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Mon 08 Aug 2009Dubai's property sector in turmoil as prices plunge 50% from peak
DUBAI FAMOUSLY used to boast the highest concentration of construction cranes in the world – and quite a few Irish investors.
Now, its property sector has investors fighting for the return of down payments on buildings that might never be built and state-linked developers continuing to fall behind on contracting invoices despite having received billions of dollars in bailout money.
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