"Palm Jumeirah was one of the catalysts of the Dubai real estate boom," said Edward Carnegy, a surveyor for CB Richard Ellis Middle East. "But the gap in the prices investors were willing to pay, say in mid-2008, compared to the finished article was huge and needless to say, unsustainable."

Once the best-known symbol of Dubai's recent, explosive growth, Palm Jumeirah now looks to be one of the biggest victims of the emirate's property slump.
Dredged from the seabed of the Persian Gulf at a cost that rose to more than $12 billion, the vast Palm Island project helped catapult Dubai into the ranks of the world's most desirable locations.

That status is now under threat as real estate prices plummet and the government struggles to cope with $80 billion of debt.

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