CYBERBIRD,
I'm currently in Dubai around the Marina and I see that nearly all of the building sites are still a hive of activity. I admit the JBR and most completed residential are mostly void of lights at night. But the place is a far cry from a "Ghost Town". There are plenty of people walking in front of JBR and near the NEW HILTON.
You should know most of the older buildings in Dubai are earmarked to be torn down for large builds.
However, I am waiting for the real implosion of the real-estate market. I think Dubai has a strong potential for being extremely F'd!!!
But I would hope not!!!