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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 EndingRead Dubai Property Giant Sacks 500 as Finance Crisis BitesRead Has the Bubble Burst?
Manhattan's residential real estate market may be losing some of its luster. Declines in the city's financial-services industry and the nation's credit crisis have started to affect one of the country's top real estate performers. Adding to the problem on a global level is the declining euro. Foreign buyers are now more cautious, as the New York market has become less of a bargain for them.Read Shine Might be Wearing Off Manhattan Real Estate Market
Earlier this year, Forbes magazine released its list of best cities to buy foreclosed homes. Forbes looked at the country's 100 largest metro areas and assigned rankings based on risk and price levels to determine where foreclosed properties might be a good investment. Their list includes Charlotte and Raleigh, NC, San Antonio, TX, and Seattle, Washington.
A comprehensive database of foreclosure and real estate owned properties can be found at RealtyTrac. 
While the large number of foreclosed homes being dumped on the market has led to falling prices, some areas of the country are seeing huge reductions in the available supply of homes for sale. Sacramento and Orange County, CA dropped by 32 and 27 percent, respectively. Boston, Denver, and Los Angeles were all down 21 percent, and Dallas and Houston saw their number of homes for sale drop 14 percent.
"While the rise in home sales is promising, it might not be enough to turn the market around. Thousands of foreclosed and bank-owned homes are still being dumped on the retail market, continuing to drive down prices."
Read Bargain Buyers Drive up Home Sales Article
The article below, “Tourism and Hotels Boom in Panama,” may provide an overly confident outlook for Panama’s real estate market. NuWire Investors “Panama: Boom or Bust?” delivers a more well-balanced analysis. While the author acknowledges Panama as a global hub for real estate, tourism and business development, he is equally quick to point out that “much of the investment in Panama was based on speculation (much like the now ailing South Florida market)." While banks around the world tighten their financing (and Panama is unable to loan to weak credit buyers as it once did), a correction for Panama City real estate can be expected in the time it takes for many of the projects currently under construction to be finished. Builders will only then know which buyers can cover their balances due. Longer term investors are expected to fare well with good levels of appreciation predicted. If the bubble for Panama’s market does bust, experts are saying it won’t be as bad as the United States. Panama did not have the excessive levels of creative financing and many of its real estate buyers put down a substantial amount of cash.
As both articles mention, infrastructure problems (strain on water and electricity, traffic and parking) will only worsen as the city grows. It is crucial that the government plan for the city’s needs; however, this has not been a priority in the past.
“Panama: Boom or Bust?” urges buyers to consider other areas of Panama that have not yet been overdeveloped and speculated. Resort areas including Coronado-Farallon, the Chiriqui coast and Pedasi are predicted to increase in value as they develop and become a greater draw for snowbirds and retirees. The prices of more well-known and established destinations like Bocas del Toro and Boquete are expected to peak in the short term.
While not the bargain it once was, Panama will continue to attract global buyers and seems well-sheltered from the threat of a severe real estate crash. Many of Panama’s areas are still cheap relative to parts of Mexico or Costa Rica, and are likely to gain value as they are developed. The success of the Panama real estate market is in large part dependent on the government’s ability to balance development and planning concerns.
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). 
