With the American housing market still in a slump, it would seem that maybe things would be better overseas. But Europe and Asia have been hit along with North America, and now is not the time to buy so much as to sell. Dubai property in previous years has been prime real estate, and something it seemed would be unaffected by the housing crisis. But as the housing ads for Dubai prove, that is anything but true. Owners are trying to sell like mad and no one is buying. Former oil magnates have been hit by the fall in gas prices and must abandon some of their previous holdings. Property investment overseas used to seem like a safe bet for Americans; now it’s just another sinking ship. So double think about purchasing Dubai real estate unless your credit can truly withstand the current housing crash. For now it seems to be a good idea just to wait and ride out the panic, and hold off on overseas property investment.