 The government 's decision to diversify from a trade @-@ based , oil @-@ reliant economy to one that is <unk> and tourism @-@ oriented made property more valuable , resulting in the property appreciation from 2004 to 2006 . A longer @-@ term assessment of Dubai 's property market , however , showed depreciation ; some properties lost as much as 64 % of their value from 2001 to November 2008 . The large @-@ scale real estate development projects have led to the construction of some of the tallest skyscrapers and largest projects in the world such as the Emirates Towers , the Burj Khalifa , the Palm Islands and the most expensive hotel , the Burj Al Arab . Dubai 's property market experienced a major downturn in 2008 and 2009 as a result of the slowing economic climate . By early 2009 , the situation had worsened with the Great Recession taking a heavy toll on property values , construction and employment . This has had a major impact on property investors in the region , some of whom were unable to release funds from investments made in property developments . As of February 2009 , Dubai 's foreign debt was estimated at approximately $ 80 billion , although this is a tiny fraction of the sovereign debt worldwide . Dubai real estate and UAE property experts believe that by avoiding the mistakes of the past , Dubai 's realty market can achieve stability in the future . 
