Bai-Bai Dubai

If you think we've got real estate problems in the US, Dubai the land of the opulent and ostentatious is on a completely different level with their property headaches.

Dubai is on the verge of becoming an instant ruin.

From Daiji World and Smashing Telly...

"The construction and real estate industry has been hit following the global slowdown and the direct fallout is that professionals working in the realty industry are rapidly losing their jobs" said a senior media professional.

As people scramble for the exits in Dubai, there is no ‘key mail’, like in America, where people can often mail back their house keys and walk away from a mortgage without the immediate threat of jail. People are literally fleeing this place, to date leaving 3000 cars stranded at the airport with keys still in the ignition. And the reason for this is that if you default on your Dubai mortgage, you can end up in a debtors prison.