Gloom over Dubai

Gloom over Dubai Realty, originally uploaded by Kedar Iyer.

Dubai's real estate industry has enjoyed tremendous success in the recent past.
But it looks like the bubble has finally burst, which means the only industry, realty, that has helped this emirate onto its feet may be the very reason for its downfall.
We know very well what happens when you create excess in the hope that there will be excess to cater for, i.e. excess demand in the form of tourism. The excess for Dubai is a very expensive one as it is in the form of heavily leveraged urban property developments like the Palms, the World and Universe Islands, the Waterfront, the Marinas, the Tallest Towers, the Biggest Malls among other superlative projects.
And then when a financial crisis hits the world, what does Dubai do?
Wait hopelessly for the rain clouds to pass...