The Dubai property market appears to be in meltdown as the stock market continues to fall and developers are shedding jobs.

Recently, Dubai’s biggest developer, DAMAC, announced it is to cut 200 jobs, or 2.5% of its workforce, ahead of an expected sharp fall in sales and profits due to the economic downturn and said the cuts would come from the sales, marketing and recruitment divisions.

Agents selling property to international buyers have also been affected, with a new survey from the Estate Agents Dubai portal showing that more than 50% of real estate agents in Dubai have made no sales whatsoever in the last month.