"The credit crunch leaves its mark" on property in Dubai

House prices in Dubai are decreasing "as the credit crunch leaves its mark", it has been suggested.

Employment opportunities have dried up in the United Arab Emirates (UAE) city, explained Shelter Offshore and so too have mortgages, credit and new buyers.

This means that those who invested in property before when the market looked lucrative are now trying to sell in poor conditions to pay back their own debts.

"Many [have] no choice but to sell at any cost to get out – even if that means making no profit and breaking even or making a loss," the website explained.

Slashed house prices make this a "fantastic" time for anyone who "thought the days of finding a bargain […] were long gone".

However, Shelter Offshore adds that falling house prices will have a negative impact on the overall economy of the country.

Brits looking to buy a property in the UAE – perhaps by using a money transfer system – might also be interested to know that Homesgofast said Dubai is "one of the safest places to buy real estate".