The recent global financial crisis affected nearly every major developed economy. While there were numerous causes precipitating this near economic collapse, the reality is that it may take a decade of more for many sectors to recover. One of the areas hardest hit globally is the housing sector. In most locations, there was a tremendous drop in housing and property prices. A glut of supply hit the market almost instantly. at the same time the access to credit became severely restricted. In many respects, even though the economy is slowly recovering, the residual effects of economic downturn are still being felt, particularly in its impact on housing prices and the tightening of lending guidelines. These topics form the basis for this study as we look at one of the areas in the Middle East, Dubai, which was particularly hard hit by the global financial crisis. The purpose of this study was to evaluate and analyze the economic conditions, particularly in terms of the real estate market, present in Dubai during and subsequent to the global economic crisis of 2008. This focus was on an analysis of these economic conditions on the real estate market, how the market was affected by the crisis, and how it is expected to recover and perform in the future. The following research question guided this process: How as the real estate market in Dubai affected by the financial crisis, and how did the market recover in subsequent years?