dubai Property Giant Sacks 500 as Finance Crisis Bites
Read Has the Bubble Burst?
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